log book loans

[barbs26]

does anybody no where i stand car was taken about 4 weeks ago at approx 7am obviously cud not speak to anyone,but after just looking on their website i saw that 1 of the main criteria to qualify was fully comp insurance which when i took the loan and still are only 3rd party fire and theft,can i do anything about this,any help fully appreciated.

[lbl]

Watchdog are very interested in hearing your logbook loans stories - please call Rajan on 0208 7524565

[sue42]

help please.

 

 

i recieved a default notice on jan 26 th.. but i had paid it before that date ..hence i wass not in arrears.. then i recieve todaya full termination notice demanding full payment,i called 3 times today spoke to sonya who wasnt helpful passing me on to the recovery team,i told them i had paid and i had proof which i do..they refuse to listen,im worried sick now can somebody help..this isnt fair as had paid before the notice was sent ..what is their god dam problem

[lbl]

Call Paul Foster at collections and explain to him the situation. Failing that, ask to speak to Barry Pilgrim. If someone turns up to collect your car, show them the proof that you have paid prior to the default notice being issued.

[sue42]

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the natwest bank..the paying in book in the proof of the pudding.

they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

[caprikid]

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the natwest bank..the paying in book in the proof of the pudding.

they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

 

 

Hi Sue , I know what you are going through it's not easy trying to phone Paul Foster I remember I had to phone over and over again but he just would not talk to me they always said he was at a meeting . The only way I got a hold of him was by phoning them every half hour they got so fed up with me phoning them they did let me talk to him .

 

Mind you it never done me any good when I talked to him he just said over and over again pay of the full balance and we won't sell the car it's there way or no way . I do rember one time I sent him an e mail saying that I was going to the press and to BBC Watchdog he sent me a letter accusing me of blackmail he said he had handed the e mail over to there legal dept and they might get in touch with the police .

 

I never got my car back even though I had payed them more than double the amount I borrowed they still sold it so they did win the battle I know for a fact they won't win the war just wait and see !!! . Alex

[curlysmum5]

I used to pay cash into the Natwest Bank and quite often they could not find my payment for weeks I

[caprikid]

I used to pay cash into the Natwest Bank and quite often they could not find my payment for weeks I

 

I made all my payments direct to Gemini by internet banking so I asked Gemini for a statement I noticed that 2 payments I had made last August were not on the statment so I phoned my bank and was told that Gemini had recived the payments.This is what they do though , They say they never recived those 2 payments that put me in arrears so they used that as an exscuse to take the car because they knew the loan was getting near the end and thats how they make there money . Alex

[lesley82]

hi everyone im new just joined over a week ago iv been making my way through the treads and are glad iv come across other people ripped off by log book loans. Me and my hubby took loan out with lbl in oct 2005 for £2200,we were really desperate at time we had just been gazumped with our house, tried to get a normal loan was turned down looked up our credit file to find out the people at our old address had been applying for credit in our names so we had loads of searches on our file which knackered our rating. I found lbl on the internet they didnot sound so bad at time and they were regulated plus we only needed loan short term as we were expecting some inheretence money in jan 2006 so could pay them off so took loan out on 11th oct 2005 for £2200 paid weekly instalments into natwest bank every week for£76.52 then the BIG SHOCK came on 10th feb 2006 when i rang for settlement figure bearing in mind i had already paid £1057.60 i was told to settle the account it would be £2297.73 i paid it because i wanted rid of these horrible people so in total it cost me £3355.33 for a £2200 loan that had only run 11 weeks thats £1135.33 interest dived that by 11 weeks =£103.21 per week. Are they really regulated by law to charge this much.

I have kept everything from lbl paying in books letters and the contract. I got the contract out last and looked at it, it states that lbl are regulated by the consumer credit act 1974,the timeshare act 1992 or the financial services (distance marketing) regulations 2004 does anyone have any insight into these acts and what they say,id really appreciate any info our feed back on them thank you.

[lbl]

Hi Lesley,

 

1st of all, welcome to the forum! Sorry to hear about you experience.

 

 

In the early stages of the loan period, you will have paid more towards interest than in reducing the actual loan amount. As Logbook Loans charged 6% per month at the time that you signed the loan, you can imagine that your weekly payment was not reducing your balance very much.

 

11th October 2005 to 10th February 2006 is 17 weeks and 3 days

 

Each loan attracts a commitment fee of £195 which is included in the weekly repayments.

 

So, your interest charged over the period was £1135.33 - £195 commitment fee = £940.33 which will also include an early settlement fee of one month's interest at 6% of the balance outstanding at the date of settlement.

 

The weekly interest charged was therefore £55.31 including the early settlement charge.

 

My calculations (which may be flawed, I'm not a mathematician or a finance expert) put your settlement figure for Feb 06 at £1667.44

 

There are other factors which could account for the difference.

