LogBook Loan Advice

[MissBehave]

Hi,

 

Looking for some advice for my dad. He bought a car about a year ago, its a 1999 T reg Vauxhall Zafira. After he bought it he found out there was a logbook loan outstanding on it. He is unsure of what company it was that has the loan on the car, and also he doesn't know when the loan was taken out. The car is registered at my grandparents address at the moment cos he and my mam was moving when they bought it and they haven't got round to changing the address on it as yet.

 

Reading previous posts the feeling is generally take it off road and make it un-driveable but at the moment thats not a viable option because he has to take my mam and auntie to the hospital regularly.

 

Any thoughts greatly appreciated

 

MB x

[rebel11]

The guys will advise as soon as they are available.

[boocoo]

First thing I would say (and I know this doesn’t go down well with everyone) is no matter who the company, no matter if the company gave an interest free loan or charged a million percent, the fact is someone lent money against this car and the borrower feels they can walk away, owing money leaving the new owner and the lender out of pocket. The guilt party here is the seller and why oh why do people insist on buying cars without doing hpi searches. It’s cheap, easy and protects you! We all know what one is so ignorance is no excuse.

That said, the car is worthless (no offence) from a trade price view. There’s n way anyone will repocess that car. Its will no doubt cost the best part of £1k upwards to reprocess and would be lucky to raise a few hundred at auction. They will write it off. Better car, different story, so I wouldn’t sweat on it.

[MissBehave]

theres been some pretty shifty looking men stalking my grans house lately. dads terrified to change address incase he loses out and he really has to keep his car for auntie and mam

[Shola]

have you read in other threads that if you hide that car lbl can't find it?

If that's the case then I suggest you tell your dad to hide the car! I'm facing similar problems myself and I've parked my car off road, but I don't know if they can track it..?

[sequenci]

why oh why do people insist on buying cars without doing hpi searches. It’s cheap, easy and protects you! We all know what one is so ignorance is no excuse.

 

Log book loans do not usually show up on HPI searches. There is no statutory requirement for a Log book loan creditor to do so, it's only suggested as part of their best practice guidelines.

[boocoo]

Log book loans do not usually show up on HPI searches. There is no statutory requirement for a Log book loan creditor to do so, it's only suggested as part of their best practice guidelines.

 

 

Very true, but they have signed up along with most of the big boys to the code of practise. Ive seen many mobile money and LBL loans against a car in the last few years (I work in used cars sales) and have yet to deal in one that hasnt been registered and showing up on HPI.

 

Anyway as stated this car would be lucky to get £150 at auction, if that, its almost scrap really so thoughts of shady characters around the neighbourhood intend on getting the car are a bit far fetched. If they want it they will turn up bold as brass on your door step bill of sale in hand and not treat it like a CIA scouting mission to overthrow a government. Honestly forget about it no ones coming, its not even worth their petrol money, they would lose hundreds getting it back. Think about it, head office costs, debt recovery agent costs, changing locks, auction and storeage costs all for something that would fetch less than my sons bmx