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CCTA New code of practice


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As from 1st February 2011 those Log Book Loan companies that are members for the Consumer Credit Trade Association have to adhere to a new code of practice, this new code of conduct covers debt collection, enforcement of arrears and innocent purchasers of vehicles with previous log book loans attached.

Log Book Loans Code of Practice

 

 

5. THIRD PARTY PURCHASERS

5.1 Members shall afford innocent purchasers of vehicles, that are subject to a Bill of Sale, the same protection as afforded under the Hire-Purchase Act 1964 Part III - „Title to Motor Vehicles on Hire-Purchase or Conditional Sale‟, but only insofar as title shall transfer to the innocent purchaser in the event that the Member failed to register his interest in that vehicle with a relevant Asset Finance Register Company within 24 hours of execution of the agreement.

 

Trust this helps, good luck.

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