 

Did you at any point incur additional charges? Late Payment or the like?

 

Did you start paying back the loan immediately, or were you offered an initial deferment period?

[lbl]

we did ssk for paul foster several times...on thursday we were told he would call us - again no phone call from them..its disgusting as we had paid..we recieve a letter telling us to pay by a set date so we did..we paid cash into the natwest bank..the paying in book in the proof of the pudding.

they wont listen..just demanding full payment ..they have already sent some guys round,but the car isnt here..not that daft..

 

Hi Sue,

 

The first thing you need to do is to photocopy the paying in book stub showing that you paid the amount within the time. Send it SPECIAL DELIVERY to Logbook Loans with a letter to Paul Foster stating that you have paid the amount within the timescale demanded and insisting that they call off their recovery agents immediately or you will consider it harassment. If they are still sending guys round after that, call the police and insist that they attend as you believe you are a victim of harassment.

 

Keep copies of everything.

[lesley82]

Hi LBL

Thankyou for replying to my post here are some answers to your questions.

1) the first payment on the loan was week after i took the loan out there was no defered period

2)there was no extra charges except for 2 letters i recieved at £20 but i paid that fee the following week with my weekly payment.

3)the loan was taken out over a 52 week payment at £76.52 a week

4)on my contract the section about amount payable on early settlement just says £nan

hope this helps im abit thick when it comes to working out apr im really glad of your help thankyou.

[lbl]

Hi LBL

Thankyou for replying to my post here are some answers to your questions.

 

4)on my contract the section about amount payable on early settlement just says £nan

hope this helps im abit thick when it comes to working out apr im really glad of your help thankyou.

 

This is very important - Does the "APR" and total amount repayable also say £nan?

 

Please look at this asap!!

 

lbl

[lesley82]

hi lbl

key financial statements reads as follows

the term of the loan 2(52)weeks

principal amount of loan £2,200

total amount payable £3,979.04

equivalent to an annual percentage rate of nan%''apr'' but something has been scribbled in pen i think it says 266.48

 

amount payable on early settlement

amount payable after a quater of term £nan

amount payable after half of term £nan

amount payable after three quaters of term £nan

 

hope this helps thankyou.

[lbl]

You need to see a solicitor as soon as possible Lesley. If the APR is not printed on the agreement and has clearly been added in pen, the chances are that the whole agreement is null and void and you should be refunded every penny you have paid them.

 

This also means that the copy that they have will have been altered.

 

Improperly executed agreement = no agreement.

 

See a solicitor NOW!!!!

[lesley82]

hi lbl

thankyou for your quick response and advice il go see solicter before end of week il let you no the outcome thankyou for your help.

[lbl]

You're very welcome lesley,

 

Good luck with solicitor.

 

lbl

[anon2]

any news on this?

[joe1471]

i trying to plaster this message to as many people as possible. its a wee bit technical. if the thugs sorry baliffs come to the door they should have a visible blue badge with the SIA logo on it + photo. SIA stands for Security industry Authority this a legal requirement that they must have. if they dont ask them if have a licence dispensation number (this is what they get when they are waiting on their badge to arrive) if the dont have ldn then contact the local police *******THEY ARE WORKING ILLEGAL************ sometimes the police are slow to get involved as they think it is a private matter. Quote - the security industry act 2001. also contact the SIA they have the legal powers to prosecute and fine the individual and company.

the SIA has been in England and Wales for approx. 2 years and only in scotland a couple of months. i had the baliffs out at 0500 to clamp the car back out at 0800 to lift and when i mentioned the SIA they gave me till 1700 to get a reduced figure from £900 to £500

[Bigbear733]

Hi Everyone

I have a way to get back at Log Book Loans (“LBL”) and Mobile Money (“MM”). I assure you, this will work - I am a lawyer.

I have read the various threads with some horror at the tactics used by LBL and MM and this is my reason for posting.

Unfortunately, first some bad new – the loans they issue, and the way they secure their interest over a vehicle, via a Bill of Sale (“BOS”), is completely legal, if they follow the correct procedure. I have reviewed a LBL case and they seem to be doing everything correctly; I have not looked a MM, but I would presume they are also following the correct procedure. Furthermore, despite some posts that suggest the contrary, they can take possession of goods which are secured by way of a BOS without a court order.

Sorry, it gets worse before it gets better – if you are unfortunate enough to purchase a vehicle which has a chattel mortgage (what the BOS effectively creates) attached to it then, even though you are an innocent party, the vehicle can still legally be taken off you without a court order.

