Can Car be Auctioned with a BOS but without V5C?

[THFC1960]

Hi,

 

First post.

 

I have missed payments due to losing job and have had default notice in the post. I have a Bill of Sale and have read that some Bills of Sale may be invalid but I have only read other peoples's msgs but none from the people who have, so I will not go down that route as I don't have the money for a solicitor. Did get a copy of the real Bill of Sale from the court with the proper stamps on.

 

Was looking through my paperwork and came across the agreement and a Bill of sale and.....my logbook! When I was signing the agreenent in a cash converter store there was a traffic warden hovering and due to the distraction it appears that the rep forgot to take my logbook.

 

I understand that the Bill of Sale is a valid doc? and the possession of the vehicle was transferred over to the lender when I signed the Bill Of Sale, until I discharge the loan. Here's my question. If I tell them that I don't have the logbook, can they apply for a copy in their own right, as they haveBill of Sale? Can they auction the car without a VC5? I can always insist that they took the logbook. What is the real significance of them not having a true copy of the logbook? My first thought was logbook just confirms registered keeper not owner.

 

As they do not have the log book, should I call them to ask them that if they have it and if not, make them aware that taking the car without a log book is a wasteful process and pointless, because, no point taking it if they can't sell it.

 

Don't want to hide the car as I need it for the school run. Any advice would be helpful whilst I try and raise some money from family and friends to bring my arrears down.

Thanks

Edited October 2, 2010 by THFC1960
Removed name

[Hip_Hop]

Hi THFC1960

 

Welcome to the CAG forum.

 

Please note that the forum are seen by all including the loan company, so beware that you don't reveal your identity. ( You have 1st name at end of message). You don't say which log book loan company that you are with but I don't think it matters. I am perplexed that you still have the log book but if they didn't take it, more fool them.

 

The log book only records the registered keeper not the owner status. The car is a possession of the lender and they can seize their possession back if you default payments before you satisfy the loan ,subject to fulfilling the default notice requirements under the CCA 1974. on completion of the loan, the BOS is satisfied and thereunder reverts possession rights back to the borrower.

 

I don't believe they can sell the car without a log book, nor do I believe that they can ask for a copy of your log book without your permission. I will await a member who has more knowledge on this and advice on what you should be mindful of.

 

Hip_Hop

Edited October 2, 2010 by Hip_Hop
typos and clarication point

[THFC1960]

Thanks Hip Hop, have removed my name. See you have had a judgment against log book loans. Well done. That must be a first as I can't find any post in the listings that has a judgment against them? I believe someone had their bill of sale set aside but no judgment that can be used by others and another who their case agreed in advance before their hearing so again no judgment that others can use, so I look forward to see how others use your judgment to their advantage.

 

Thanks for your response it gives me peace of mind to know they can't get a copy of my log book without my permission, but would like to hear from others how I can safeguard my car as they have a Bill of Sale and my car is essential as a single mum.

Edited October 3, 2010 by THFC1960

[cctv engineer]

one thing you do need to take into account. yes they can sell your car though auction but without a logbook it will be sold as scrap ........ not saying your car is scrap its how auctions sell cars with no LB.

and this will reflect on the price they get for it and you will also have to pay the short fall.

and if someone buys your car from the auction it only costs £19 for a new logbook. logbook loans dont hold LBs

[THFC1960]

So if Log Book Loans don't hold the V5C who does? And why did they want to retain it if they don't hold on to it.

[THFC1960]

CCTV I need you to make contact ASAP Please.