whats going on with my log book loans

[tracyn]

My husband took out a logbook loans on our car in december 2008 the loan itself was £850 cash and while the gentlman was in our house looking over all my benefits he was saying that the loan was £850 and after 18months we will have paid back £1,800 he then took my usband the the office in the store to sign the paperwork and we were given a payment book but no other paper work we were told that it would follow.

At the time we pointed out that the payment book states payment due on mondays but as i dont get my benefits till a tuesday could it be changed otherwise it would always look that we were in arrears we were advised to telephone them after the first payment was made which we did and we were told that that was fine the payment day had now been changed.

Four weeks later the first arrears letter arrived charged at £12 we telephoned and was asured that that would be the end of the matter we would recieve no more letters.....3 more arrived so now thats 4charges of £12 eventually after 4 months they did change the payment day and reversed 2 of the £12 charges.

Any way we never recieved any paperwork even afetr requesting it lots of times we eventually fell behind with payments and recieved a repo letter which was the first contact in about 4 months ( in them months i was making payments) so my husband telephoned them and got no joy rom our accounts manager who said pay up or the car goes as soon as my husband said come and get the car he manager then followed on to say that if the car did not cover the loan amount then they will be taking goods from the house.

 

We contacted cab who couldnt help they passed us on to consumer direct who then passed us on to trading standards who suggested that we telephoned lbl back requesting a copy of my agreement and also all payments made by me and charges againts me aslo to tell them tha all payments will be suspended until these arrive and sugest that they send them recorded delivery low and behold we recieved all of the info we wanted teh next day by recorded delivery after 14 months of asking you mention consumer direct and trading standards and they seem to listen.

 

 

Our paperwork has come and we both fell to the floor it states that

loan amount £850.00

term of agreement 78 weeks /18months

total amount payable £2,543.58

apr 526.5%

total charge for credit £1,693.58

intrest rate 132.84%

 

I have calculated all our payments and we have paid £2,102 plus they said that they have placed £400 charges on the account so by my sums we still owe £441.58 left of the original loan and the £400 charges £841.58 so i cant understand why they have told me that they actually want me to pay £40 a week for 24 months = £960 then at the end of the 24 months they will discuss the £400 charges and make arrangments for payment.

 

Does anyone know why on the contract it states the loan amount then terms then total amount payable surley that is the amount we have to pay back butthen it states the total charge for credit do we have topay this amount to.

We have got appointment with trading standards this morning i will fill u all in on the meeting when we get back another thing if anyone knows anything about NINE REGIONS??????the contract is signed by someone on behalf of nine regions but all my paperwork is from logbook loans?

[cctv engineer]

nine regions ltd T/A logbook loans. is one company logbook loans ltd is another company. you need to check company reg numbers on all paperwork (see if they are the same) how old is your car. a bill of sale can only be on car upto 8 years old.

[tracyn]

Thankyou for your reply cctv engineer

I have looked at all teh paperwork that we have got here on the PRE CONTRACT INFOMATION that we have got it states

Parties: we are nine nations regions ltd trading as log book loans and having our registered office at bridge street bla bla bla and registered in england and wales under number 04286387

But on some letters from log book it says at the botton the numbers are the same as above but ion the vehicle due for repo letter it states that the registered buisness number is 4286387.

Th car is 2001 so it makes the car 9 years old.

We saw trading standards today and she is looking into it for us and told us not to make any payments till se gets back to us we phone logbook to advise em of it and they tried to bully us into making payments as trading standards will side in their favour and we will end up in deeper debt!

[cctv engineer]

Hi tracy. are you shure it says nine nations regions ltd. ??? as this company does not exist.

 

now you need to hide the car.

[tracyn]

Yes it defo says nine regions on the paperwork also they have charged us £10 for a E-CONSUMER TRACE have you any idea what this is all about and what one is?

we have got no were to hide the car as we have no family that live close by the car is also parked on a main road outside the house.

[cctv engineer]

you do need to hide the car. even if you park it and get the bus home. they will take it. and they dont need an order to take it from the main road. you need to block it in. it is bad enough fighting these people over bos you dont want to start fighting to get your car back.

[tracyn]

what is a dos?

i have seen a lot of people commenting on a dos am i meant to of had one as all i have got is the agreement that i recieved in the post on wednesday after lots of calls to them asking for it it was only till we told them that we had been intouch with trading standards that they eventually sent us any paperwork to do with the loan.

We were told today that things are looking good for us as on the top of the agreement it states that the loan is regulated by the fixed sum loan agreement bythe consumer credit act 1974 as some dont even contain this but we wont know any more till trading standards phone us back tomorrow after looking into all the paper work properly.

 

The apr on the loan is a massive 526.5%

the apr on the intrest is 132.84%

 

I know it wa sour fault that we got into arrears but looking at the paperwork the loan is due to end in june this year and we have paid off £2100 already with only £400 left to pay but they are saying that we still owe them £960 not including £460 charges.

 

I pay by payment book so have all the stubs of all payments made .