I am surprised that I have seen another lawyer in a press article suggest that this is illegal – he referrers to innocent parties purchasing vehicles with outstanding hire purchase (“HP”) agreements and, what he refers to as “other loans” (although he does not elaborate on what other loans are), and states that the an innocent purchaser obtain the goods with good legal tile. He is completely correct in relation to HP agreements as s27 Hire Purchase Act 1964, as substituted by the Consumer Credit Act 1974, provides that an innocent purchaser without notice (ie in non legal speak - a private individual who buys something not knowing that the item was subject to a HP agreement) takes the goods purchased with good legal title. However, there is no such provision for security taken by way of a BOS. In fact, the common law position was amended by s27 and a good analogy to explain why the law works this way is to consider stolen property. If your car was stolen and sold to an innocent party do you think that if the police managed to locate the vehicle you should not be able to re-claim the car – obviously I would think most of you would think that if something is stolen from you then you can take it back once located – and this is exactly the legal position. The general rule in law is that someone can only give good legal title if they themselves posses it, and, unless there is some legislative exception, this rules applies to the sale and purchase of all chattels (in simple terms, chattels is legal speak for property which is not land and buildings – sorry if I sound patronising but I know there are some reader who are not as legally conversant as other and I just want them to understand what I am saying).

I have read a number of other posts that incorrectly state the law and give false hope but I don’t have the time to deal with each issue raised.

Unfortunately, in my opinion it will be very difficult to legally challenge LGL or MM based on the BOS.

However, now for the good news. To operate within the law lenders require a consumer credit licence. This is issued by the Office of Fair Trading (“OFT”) and recent legislative changes have given the OFT significantly more discretion and powers in who to issue consumer credit licences to and, where appropriate, to revoke such licences.

My proposal is that we work together to get the consumer credit licences of LBL and MM removed and this is how to do it:

The law in relation to credit advertising was changed recently by the Consumer Credit (Advertising) Regulation 2004 (the “Regulations”). I will not bore you with the details but the OFT have issued guidance to lenders on the interpretation of these regulations. Basically a lender must publish a typical APR where, amongst other things, they offer credit to people with a poor credit history or where they offer an incentive.

The OFT have stated that terms such as “No Credit Checks” or “Super Fast Loans”, or similar, will trigger the requirements to publish a typical APR. See para 8.16 of the following guidance: http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft746.pdf

I have seen advertisement placed by both MM and LBL that contravene the Regulations by not stating a typical APR. I saw one today – they are not difficult to find.

This is what I propose that everyone does – look out for MM and LBL adverts. If they say anything like “fast loans”, “no credit checks”, “CCJ’s - no problem”, “Cash Loans within 30 minutes” etc then they must quote a typical APR. If they don’t then they have broken the law.

Report every breach of these regulations to your local trading standards (a letter or e-mail is best, but phone if you don’t have time). If enough complaints are received then the OFT will have to consider revoking their consumer credit licences. What’s even better, the directors of LBL and MM will face criminal prosecutions and convictions as breaching the Regulations is actually a criminal offence.

If enough people take action, as I have suggested, then LBL and MM will lose their consumer credit licences and this will stop them trading – in short, there is more than one way to skin a cat!

I hope this has been helpful and I wish you all luck.

[Mum2holly]

Hi. Unfortunately LBL or Agent Fieldforce are still at it. 3 years ago I had a loan for £600 with LBL and payments were made then out of the blue i got a repo letter, i rang up and they denied receiving some payments. I sent them proof of bank statements and continued existing monthly payments and heard nothing else about it. I got the V5 back but not the car key (assumed it was lost) and took it as per my records all fully paid. Then in November 2012 i received another letter about repo with the collection agents details, i rang him & explained above, he said not first time happened leave it with him & will get back in touch if any problem. Never heard anything and in February 2014 moved house. Then August bank holiday saturday came home @ 2pm, went to go out @ 6.30 with my 6 year old & no car. I reported it stolen, obviously we were all upset but my darter had nightmares "what if the robbers come back & steal me" she still isn't settling properly & wont go anywhere on her own. We learned via police on The Tuesday morning (3days later) the car had been repos. And it was a civil matter so they closing file.

I rang the no. For agent Fieldforce to be told not made full payment had to pay £825.55 to get car back and still owe £825.55. The agent was supposed to knock at our door & left note. I have asked twice now for his name & SIA no. Surprisingly they are still looking into and unable to supply.

They have supplied copy BOS and contract and have this week sent a statement which shows 3 charges for repossession?

Have contacted OFT but they just referred me to FSA.

Can anyone help? I am gonna try pursue for distress to my daughter, excessive charges as will have repaid £2200 on a 12month £600 loan, and query triplicate repo charge ( surely if not repos shouldnt have been charged?) unfortunately our local citizens advice bureau closed and the nearest one is over half hour away and only open while I'm at work.