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help with lobgook loans


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Hi wondered if anyone could give me any advice on this,

took out a loan with lbl last august but recently we have had some

financil problems and got into arrears, we are also having problems with mortgage etc , and the only way to get back on track is to sell the car, we only borrowed about a quarter of what the car is worth so there is no problem paying them off out of the proceeds, the only problem is the logbook which we cant get until we pay them in full, and we cant do that until we sell the car.

As I said earlier we really need to sell it now to get us out of our other financial problems where our home is at risk through mortgage arrears.

Is there anyway we can sell the car?

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Only problem being with having arrears log book aren't bothered about you settling account. They will just go after car .How many weeks in arrears are you? If you don't mind me asking.

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Logbook loans will allow you to sell the car provided that the purchaser makes a payment directly to them for their settlement figure. They will then relinquish the logbook.

 

You say you only borrowed about a quarter of what the car is worth, but do remember that you will have incurred additional charges, and interest which will take the settlement figure up considerably.

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There are a couple of things that I fail to understand about Logbook Loans; although they may not be relevant to the OP.

 

1) The logbook (or V5) is not in the name of the owner; it is in the name of the registered keeper. So what is the point of LBL holding the V5 when the RK can simply apply for a duplicate?

 

2) If LBL register themselves with the DVLA as RK to take 'ownership' of the vehicle then are they not taking on responsibility for VED/SORN, parking tickets, etc.

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Hi Pat,

 

Logbook Loans do take possession of the V5 - however this is purely a customer perception thing, as it gives them no legal title to the vehicle, and as you rightly say, there is nothing stopping the customer getting a replacement from DVLA

 

They do not re-register themselves as registered keeper of the vehicle, they can't, as they are not actually keeping the vehicle. "Ownership" is claimed through the signing of a "bill of sale" which assigns the vehicle as security to Logbook Loans, to be claimed upon default. Their financial interest in the vehicle is also registered with HPI/Experian as a "lease"

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Hi Pat,

 

Logbook Loans do take possession of the V5 - however this is purely a customer perception thing, as it gives them no legal title to the vehicle, and as you rightly say, there is nothing stopping the customer getting a replacement from DVLA

 

They do not re-register themselves as registered keeper of the vehicle, they can't, as they are not actually keeping the vehicle. "Ownership" is claimed through the signing of a "bill of sale" which assigns the vehicle as security to Logbook Loans, to be claimed upon default. Their financial interest in the vehicle is also registered with HPI/Experian as a "lease"

 

Thank you for clarifying.

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