The thing that really upsets me about LBL

[JohnMa]

One of my family got a loan with these guys, she was to proud to ask any else for help and got a loan with them.

 

I have no problem with her paying back that loan, even paying back that loan with a high rate of interest. She knew what she was signing for

 

What has really, really upset me is the fact that a £1000 loan that has had 6 £150 per month payments on it can be terminated due to missed paymens and the FULL amount demanded, ie the full value of the orginal loan PLUS 18 months worth of interest.

 

It is absoluetly despicable behaviour. I want to pay this back for her, I am prepared to pay what she borrowed plus the interest however there is no way on gods earth I am going to freely pay back £2,800 on a 5 month old £1,000 loan that has already had £700 worth of payments made on it without a fight

 

Sites like these act as an invaluable tool for the people who dont have the resources or the strength to fight back against these legalised theives. I find it astonoshing that posters come on this forum and complain that people should pay back what they borrow and chastise posters who help people in trouble.

 

I ask ANYONE of sensible mind to look at this

 

£1,000 borrowed in May

£150 per month paid back five times then a demand for £2,800, soon to be over £3,000 when extornatie recovery fees are added.

 

She wants to pay her debt back. i.e. £1000 but they want £3000 it is absolutely bloody scandalous

 

That is legalised theft, I am sorry but no sensible person can defend this sort of behaviour and I am over the moon they have had their licence revoked and ANY poster who helps people get round this, even if that means hiding cars or deliberately trying to use smallprint to not pay a loan is doing everybody a great service

[WelshMam2009]

Unfortunately, there is no cap on the interest rate that can be charged in this country with some payday loan type firms charging up to 3000% interest...and yes, I meant 3000 and didn't add an extra zero!! (Check out the recent C4 Dispatches programme).

 

If any payments were missed then obviously the contract has been breached and immediate repayment can be demanded.

 

However, I didn't think that they could demand the money AND charge the interest for the duration...but please don't quote me on this.

 

Have you complained to Trading Standards/OFT/FSA??

[JohnMa]

Yes I have no problem with them demanding their money back if the contract has been breached, however to demand the full amount plus 18 months worth of interest AND dismiss all previous payments is in my opinion outrageous.

 

Maybe I am misunderstanding the situation, I am fully prepared to pay the £1000 she borrowed off PLUS any occured interest to this date but I am not prepared to pay interest for the duration and I am not prepared to accept them simply writing off the nearly £700 in payments she has already made

 

If that is what I have to do I will hide the car and do everything within my powers to try and get get out of the agreement all together, I will even take ownership of it myself if that helps her and I hope people on here would help me do that IF logbook loans did NOT accept an offer of the loan amount plus occured interest

[WelshMam2009]

Maybe I am misunderstanding the situation, I am fully prepared to pay the £1000 she borrowed off PLUS any occured interest to this date but I am not prepared to pay interest for the duration and I am not prepared to accept them simply writing off the nearly £700 in payments she has already made

 

No, I agree with you entirely on this. Do you have a copy of the contract that you can post up (personal details removed) for comment?

 

Alternatively, have you searched for threads on this company to see what others have done in similar situations?

[JohnMa]

I need to get the details off my sister, maybe other posters who have loans with this company can help.

 

I imagine the contracts are all standard. They sent her a letter yesterday demanding £2800, the loan was for £1000 was taken out in April or May. She has been paying about £150 monthly up untill October.

I called them but they refused to speak to me, she called and was told there would soon be abother £400 added for collection of the vehichle

[MARTIN3030]

No good calling-you should keep everything in writing and demand ther same.

Theres no shortage of info on CAG for these peeps.

As Welshmam suggests-do a search (scroll up to top of page you will see option in task bar )

[seekeroftruthandjustice]

Oh great idea

 

Send a letter, should get there by end of the month, meanwhile car is gone and Anglia and the Pirates of Putney are quids in.

 

Call backed by email is the way to go.

 

STJ

[ukdeveloper]

Oh great idea

 

Send a letter, should get there by end of the month, meanwhile car is gone and Anglia and the Pirates of Putney are quids in.

 

Call backed by email is the way to go.

 

STJ

 

With all due respect, once again you seem to be spouting utter drivel.

 

There is NO BETTER WAY to prove service of correspondence than to send a letter RECORDED DELIVERY.

 

Telephone Call = (goose rapers)"Nah he never rang us, aint heard from him in ages thats why we came round, beat up his missus and stole his car"

 

Email = (goose rapers) "He says he sent it but there must have been something wrong with his internet cos we never got nothing from him thats why we went round, beat up his missus and stole his car"

 

Recorded Delivery Letter = (goose rapers) "He sent a letter recorded delivery and we signed for it? er.... ok..... er..... oh well in that case......"

 

 

SOTAJ I really think you need to take a deep breath before you post statements which could potentially damage someones defence.

 

Just my two penneth.

 

UKD

addendum: Oh and letters sent guaranteed next day delivery, arrive... funnily enough NEXT DAY.... GARANTEED!!! not the end of the month.

Edited December 13, 2009 by ukdeveloper

[seekeroftruthandjustice]

Ukd

 

Another conniption.

 

"damage someone's defence" ?? What are you raving about now - once again you rail against me and remain worryingly fixated on the R-word.

 

John Ma is trying to negotiate a short settlement, I would think in this particular instance he should start the process by 'phone, not least because his posts are lucid and sensible.

 

What should he write? Dear Mr Heap, I would like to settle my sister's loan but you seem to charge rather a lot of interest....

 

Hopefully JMa will update on progress.

 

STJ

[ukdeveloper]

Ukd

 

Another conniption.

 

"damage someone's defence" ?? What are you raving about now - once again you rail against me and remain worryingly fixated on the R-word.

 

John Ma is trying to negotiate a short settlement, I would think in this particular instance he should start the process by 'phone, not least because his posts are lucid and sensible.

 

What should he write? Dear Mr Heap, I would like to settle my sister's loan but you seem to charge rather a lot of interest....

 

Hopefully JMa will update on progress.

 

STJ

 

SOTAJ, sorry if i offended you that was not my intention.

 

Simply put these scumbags will arrange whatever you want over the phone.... and then fleece you when you meet face to face. They did it to me... they did it to a friend of mine stating over the phone that they would be happy to settle the debt of £1100 for £400 in full and final settlement as long as the vehicle was still in working condition. When they came round to his house with the paperwork to write off the debt, they checked that the car was working, and promptly drove off with it. Never to be seen again. He rang the police and told them of the arrangement he had with them.... and yep you guessed it... they denied it.

 

Sorry buddy, but telephone calls to these faeces munchers is NOT a good idea

 

UKD/