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OFT imposes requirements on Hermes following their acquisition of Log Book Loans
Page last updated Sunday, 30 September 2012
The Office of Fair Trading (OFT) has imposed requirements on Hermes who acquired Nine Regions Ltd, previously trading as Log Book Loans, back in February of this year.
The OFT recently carried out a detailed investigation and an on-site visit at the offices of Hermes and raised the following concerns;
- Affordability assessments were not being completed to a satisfactory standard.
- The explanation of the product was inadequate and was not being given to borrowers early enough in the transaction.
- Staff were not fully trained on or familiar with procedures on conducting affordability assessments or providing explanations about the products.
The OFT has granted Hermes Property Services Limited (Hermes) the right to use the trading name Log Book Loans. However, it could be fined if it fails to comply with the requirements, which include relevant parts of the Consumer Credit Trade Association Code of Practice on Log Book lending.
David Fisher, OFT Director of Credit, said:
'We took this action to make sure that Hermes meets the standards we expect and we will be monitoring the business to make sure it observes the requirements we have imposed.'
What is a Log Book Loan?
Log book loans are made under an agreement known as a Bill of Sale and are secured against a vehicle such as a car or motorbike. Although the borrower continues to have use of the vehicle, it legally becomes the property of the lender. If the borrower defaults, the loan company can repossess the vehicle without a court order. This includes having the power to enter premises in order to recover the vehicle. Even after the vehicle is sold, the borrower can still be pursued if there is any shortfall in the debt.
Log Book Loans Self-Help Guide
The guide is designed to help you with arrears, repossession and excess charges. It also informs you of your consumer rights plus lots more.
Take me to the Log Book Loan Self-help Guide.
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SIMON (Guest) Monday, 18 March 2013
I OWE ON A LBL CAN THEY REPORT IT STOLEN IF IM IN ARRERS
As featured in:
Are you owed thousands of pounds in mis-sold Payment Protection Insurance (PPI)?
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our free DIY template letters, or
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a firm to help you with a LOW FEE of 12% + vat
Our recommended firm will handle all the claim on a "No Win, No Fee" basis for a fee of just 12% + vat, which is only payable if you have a successful claim.
It's that simple. Take me to:
