Log Book Loans Licence Revoked by OFT!!!!

[seekeroftruthandjustice]

JonC

 

I live in the UK and therefore cannot buy in $

 

I repeat my assertion that trackers are very expensive and will not be attached to an asset with a £1k loan advance

 

None of this is helping JohnMa who, if he is genuine. should be able to settle his sister's loan without paying the ridiculous additional fees and / or rebate penalties

 

Still can't believe Wolves beat us at the Lane

[kiptower]

trackers can be leased and transfered from car to car, in the Uk, hire companies do it all the time

 

you will find its a typo $ in JC's reply

 

and there a re a lot of companies selling the around the £100 mark

 

trackers these days are used a lot more than people know

 

you would be surprised just how easy it is to fit , and just who uses them

 

as for using it , its so simple, you send a txt message to it ( it has built in cellphone , or can be connected to a cellphone on PAYG ) and it will txt back the info in a txt,

 

yes I have set these up legally and we kept the cost down by using a basic GPS tracker unit and and a cheap PAYG mobile, does not take that long to put in a car,

 

during a service , when the person is @ work even on holliday , the driver would never know when it was done , and you dont have to actually get inside the car , and separate battery's used for unit and phone to last months

[seekeroftruthandjustice]

Oh Thanks

 

And the relevance of your post to JohnMa is what exactly?

 

I hope he doesnt spend too much time reading the irrelevant posts on this thread.

 

Jeez, we lost to Wolves, frankly ubelievabe

 

There is no chance Pirates of Putney (Log Book Loans Ltd) will have attached a tracker to a car with a £1k loan attached to it.

 

STJ

[kiptower]

infact there is every chance for a £1k loan they would, it would be a short term loan maybe a few months , so they can get 4 maybe 5 uses of the device a year

 

as I said you would be surprised who does have them fitted I know people in the Comms Industry that fit them all the time ,

 

and as the info to who has them is between the person fitting them and the Company I cannot disclose who etc etc

[JonCris]

Oh Thanks

 

And the relevance of your post to JohnMa is what exactly?

 

I hope he doesnt spend too much time reading the irrelevant posts on this thread.

 

Jeez, we lost to Wolves, frankly ubelievabe

 

There is no chance Pirates of Putney (Log Book Loans Ltd) will have attached a tracker to a car with a £1k loan attached to it.

 

STJ

 

From your remarks it would appear I & others know a great deal more than you LBL & their agents DO fix trackers to low value vehicles it saves them a lot of of trouble being able to ID its whereabouts at the click of a mouse ..... and yes you can buy in $ if you use the internet ... also I was quoting the price direct from a manufactures overseas website

 

Also why would you want to let victims think they wouldn't even when it would be safer to assume the worst where LBL are concerned

Edited December 13, 2009 by JonCris

[boocoo]

LBL have a policy of fitting trackers on all loans over £5k. They dont fit them on loans less than this value due to the cost. Its one of the few things they are very open on and tell you if its being attached.

 

Plus its easy to spot them. They are the size of a vhs cassette, heavy and work on magnets, ie somewhere under the bonnet. Remember they are fixed by the reps at the time of the loan, its not as if the reps ask to have the car in a garage overnight, they fix it there and then with the customer present, so if you are unsure if ones fitted it will take you all of a minute to mind out

[ukdeveloper]

LBL have a policy of fitting trackers on all loans over £5k. They dont fit them on loans less than this value due to the cost. Its one of the few things they are very open on and tell you if its being attached.

 

Plus its easy to spot them. They are the size of a vhs cassette, heavy and work on magnets, ie somewhere under the bonnet. Remember they are fixed by the reps at the time of the loan, its not as if the reps ask to have the car in a garage overnight, they fix it there and then with the customer present, so if you are unsure if ones fitted it will take you all of a minute to mind out

 

NO WAY!!!!! how i would LOVE to have found one of those on MY car living so close to a motorway service station with lots of long distance international HGV's at my disposal to stick it on!!

[boocoo]

It means is a phone call from them saying why have you removed it, and if your having issues anyway I dont suppose that matters

Edited January 22, 2010 by boocoo

[applecart]

Hi Johnma

 

The way that lbl's work is that the total amount to repay will always be grossly disproportionate to the amount loaned as they do charge high interests rates.

 

We have debated on the forum on many occassions how best to protect consumers such as your sister....I know you may have read them already... but sometimes it makes sense to read them more than a few times....

 

Initially I would advise that where you are concerned that they may call to take the vehicle - that you assist your sister to put her vehicle out of harms way for now - and if you do have money that you can help her with - may I suggest you buy her a little run around - As it may be you will need to take her situation up with a solicitor, Trading Standards etc...If and where you are at all concerned in any way with the way your sisters loan agreement has been handled.

 

This may not be what you want to hear - but it's what works for most in the short term. The road ahead is a long one in taking the matter through the courts so you need to swot up and be prepared whilst in the meantime protecting your sisters asset.

 

Apple : )

[applecart]

Hi Trooper

 

Oh Yes...... theirs no doubt on the point you make whatsoever, they are liable for actions taken by their 'Agents' - the OFT sees them as an extension of the lbl service when they act on lbl instruction to repossess a car..........

 

But Anglian's own credit licence is liable in it's own right as well - they should be making sure 'ALL' paperwork is in place prior to acting on any instruction to collect any debt (or when it comes to vehicles ... they do need a court order)

[Mav]

Hi,

 

Been reading through this because I was ill 2 months ago and as a contractor I do not get sick pay (just basic goverment mush money) anyhow, I got a Logbook loan out on my car for £800, in a view to clear it off quickly so avoiding massive interest. This loan was just to get me through christmas.

 

My insurance company today phoned me to say they will cancel my insurance policy if LBL continue to have interest in my car.

 

Bit worried now having read all this. I did miss 2 weekly payments (because they were not really weekly payments expecting me to pay on the 10th, 15th, 19th and 28th, I assume weekely was paying one every 7th day not a random day of their choosing. Anyhow, I have a monthly DD setup but like I said will be getting this out of the way as a matter of urgency.

 

Thats my story, not as bad as most, still bad service (they charged me £12 for missing payment)

 

Surely though, if you have a loan outstanding for 800 against a car that is worth 4000 they can not take your car.

 

However what I did think was odd at the time of taking a loan I told them I only wanted 600, they said the minimum was 800, I guess this was because once interested is added the total amount added to a feasable amount for the car to be reposessed??

[trooper68]

Hi Mav and welcome

 

Have LBL sent out any default notices? Do you still owe any money at all?

Can you check your BoS and CCA agreement-you should have the repayments on it.

 

If you can, create your own thread and post up you paperwork-removing the personal details- if you use photobucket we can see them nice and clear.

 

The insurance issue seems to be a recent thing, i'm not to sure on the legal side of it-a number of people have posted about it.

 

again welcome.

 

Trooper68

[JonCris]

Hi,

 

Been reading through this because I was ill 2 months ago and as a contractor I do not get sick pay (just basic goverment mush money) anyhow, I got a Logbook loan out on my car for £800, in a view to clear it off quickly so avoiding massive interest. This loan was just to get me through christmas.

 

My insurance company today phoned me to say they will cancel my insurance policy if LBL continue to have interest in my car. Tell them you'll sue They can only cancel your insurance if you have NO insurable interest

& as the keeper you do

 

Bit worried now having read all this. I did miss 2 weekly payments (because they were not really weekly payments expecting me to pay on the 10th, 15th, 19th and 28th, I assume weekely was paying one every 7th day not a random day of their choosing. Anyhow, I have a monthly DD setup but like I said will be getting this out of the way as a matter of urgency.

 

Thats my story, not as bad as most, still bad service (they charged me £12 for missing payment)

 

Surely though, if you have a loan outstanding for 800 against a car that is worth 4000 they can not take your car.

 

However what I did think was odd at the time of taking a loan I told them I only wanted 600, they said the minimum was 800, I guess this was because once interested is added the total amount added to a feasable amount for the car to be reposessed??

