Lil (Guest) Wednesday, 25 August 2010

Hi Can someone tell me if there is a loophole to get out of one of these loans? I took one out a year ago for £2,300, have paid back £3,000 and have another three years left on the loan!! Any ideas? I didn't read the agreement properly at the time as they refused to send it to me so I had to do it on a lunch hour, by the time I had got there and back I had 30 minutes, not really long enough to read the small print and was not made aware of how much I would be paying back, they just used complex financial jargon to reassure me I was doing the right thing! Thanks

Debtwizard Sunday, 22 August 2010

Hi Christine

Why don't you copy and paste your comment on the forum, see top right of every page for link, we will then see what we can do to help you resolve this.

Best wishes

Mike

christine b (Guest) Sunday, 22 August 2010

we took out a logbook loan , and fell behind with payments , we tried to arrange lower repayments but the firm would not have it , due to us both ending up unemployed we could not pay , and to make ends meet we had to sell the car , i know we should not have done this but we were desperate, this firm is now threatinging my partner , he started new job 2 weeks ago and they are now following him , this could make him loose this job

mrs c (Guest) Friday, 20 August 2010

i have a log book loan and i have been having trouble keeping up the payments i borrowed £1500 and they say i owe £7500 i have paid £2500 and they say i still owe £5000 i have hidden my car because i will not let them take it i offered them £50 a week and they said no i am unemployed at the moment looking for work but when i start back to work i wont be able to use my car to get there and back and i have a 6 year old child

pot (Guest) Wednesday, 28 July 2010

are logbook loans still running as a company

daf (Guest) Saturday, 24 July 2010

I do not have any dealing with log book loans myself, but I have dealt with them on behalf of third parties. My advice would be to hide the car, state that you call the police and bring harassment charges, trespass and possible criminal damage. In one day I recieved over 4 calls and I was shouting at them not to pester my parents who did not have an account them. Another example of their behaviour would be to attend at my parents', late at night around 9pm with four men. This was frightening for my parents' in light of their age, and their rural enviroment.

daf (Guest) Friday, 23 July 2010

What is happening with Log book loans? I thought that they had had their license revoked, the appeal prcess seems to be taking forever.

Debtwizard Thursday, 22 July 2010

Hi Daz

If you are unhappy with the way this particular firm is handling your 'log book; loan then go to Trading Standards (TS) on this link http://www.tradingstandards.gov.uk/ or call Consumer Direct on 08454 04 05 06.

If TS receive several complaints then they invariably end up paying them a visit to examine their policy.

Any more problems then post on our forum, see top of every page for link.

daz (Guest) Thursday, 22 July 2010

ive just took out a log book loan. I really wish i didnt now theyve already phoned me 6 times sent a letter to my parents adress and my 1st payment isnt due till tommorow. There is a cancelation time however of 7 days after you take the loan out. You dont need to pay it back straight away though you have a further 7 days to do this, although this will absolutely skin me its better than get constant hassel of these people and paying 3 times as more than the 500 i borrowed.

Debtwizard Friday, 09 July 2010

Hi Zoe

Why don't you copy and paste this question on our forum, here I have five experts and me and we will see what we can do to help you. Have some ideas.

See top right of every page for link, or on home page as well.

Best wishes

Mike

zoe plant (Guest) Friday, 09 July 2010

i borrowed thousand pound against my four thousand pound car missed payments they clamped my car .i phoned them to ask how much i need to pay to get it inclamped the sum was seven hundred pound over i told them id try get the money in half an hour which i did phoned them back they then told me it had gone up by another three hundred pound ,which i could not find .they reppossesed my car .they now took me court wanting two thousand five hundred pounds how do i stand

Debtwizard Friday, 14 May 2010

Hi Anthony

If you posted on our recently launched forum we will be able to give your friend some advice. The forum launched on the 24th March and we already have over 120 members and over 12000 views.

I have carefully selected panel of five experts that will help, as well as me!

You can find the forum link at the top right of every home page.

You can copy and paste your comment there; I am often on the forum and will be monitoring it.

Best wishes

Mike

anthony (Guest) Friday, 14 May 2010

my friend has used log book loans an fell behind but is getting charged 12 qpound every phoned call is this allowed they phone every 3 days some time an send letters out as well charging 12 pound as well total of 49 letters an phone calls alltogether the loans was for 940 two years ago an stilll owes 1,680 after two years can they charge this much on calls and letters coming to a combined total of 588 pound. thanks

Mohammad (Guest) Wednesday, 17 March 2010

Hi, if the government bans Log Book loans, then what will happen to all the people who have taken loans from them securing there car ? I have used LBL twice, they are handy, expensive but in my credit history they are the only ones who have helped and have been great with me !!

What is the latest on them, are they being shut down or not.

Thanks

Debtwizard Tuesday, 09 March 2010

Paul

It is a criminal offence for someone to sell a vehicle, without the owners consent, when it is on finance. If you do eventually lose the vehicle then after this happens, and not before, you may wish to report the matter to the police, they will in turn approach the Logbook loan company.

Good luck

Debtwizard

paul (Guest) Tuesday, 09 March 2010

Hi I bought a car from ebay which i thought was a good price. 3 weeks later i got a call from a debt collecting agency saying there was outstanding finance on it. this came out to be logbook loans when i asked the debt collecter what this was about he told me it was the 3rd time this person had taken out a loan and sold on a car. and they would be coming to collect. and there is nothing i could do about it because of this loop hole in the law that log book loans uses. I was stupid not to hpi check and have leart the hard way.But what suprises me more is these type of loan sharks are legal 400% apr what a joke most of the borrowers never intend to pay it back because they just dont care.Its not like they can go bankrupt twice is it.Im stupid or just to trusting the hard working honest man suffers again because of the scum. And yes im bitter!!!!!! debt collecters will have to look hard for this one though!

Debtwizard Sunday, 28 February 2010

Harim

Have you contacted Trading Standards as they may be very interested in your case in particular to if the firm you went to is under investigation? They may help you go through the agreement to see if it is fair.

In any event the debt is now unsecured and can be included in any repayment programme such as IVA or DRO or Debt Management Plan.

Also understand your rights as a consumer, see this link http://www.debtwizard.com/debt...guidelines

Best wishes

Mike

harim karim (Guest) Friday, 19 February 2010

hi i took out 850 pounds a log book loan 2 years ago and i couldnt keep up my payment and they took my car of me and sold it and they still want 1900 pound of me thats not fair