Hi Guys, I hope you can help me, I took out a logbook loan in Sept 2009 in the event I needed cashflow, which it later turned out I did not, as I later got the pay I had been waiting for. I tried to cancel the agreement the next day before their cheque had even cleared in my account, accepting that I would probably incur £100 or so in fees. (They had been advised that it may be very short term and they said it was straight forward and not a problem) Upon trying to settle I was advised that if I settled early I would be liable for the entire outstanding amount including the interest that would have been incurred, and that a 'cooling off period' did not apply. I made substantial payments, and upon being a few days late on one payment in Feb 2010, I received a letter stating I had incurred hundreds of pounds in charges. I contacted the LBL office, who informed me that as my very first payment was a couple of days late, every subsequent payment had been late, and therefore incurred charges (this was the first time they had written to me), and upon being late with a payment in Feb they had written to me. LBL stated it had been a system oversight, and that now my account was ahead in terms of payments, I should not give it a second thought, at this time I asked them for a statement, and a breakdown of payments, as I regularly paid off bigger instalments, over and above that required. This never came, I also requested this again by recorded mail, again this never came. I neverthe less continued to make payments until Sept 2009, and obtained the managers mobile number and asked for a settlement figure, he gave me some sky high figure amounting to several thousand pounds, I asked him to break down that figure, as according to even LBL's appauling interest rates it could not be that much. I got a text reply stating I had incurred charges througout the preceding year. I then argued this and requested a breakdown of all payments and charges etc. I received no reply. I have called their office and also left a mobile message requesting a payment breakdown, as I would have had the final payment paid off by now. Again I have received no reply. I made one last monthly payment in October then following LBL's inability to communicate I cancelled my standing order as it was now feeling very much like a loan shark. Sure enough, within a couple of weeks LBL got in touch. First a call on a mobile wanting to know where I and the vehicle was, and then a letter. Saying as I had failed to make payment in accordance with their agreement, and had previously been notified of a default in Feb (which LBL had told me was admin error) that my vehicle would be repossesed without further reference to myself. I am more than happy to meet with any of their bailiffs etc etc, I took the credit due to the position I was in, and even though I tried to be a good customer, they design it so you simply cannot. If you pay the full loan, hundreds in charges and they get your car, then surely that is the best outcome for LBL, and the tactics they use would surely support this. I would appreciate any advice as to how to proceed next. I am happy to appoint a solicitor or take them to court myself. I would like some advice as to any illegalities regarding this ancient law they use. Or how to find out if my bill of sale was correctly registered. I will see this through to conclusion as these people are targeting the most vulnerable in society. If anybody can point me in the right direction in terms of law, contacts or similar case studies then I would be most grateful. I simply want to settle this for the benefit of all concerned, but we all know what the best outcome for LBL is. I am happy to launch court proceeding straight away if somebody could advise via PM or forum. Happy Xmas to all Caggers!!