Log Book Loans....again !!!..advice Required....

[bullyuk]

Afternoon all.

After finally managing to start a new thread and reading many many pages of advice from members I wanted to lay my story out and see what advice help anyone could offer re LOGBOOK LOANS

Right I have a ********* and last may took a **** loan out on the car...

a gentleman who had a franchise with logbook loans came same day to see me and bought the **** cheque in his companies name. (not sure if I can name him or his company on here)

ALL the paperwork was in logbook loans and seemed in order. I knew of the interest rate and the monthly payments so no complaints on that side. I intended to pay all money within a year.

Anyway within a week there were complications......the guy who had the franchise rang me to ask me if logbook had been in touch and when i asked why he proceeded to inform me that he had had his franchise revoked...taken off him.

He said he was still owner of the loan and so payments were made.....after a few months....and then a slight complication on my side I got behind.....

I was away on hols when my wife called to tell me a bailiff (he called himself) had called to get my car.....I called him and was met with a very arrogant guy who threatened me with just taking my car with or without the keys no matter where I hide it.

Im not a small guy by any imagination and said to him that instead of bullying my wife at home wait until i get back and then come and see me....he hung up and then i proceeded to call the guy i took the loan with.

We made a new arrangement and I asked for statement of arrears and payments to date......I then started paying extra a month as opposed to the originally agreed rate. This went on for a few payments and then his mails got very nasty....(the guy with the loan).

He started saying the loan was not going to be paid off quick enough at this rate (would take a year from start to finish).

It is at this point at start of 2009 that I started getting some advice from this site.........I have written to him stating that I want to see the following items....statement of arrears showing total amount paid...total amount owing....interest payment and so on. (3rd time of asking for this with no reply). I also want to know who owns my loan as surely if I am paying his company into his bank I am paying him and so the contract woth logbook loans that i signed in null and void????

I have even had a call from a guy in London from logbook loans asking how much I had paid to this other company and when i advised he said it was not worth them taking the loan over as not enough credit on car.....that worried me....does this mean logbook loans dont have my car on loan....???

I have also asked for proof of his consumer credit number as if he now holds my loan he must have a credit agreement to allow me to have the loan.....is that right....

finally I have advised him that the 2 bailiffs/recovery agents he has sent have been illegally sent due to fact that no default notice has been received which I believe is legally required. A default notice must be served and then time to resolve arrears / breach in payment before car taken.

So in short.....really sorry for long winded story is..

 

loan is with logbook loans according to paperwork but i pay another company.....

this company do NOT work for logbook anymore and franchise revoked...

if this company does not work for logbook surely the contract is null and void.....

they have illegally sent bailiffs to my door or 2 occassions with any default notice being served....

refusing to give me statement of arrears and proof of who controls loan.

 

I have also read that the bill of sale must be registered within 7 days...how do i find this out....i have funny feeling due to fact that within a week of taking the loan the guy who gave the loan was having his franchise revoked from logbook loans.....

 

I am really looking forward to hearing from anyone with views...news....help....

 

Many many thanks and best wishes

Edited February 28, 2009 by bullyuk

[Fleeced73]

Without expanding too much into this, if you want to protect yourself and your car you must get advice from a Civil Litigation solicitor, and also of course make sure the car is out of harms way.

The whole business between LBL and their agents is highly dubious to say the least. What name (company and any actual agents names) do the LBL (ex?) agents go under?

[Dustyd]

Good advice by Fleeced, trust me they will come after your car again though if it's still around, even at times like 05:00am in morning. I've fought them off (literally) three time off my driveway.

 

Also edit your post as there's too much info, car make etc.

[bullyuk]

evening....thanks for the mail.....now before i go into names and company names am I allowed to dothat on here???? actually name the guys name who did the loan and his company name???

any help much appreciated...

gaz

[bullyuk]

evening.....car has been tucked away and yes I understand with too much info...... cheers guys....

[Dustyd]

I think the first issue here is keeping our car. Is it in hiding? swapped with a friend etc?

 

You can mention names etc, don't know whether it'll be edited though.

[bullyuk]

car is in garage of a friend so safe and sound.

I will risk naming the guys name and company and if they need editing then so be it....

the guy who i took the loan out with was ******** and his company is ******. (deleted in case read by lbl)

As I said all paperwork was logbook loans when I signed but within a week he said his franchise had been taken off hin for some dodgy dealing.....alarms bells went off......

have even spoke to a guy from logbook loans in london and he said because I had not paid enough yet it was not viable for them to take loan over.....once again worrying.....does that mean they dont have my car loan????? if they dont then ******* does as i pay into his natwest bank account BUT the agrement is with logbook...!!!!

confusing....

Edited February 28, 2009 by bullyuk

[bullyuk]

have just done full HPI check and found that car has indeed got interest / finance logged with LOGBOOK LOAN LTD.

Question is then is why am I paying another company and especially if the company/agent that I am paying no longer has any ties with logbook loans due to having franchise removed.!!!

Next thing is how do I find out when the bill of sale waqs entered.....I know the exact date I got the loan but I read they had to register the loan/interest within 7 days....is this true and how do I found out when they did register it.

Cheers

[bullyuk]

Evening....right had communication today from the agent that used to have franchise with logbook loans. he said that he has control over the loan as the paperwork states his name on the contract. I am getting the contract together and have asked him for a copy.

My concern over this is that the name on the HPI is logbook loans ltd and not this guys companies name.

This guy has also I have found out set up another loan company to do with log books.

Cant name on here but if anyone wants the details of the guys name who had the franchise with logbook loans.....his company name and the new company that he has set up please private mail me and I will be more than happy to forward........the new APR on this guys new loan site is over 400%.... my god this cant be legal.....the site openly states they welcome people who cant get credit elsewhere.....

he has also given me the date the bill of sale was registered...how can I check this and who do I check with???

Any help much appreciated.....

Thanks:rolleyes:

[Guest Log Book Loans Employee]

Loan not with LBL, thats for sure, i would stop paying him, if logbook hve not taken over the loan, then ask to have HPi deleted.

 

I would be interested to see who this guy is, and is he workng under a new company name?

 

Sound like the agreement may have been recinded by he obviously is enjoying receiving the money, i will keep an eye on here.

[missdpd]

Is there a possibility the franchise had already been revooked before the loan was drawn up, therefore rendering the whole thing null before it was even signed?

 

I would contact the head office of log book loans and try and find out the exact date this cowboy should have ceased trading!

[bullyuk]

afternoon....many thnaks for your comments....

as it stands the situation is this....

i have stopped paying this guy...he has alaready sent around a company to collect my car....i have stored the car away off the road over 300 miles away at familys.

Now I am trying to find out when the bill of sale was registered against the car and why it is in the name of LOGBOOK LOANS LTD when the credit agreement clearly states the name of the compnay owed by the guy who had franchise with LOGBOOK LOANS LTD.

Now I have spoken to the guy and he openly admits that he had his franchise taken away within a week of me taking out my loan. I questioned his consumer credit licence and he said he had and was allowed to do loans.

WHY IS THE NAME AGAINST MY CAR LOGBOOK LOANS WHEN ITS HIS DEBT ON THE HPI.

Someone from LOGBOOK LOANS actually called me a few months after I took the loan and we discussed the loan as I was concerned this guys franchise was revoked and who had control over the loan.

He said because I had not paid enough off the loan it was not worth them reloaning to me to clear the other loan and them taking it over.

This worried me as it clearly meant LOGBOOK LOANS did NOT control my loan. if they dont why are they named on HPI register.???

Now I want to find out a few things...

*HOW DO I FIND OUT WHEN THE HPI WERE NOTIFIED OF THE LOAN AGAINST MY CAR AS I UNDERSTAND THIS HAS TO BE WITHIN 7 DAYS OF LOAN.

*WHAT IS LEGAL POSITION CONCERNING THE HPI IN NAME OF A COMANY THAT HAS NOTHING TO DO WITH MY LOAN

*WHAT ACTION DO I NEED TO TAKE TO GET THE LOAN & HPI NOTICE RECINDED/CLEARED

*IF WHAT THIS GUY HAS DONE IS ILLEGAL CAN I TAKE ANY FURTHER ACTION

 

To make this matter a little more interesting I spoke to the guy who lost the franchise a couple of weeks ago and he opnly admitted that he has set up a new business offering loans against car logbooks BUT he does not a consumer credit license yet to do it with the new company. He does have a consumer credit licence with his old company he used with the franchise with LOGBOOK LOANS but not with the new company.....completely illegal...it must be...

 

I really look forward to any help/advice you guys can offer and what steps I need to take to try and resolve this.

 

If anyone wants names of the guy and the business name he had with LOGBOOK LOAN under a franchise and then the new business name then private message me...

 

Have a good weekend all.

Edited March 15, 2009 by bullyuk

[yummymummy1978]

I stitched this company up good and proper about 7 years ago...and i feel good!!

 

I would get someone to have a look at their contract they make you sign, cause they probably have no leg to stand on legally.

 

I borrowed around £2,500. Being a woman i then befriended one of their reps who then consequently left. Before he left he removed the HP on my car and gave me the whole entire file they had on me in their office.

 

Heres the joke, they still tried to get their money back, even tho i knew that they knew they didnt have a single piece of evidence other than a phone number and address on their computers.

 

The guy who worked for them told me that they are not legal and all their paper work is a load of ****. Its probable that its still the case ...they are just a bunch of loan sharks.