In order to enforce an SD they money owed must be £750 or over also see in red Also they won't care that the loan was only £800 & your cars worth £4000 they'll still try to take it. In fact over 3 grands profit! I suspect it'll be sooner rather than later. Stash it now

[Mav]

In order to enforce an SD they money owed must be £750 or over also see in red Also they won't care that the loan was only £800 & your cars worth £4000 they'll still try to take it. In fact over 3 grands profit! I suspect it'll be sooner rather than later. Stash it now

 

They are not threatening to take my car, and I dont think they can make profit from selling on taken cars, they must only take what is owed, as you are part owner of the car so anything above what you owe a company must be paid back to you surely.

 

Also sure because I only missed 1 payment and no longer in arrears they have no legal right to take my car

 

I was just adding to experience of LBL not ringing any alarm bells as such on my car

[JonCris]

They'll take your car ... period Also when you pawn something you only get a fraction of the value & if you hadn't realized it yet, assuming you've searched this & other forums, their account (your debt) will probably mushroom to match or even exceed what you owe when it comes to recovery

[applecart]

Hi May

 

I think what you'll find when you advise of an 'experience' with LBL is lots of positive advise. : )

 

We all mean you well....I would only add; that if you are in a position to repay the loan sooner - then you should do so, to get away from what can become the 'pitfalls' and 'flaws' within the service of this particular trader should you fall foul of the current economic climate; as it would seem they alledgedly show no regard for legal redress.

 

However, if you don't manage to pay the loan off...then, do come back to the forum where you should find enough info to help you at least see a way forward : )

 

Apple

[applecart]

On the issue of 'trackers' - my thoughts are - whether they fit them or not...it should have no more relevance than if they put a huge sticker on your car with the words 'log book loans loaned you money against this car' (how embarrising would that be - Yuck, yuck yuck, yuck)

 

Apart from the fact that they could be yet again acting illegally that is - why do I say this? - well, the BoS is 'conditional' - and we know already, that if you are in default, that they have to adhere to the CCA 1974 NOT the BoS Act in seeking to possess your car - which says they need an order from the court etc etc - so given this logic - there can be no way that they have any legal right to be tracking any ones vehicle - I've seen no where in thier paperwork where they seek the owners permission to fit such a device, have you?? I cannot imagine a genuine owner allowing them to fit such a device either for that matter!! After all they've got a Bill of Shyte... Whoops, sorry... Bill of Sale...haven't they?? more than valid, I'm sure (NOT)

 

Further, there is no where in the governing legislation, where I have seen any reference made to the fitting of such devices as a legal act.....

 

They could follow you from London to Landsend (is that far enough - not too good at geography) - the issue for all of us here is - does thier paperwork stack up?, if not - then the tracker could be fitted with alarm bells - candy floss and twinkletoes!! - they have no more right to your car than a thief would!!

 

If they take your car..having found it via a tracker or any other means - this would be seen as an act taken to 'enforce' the agreement without an order from the court - and as many caggers may be able to confirm - if they have served a faulty default notice; and ineffective termination notice as well .... they could end up paying you back all the money you may have paid under the agreement and paying to replace your car.

 

Boy oh boy...how they get away with such activities, considering their agreements are supposed to be 'regulated' .....and,for so long...beggars belief!!!

 

Redress for consumers is on the cards as we know.

 

Apple : )

[IS IT ME?]

Hi Apple,

Did you get PM?? wishing you well and Jon all the best for Xmas and lets hope its a great new year.

Did you read the release about Log Book loans in the paper yesterday, its was a bit small but the government it seems has noticed and are worried about what people think

regards:D:D:D

[applecart]

Hi Is It Me, and One and All : )

 

Yes, I have replied to the PM....

 

I'd love to see the piece in the paper - which one? pm the details.

 

What a grey year 09 has been, LBL have darkened the sky for many a individual - or so they thought!!!

 

Lets keep pushing and fighting for our right to be free of this trader into the New Year.

 

Follow the Log Book Loan xmas code....