[tracyn]

Just to let you all know i had a phone call from the woman that is looking into our case today and we need to make a formal statment on thursday as the trading standards and off ice of fair trading have got a case going againt logbook loans so anyone that is having trouble with this company i suggest that you get intouch with these people as the more cases that they have got againt logbook loans the better.

i will fill you all in on what happens on thursday

[selinajayne]

my paprwork says nine regions and my car is s reg so 11 years old now and 9 years old at the time of loan also my bill of sale and credit agreement only has mine and the reps signiture no witness where does this leave me

[tracyn]

Selinajayne I not sure at the moment were it leaves us all we are seeing the trading standards on thursday again to make a formal statment so that trading standards can look into our case further for us could you pm me more about your dealings with lbl.

We never recieved any paperwork at the time of signing the loan in december 08 we only recieved a copy last week when we told them that trading standards wanted to see it all when it came it states on the top of all the paperwork PRE CONTRACT INFOMATION.

A lot of people have been going on about bill of sale i am still unsure what this is and if we were meant to of recieved this when signing the contract with them

[cctv engineer]

my paprwork says nine regions and my car is s reg so 11 years old now and 9 years old at the time of loan also my bill of sale and credit agreement only has mine and the reps signiture no witness where does this leave me

 

 

Hi. selinajayne

 

you car was to old for a bos to be used. so it will not be registered. but lbl will still act on it. you need to look at all your paperwork. at the bottom of every bit of paper you will see a company reg number these have to be the same. nine regions ltd (trading as logbook loans) is not the same company as logbook loans ltd (but are the same directors) see who you have been sending your money too.

 

 

Tracyn. oft have been working hard to stop logbook loans and it has been going on for months the goverment said there were going to do something back in december. but as yet nothing.

but i am concerned about your car. lbl dont need a court order to take it from a public road you do need to hide it if this is not possable then go and talk to your local police station and explain that oft are looking into your case. they should give you an incident number for you to use if the bailfs call. with LBL they only keep your car for 5 days then they sell it (which is not enough time for you to do anything) this is why people hide there cars when they get it ...its gone.

[lostinspace1000]

thats the pirates for you. i had a loan for 500pound which i took out in 2007, foolishly i renewed it in 2008 got 500 but i still had 212 outstanding from the first loan so i got just under 300pound. finally paid it off last month...total payment was just over 4000pound, about 1200 of this was charges relating to letters and phone calls. yes i got some letters but the phone calls.....my word against theirs....guess who lost? 3years and 4grand later...theiving bandits... got a statement and in total about 98 charges....wrote to them complaining and they refunded 1 charge of 12 pound!!!!!! some weeks i was being charged for 3phone calls which i never received. just glad to get shot of the b*****ds...... makes my blood boil..... legalised loan sharks.......

[selinajayne]

are their charges legal? i thought the government set out rules regarding charges and late payments. Surely if lbl charges are excessive then we dont need to pay them or can claim them back

[cctv engineer]

are their charges legal? i thought the government set out rules regarding charges and late payments. Surely if lbl charges are excessive then we dont need to pay them or can claim them back

 

 

the law states that they only need to print the apr rate on documents.

 

 

this is how nine regions work. they want to bleed you dry. every letter every phone call you have to pay them. even to the guys that take your car .. you pay the bill.

 

i have been fighting them since november. and i am in court next week. they lie and have the law on there side. until oft do something.

[selinajayne]

i thought the law ad changed recently and late payment charges etc can not exceed a certain amount.

[tracyn]

I dont know about the charges but when my husband questioned the charges we were told by our account manager that they can charge us anything they want even for the phone calls to a old number that they have been phoning even though we informed them of the new number

[selinajayne]

i didnt know about the phone charges at the begining.

i have had text messages from them and if i call them and have got no answer they can see the number whose called an always call bck so i dont know if i get charged for those calls or the texts

[tracyn]

We have had texts from them but aint been charged for them but they have charged us twice in one day one for a call and another for a letter

[selinajayne]

they wont give me a list of my charges so i havent got a clue

[tracyn]

Threy would not give us a list of the charges or a copy of the contract till we told them that we were in touch with trading standards

[trooper68]

Hi Guys

 

On the charges issue, to get a better picture of what they are doing in related to charges, Subject Access Request (SAR) request all information held by them on you from the account and request them to explain the calcalations and charges to the account. They will stall, but, a SAR (data protection act 1998) they have 40 days to give you ALL your data, including phone transcripts, everything. You might find information that will help you. Now on the charges, you must lodge a complaint with the company first (after your data) by reg letter and ask them to explain the charges and the formula they used. This will put them on the back foot has YOU have taken charge of the situ, now THEY CANNOT ACT as the CCA 1974 puts the account under disrupute, this means if they take action by them or a third party they have fallen foul of the law.

 

You must be logical and instruct them you will only deal with them by letter only, keep all letters and envlopes, staple them on the back of the letter-as the postal mark is proof...it has caught a lot of companys out...

 

If you feel that the charges are excessive or they fail to reply to the requests you can complain to OFT / FO. Importantly, more than anything else, it gives you power, they don't like it, but you have the upperhand cos you are fighting them..

 

hope this helps.

 

trooper68