[bullyuk]

Evening.....has anyone heard of a company called V5 loans... ????

www.v5loans.co.uk

 

Cheers

[bullyuk]

V5 LOANS charge over 400% !!!!!!!!!!

[Oh Boy!]

Bully firstly its totally irrelevant about the agents name who they are and what colour the boxer shorts, its not going to help.

 

Firstly get in touch with HPi, ask for complaints, 01722413434, tell them you are a member of public.

 

Call LBL and ask if they have any paper work on you, and ask for a copy of te Bill Of Sale, if by some miracle they hold a BoS then ask for the rest of the supporting paper work.

 

It sounds ok'ish if before the company went down he did everything correctly, but i doubt very much that is the case.

 

There is a lot of talk about Bill Of Sale being registered at the court not within seven days, that is of no significance, if you need to know let me know.

 

If the finance company (and this in GENERAL) have an interest in a car then they can register the interest on te Hpi register, they are not obliged by law to do so, there are no time constrainsts however should therebe a claim against the finance company then they will not have a leg to stand on.

 

If on the other, you are tied into a contract with LBL by virtue of the agreement made with this dodgy dude, the paper work needs to be correct.

 

Now unless i missed something earlier, which i probably did, why have you not :-

 

Contacted LBL ask for copies of BOS and supporting Docs.

 

Contacted HPi to seen when the interest was registered.

 

Reported the agent to OFT who is of course a broker

[Oh Boy!]

In addition,

 

Contact a manager at LBL, find out if they now own the deal, if not stop paying, as it sounds like the broker had to receive a certain percentage before LBL take the loan on, incase it back fires and they end up with a dead agreement, which i think it is, by you paying all the time, you are probably bring that transfer of loan over to LBL closer.

 

IF the company has gone pop, then you do not need to pay anybody.

 

For gods sake let us know, and come back wth the information needed so that we know whats been said.

 

geeezzzz

[tottys]

V5 LOANS charge over 400% !!!!!!!!!!

hey have just seen how mush v5 loans charge that is nothing have 2 lots of different aprs on mine they r 487% and this 1 is 1067%!!!!!!!!!

[applecart]

I totally agree with 'oh boy' - you simply need to taked the matter into dispute until such time as you can be clear of all the facts - whilst in dispute you are not liable to make payments until resolution.

 

In answer to the question that I note you have asked a few times now; which is 'what is a Bill of Sale' and 'how can you find out more'

 

The Bill of Sale is a document drawn up as a 'security' against the loan - you should have received a copy of this at the time the loan was made.

 

Bills of Sale must be 'registered' within 7 days of their making

 

Where a Bill of Sale is duly 'registered' and 'correctly executed' the loan company have the right to repossess your car should you be in default.

 

In my experience and from reading the forums here - Log Book Loans 'register' most Bills of Sales and a lot of people who have them get confused when they find it is registered outside the 7 day limit.

 

We need to appreciate that just because it is outside the 7 day limit, this does not on it's own cause it to be an unenforceable document.

 

Where we need to get the record straight is on the fact that the Bills of Sale 'have not been correctly executed'

Even should you find that the BOS is registered out of time and incorrectly executed these two elements again do not render the document unenforceable......

 

It is the fact that in addition to the above.... there will have been NO APPLICATION made to 'RECTIFY' the BOS where it can be challenged successfully in most cases.

 

If you have any documents on file pertaining to the BOS - check it for the 'stamp' of the Supreme Court of Justice, on or around the stamp should be a 'registration number'

 

If you do not have any documents that you can refer to - make a courtesy call to LBL or the 'unlicenced' ex-francisee' and ask for the registration number from the BOS - if they have it, they will happily quote it to you over the phone - subject to Data protection of course.

 

Once you have this number - you can write to the Supreme Court of Justice at this address: Room E17, Enforcement Office, Royal Court of Justice, The Strand, London, WC2A 2LL

 

In your letter -

 

quote the LBL Ref No,

Your Name and

LBL name (Nine Regions Ltd)

The Registration No of the Registered document

 

Ask the court to send you all documents that they hold on file against the parties to the Bill of Sale and ask them to include any reference to any documents that have been made regarding any 'application to rectify' and ask that where there is such an application to send you a copy of the Masters decision if and where applicable.

 

If you do not get a Registration Number for the registered document - you will have to pay £40.00

 

If you have it - the information will cost £5.00

 

They are pretty quick at the High Court of Justice - lovely bunch of people, really friendly too, you should have the information by return post.

 

You can also check to see if the ex-franchisee is registerd by asking him for his credit licence number - and you can check his registration on www2.crw.gov.uk/pr/default.aspx

 

I doubt he is registered since loosing the franchise with LBL - if he is not registered then you have a duty to report him to the OFT and also to the police due to the fact that he is operating without a licence and can be arrested. try crimestoppers.