 

1 Make sure car is safely locked away

 

2 Get the trukey on and the mince pies out

 

3 Check car is still ok

 

4 drink mulled wine

 

5 check car is still ok

 

6 answer door to lbl Agent -tell him to sling his hook its xmas

 

7 check car is still ok

 

8 answer phone to lbl staff - tell them ti sling their hook its xmas

 

9 drink more mulled wine

 

10 check car is still ok

 

11 get some sleep - leaving one eye open

 

The moral - it ain't over till it's over

 

HAVE A GREAT XMAS EVERYONE AND HERE'S HOPING ONE AND ALL HAVE A PROSPEROUS NEW YEAR......!!!!

 

MERRY XMAS : )

 

Apple

[caro]

But obviously you need to make sure the car is ok before drinking all that mulled wine cos you can't move it after.

[IS IT ME?]

Yes it was in the sun ( I know ) on Thursday I think.

[tsd484]

My name is Stephen Davis and I am currently having serious issue's with a company called Nine Regions Limited log Book Loans.

 

It all started in march 2009 when desperarity took hold of me and i decided to take out a log book loan on a vehicle that i had at the time. I rang the company and they told me to meet there representative of my area at a Cash Converters shop situated in barnsley. this been a good 15 miles away from my house. On the day of me meeting the rep I got on the motorway to travel to the location. On the way there my car spat a piston through the bottom of the engine inturn causing me to brake down on the slip road off of the motorway. I rang the representative who inturn told me he could do the loan at the side of the road. the rep came to where i was situated with the car on the back of a tow truck and did the loan. He made me rush through the paper work and with me been desperate for the cash i signed away not knowing wether it was legal or not to do so. When I got home that day I had a mechanic look at my car who informed me that it would need a new engine and this would most likely cost more than the car was worth. I phoned log book loan and informed them of this and that there was only one thing to do and that was that i had to scrap it as the car was worthless. They accepted this. I have recently fell behind with payments for this loan and they are threatening to repossess the car. Which is probably a case of coca cola by now or even a panel on a plane.. I just don't know. I was wondering where I stood legally with this loan, if the way the loan was conducted legal and what happens with them not been able to repossess the car??? I have read on many forums about dealings with this company and i have tried to find them on the CFT website with no avail. Can you help as I am at a wits end..

[ukdeveloper]

eh??

 

am i not right in thinking that if this chap has a loan secured on the car and now the car has been scrapped, he should be jumping for joy around his living room rubbing his hands together singing a merry song?

 

UKD

[bullyuk]

afternoon......yes he should have a dance.....the basic principle of getting a loan is that they secure the loan to the car.....if they knew the car had broken down and even signed the paperwork at side of road then the rep was doing a dodgy deal and it was not legal. they clearly state that the car must be kept at al times road worthy and with full mot and insurance.

He was doing the loan for the money only.

Basically my little knoeledgfe tells me that if he knew the car was broekn down and then they knew you were scrapping it then go ahead and have a dance as they cannot touch you. the only security they had was the car....that is now probably as he said a tin of beans or something.

I have fought logbok loans and their dodgy trading for 2 years so know a little....but there are some fantastic guys on here who i know will point you in right direction.

I dont think you have anythng to worry about.

All the best

BULLYUK

[boocoo]

Firstly the loan HAS to be signed at a place with a consumer credit license, all loans are trhe same, thats whay LBL work with the money shop, cah con, cash gen, the cheque centre etc, ie they have one so its legal. They must advertise the product and get commssion for every loan they genetate. If you want to sign off one of these places they will insist you write in with a letter and request this so they have a clear audit trail you knew this to show the OFT if contested. If you can prove it wasnt signed in store, or more to the point they cant prove it was, then it isnt legally binding. Fact. The sales rep who signed you up was obvisously close to his sales target or the store because theres no way their head office would let him do this off his own back, they arent stupid and know the loan will be worthless. I bet he was banking on it being paid and never coming up while he gets his commission

 

Beyond this, the cars gone, the assett is no more!! they will waffle on about you being accountable still and send you well worded letters, but youre free of it. Surely?

 

I would tell them where it was signed ask them to prove otherwise and point out the cars well gone anyway and wont be entereing in to any more convresations with them .

Edited January 22, 2010 by boocoo