 

The collection agents who have made attempts to take your car can also be proscecuted if the do not have a SIA licence because whilst the franchisee and the collection agents may have been 'covered' by the registered licence of LBL whilst he was still a franchisee; from the minute he was revoked until he gets a licence all actions taken against you for money, reposession of your car etc is all illegal!!!

 

I attach some additional information below that may help

 

ALSO, YOU MAY BE INTERESTED TO KNOW THAT LOGBOOK LOANS HAVE BEEN MINDED ON THE 13th March 09, BY THE OFT THAT THEIR LICENCE IS BEING CONSIDERED FOR REVOCATION

 

If I can be of any assistance, please let me know : )

oft664 Debt Collection Guidance.pdf

Licence Details of log book loans.txt

[bullyuk]

afternoon all....

thnaks for help and advice on this and i know i have been a little slow in trying to sort this matter out but things gathering pace now.

 

Thanks O BOY & APPLECART for spot on advice....

 

Right I have contacted OFT and have started the ball rolling there......they are very interested and have been in touch twice...

 

Secondly I contact LOGBOOK LOANS today and spoke to a young lady....I said I wanted to speak to someone about the loan on my car and when she took my car registration and postcode guess what....they could not find anything to do with me or my car......

When I then explained what I needed and why the phone went quite and she told me she would get someone to contact me within a couple of minutes....

I put phone down and within 10 seconds literally the phone rang and the same woman asked for ***** of ***** who were the company that had the franchise with logbook loans.....when I explained that they had rang wrong number and who I was the phone went dead...

 

I then proceeded to call logbook again and spoke to GEORGE.... told him something very fishy going on and what had happened....he then informed me that the franchise was taken from the guy i got the loan with and that they had nothing on their files against me or my car.

 

I then asked why is the BILL OF SALE against my car in the name of LOGBOOK LOANS and not this franchise guys company name.

he could not explain but did agree that the BOS should not be with logbook as they dont have a loan with me.

 

Bottom line is that this guys company gave me a loan through logbook when he had a franchise. That was revoked within a few days of me getting the loan.

For whatever reason he registered the loan to HPI in logbook loans and not his company (alarm bells) BUT now claims that he owns the loans and that I must pay him.

 

I have told him what I am doing and that the biggest fear/[rpblem for me is that if logbook loans have the BOS against my car what on earth is there to stop them from coming to collect my car EVEN if I was paying the other guy !!!!!

 

So thats where I am and I feel we are moving forward on this now......

Many many thanks to all involved......

I would really appreciate it if anyone had the time to chat to me.....I can call you as you can always say more on the phone than typing.....just private message me and we can arrange to chat...

Have a good week

Edited March 31, 2009 by bullyuk

[I've got no money]

As I understand it the OFT has revoked the consumer credit licence of one of these companies.

 

There are a wide range of challenges in addition to the issue of registration of the bill of sale. There is a specialist debt adviser at the Sheffield CAB Debt Support Unit who knows lots about logbook loans. The Debt Support Unit is a second tiier advice service so they don't take direct referrals from the public BUT if you contact your local CAB they may be able to talk to the Sheffield DSU

[applecart]

Do you have any more specific details at all?

[bullyuk]

what do you want to know mate......i have tried to keep all details from here as i dont know the position of putting names and details on this site..... if i am allowed I really dont mind putting whatever is required online.

cheers

[applecart]

Apologies Bullyuk - my question was directed at 'I've got no money' (sorry for not making it clear)

 

However, in your case - I think your doing a fantastic job - the groundwork is important to establish your position.

 

My humble advise would be that: - you need to ask LogBook for written confirmation of the fact that they do not have an 'interest' in your car.

 

Secondly - rather than 'faffing' around with the franchisee - cut to the chase where he is concerned - he's told you he is no longer a franchisee - lbl have told you he is not a franchisee - so check him out on www2crw.gov.uk/pr/default.aspx - enter his name in the 'trading name' section - this should confirm his status for you - OFT will hopefully already have done this - but it's useful for you to be fully aware of the facts too.

 

Thirdly - should it be found that he has no licence - in addition to you having informed the OFT, you can also advise 'loansharks' I think they are a government body also - who will seek him out and take the necessary action. The benefit of doing this is that he may get a conviction - which will help the OFT when making decisions as to his 'fitness' should he apply for a licence in the future. (perhaps there are others on the forum that can expand on this for us)

 

Fourthly - the letter you get from lbl, should help with getting their interest removed from the hpi.

[applecart]

Here's the link for the 'loanshark' services for reporting illegal money lenders:

 

Dealing with loan sharks : Directgov - Money, tax and benefits