Log book loans try and strike again

[curlysmum5]

Hi was just interested in the post by BigGirlsBlouse001 are you saying you have been successful in claiming some money back from Log Book Loans? for charges , I finished my loan with them before Chrismas and they has put charges of £500 added on top which I paid off the other day and have no thankfully got my log book back in the post , although i missed one to 2 weeks payment and then came to an arrangement to increase my payments to clear the arrears and make the normal payment they still sent me a letter every Thursday and charged £20.00 for it . I was going to start the process but noticed Boobaby another poster on this forum did not receive anything as yet, did they refund the difference between £12.00 and £25.00 to you straight away??

[Rob S]

Curlsymum,

 

I would imagine the process of claiming back any unfair charges against LBL would be no different to claiming for the same against the banks. Its a case of asking them to provide copies of all statements relating to your account and then adding up the charges and then claiming for them.

 

In respect of your logbook, when you got it back, did you notice if LBL had actually registered the vehicle in their name, or did it still have your details on it?

[curlysmum5]

Hi , well its just the old log book back no they did not register themselves just held it until everything was paid up, I don't think they put it on the HPI either but I am going to check that just in case. I know it would be the same scenerio as claiming back bank charges but as the way this co. operates I would be very surprised to get a payment back without a big fight so just was curious about the post above from the lady who says she got her charges refunded, wondering did she go through the court process or just write them a letter and then get the money back as from what I saw on other threads they defended their charges as they are stating they are not a bank,etc.

[JonCris]

curlysmum

 

They may have taken your car illegally which they have done to a number of people.

 

Go to see TS & report them they are already under investigation so the more the merrier

[Rob S]

So, if they just hang on to the log book for security, there is nothing to stop the owner from applying to DVLA to get a duplicate (subject to the usual £19 fee) and LBL would be none the wiser when the new one is applied for.

[Guest DEATHLORD]

hi all,

well what you should do is issue a summons for the interest rate at 237 to 337% for the court to look at and see what happens:)

[curlysmum5]

I think its been advised before they take the log book and register an interest in the vehicle on the HPI Register , so the log book duplicate would not be much use , they did not take my car , have now sent my log book back in the post and have confirmed verbally that they have removed the marker they put on the HPI list but I think I will check this myself to be sure, and after all of that nightmare has ended I will now write to them and ask for a refund of all the charges and start the ball rolling to try and get some back.

[caprikid]

Ohhhh btw take a look at there little known forum they use you aint seen nothing yet?.

 

How would I go about finding there forum that would be worth a look . Thanks Alex ,

[JonCris]

I think its been advised before they take the log book and register an interest in the vehicle on the HPI Register , so the log book duplicate would not be much use , they did not take my car , have now sent my log book back in the post and have confirmed verbally that they have removed the marker they put on the HPI list but I think I will check this myself to be sure, and after all of that nightmare has ended I will now write to them and ask for a refund of all the charges and start the ball rolling to try and get some back.

 

WE know they do it but they have absolutley no right to register your vehicle with HPI. It is not their property nor do they have a true legal interest in it

 

HPI should not be accepting such data without satisfying themselves that those using the register have a right to do so but like the CRA's they do it without checking the validity of the data

 

The only way LBL can get round this is to produce a 'signed' bill of sale which is usualy provided later

[lbl]

see my post here for answers to some of your questions

 

http://www.consumeractiongroup.co.uk/forum/vehicle-retailers-manufacturers/47369-log-book-loans-can-4.html

[biggirlsblouse001]

Hi,

You pm'd me me about this but for the benefit of others on this forum, LBL refunded the difference between the charge of £20 and the Office of Fair Trading's guideline "fair" price of £12. I did point out that to be a fair price, it must relfect their actual costs which I think 50p per letter would be adequate but they weren't listening.

[lbl]

Watchdog are very interested in hearing your logbook loans stories - please call Rajan on 0208 7524565

[blackpool34]

I took out a loan with log book loans and was told they charged £195 arrangement fee and 6% interest per month i borrowed £3000 over a year and was paying about £115 per week on a monthly basis the first time i fell behind they started charging me £20 a letter at least 1 a week and once a repo guy came because i was in £620 arrears and i had to pay him £1400 to retain my car i have lived like a dog and managed to pay them the final bill they sent me on saturday saying that the 12months had passed on FRIDAY 13th and £1600 was still outstanding and if i didint pay it immediatly the car would be taken and sold. I have payed about £8000 to them and recon that about £1800 of that is in charges above the agreement has anyone tried reclaiming charges back from this company like is happening with banks?

I wish everyone all the luck in beating these monkeys but i thought about doing something in the past but unfortunaly they move alot faster than the law so i was continually worried about losing the car which they will take at any time .

Please let me know if there is anything i can do to claim back any of the money i have paid.

[danmav]

Hmmmmm £20 for a letter, seems a little excessive if you ask me particularly when they are sending one a week. I would definitely say you have grounds for reclaiming something and suggest you SAR Log Book Loans for a full list of charges they have added to your account, dont forget to include the statutory £10 fee.

 

You might want to take a look at the OFT Debt Collection Guidance at this link. Sections 2.9 and 2.10 in particular may be useful in the future.

 

The Office of Fair Trading: Debt collection guidance (July 2003)

 

Good luck with challenging these charges.

[powelll]

It's also worth remembering that the bills of sale relating to these agreements must be registered with the High Court in London to be valid. This is another way these kinds of companies fall down ( sorry if this has been mentioned before I have skimmed through the whole thread but lots to read!!

[lbl]

The bills of sale are registered with the high court (although it is worth checking that YOURS has been) as they must be correctly sworn by a solicitor with an accompanying affidavit from the sales rep that signed you up for the loan.

[biggirlsblouse001]

Hi

 

I volunteer at the CAB and we've had a few successes reclaiming fees from logbook loans pointing out the OFT ruling that fees should reflect their actual costs. In all cases, they have reduced the fees to the current £12 fee set by OFT "as a gesture of goodwill". LBL maintain that it costs them £12 for each letter and phone call if not more! It doesn't seem a lot, but as the charges are added weekly, they soon mount up.

 

As these are not very nice people to deal with I would suggest that you go to your local CAB and ask them to write to LBL for a breakdown of fees and quote the relevant OFT blurb. While you are there, ask them to log this as a Social Policy issue. CAB routinely log problems that may affect lots of people and then take action on behalf of all of them. I've already logged a few incidences about this company.

 

Finally, I don't know if you have heard but Watchdog were also asking for info on this company the person you need to contact is Rajan on 0208 7524565. Also, I believe the OFT are logging problems but I haven't got the info for this - you will have to do a search on this forum.

 

Hope this helps

[barbs26]

imformation for OFT:-

 

Ref E/Complaints/36154

 

Email olu.ademolu@oft.gsi.gov.uk

 

Direct line (020) 7211 8861

 

If you quote this ref it will be tagged onto all the other complaints, they have recieved with regard to lbl.

[Pliny the Penuriosus]

Hi

 

I volunteer at the CAB and we've had a few successes reclaiming fees from logbook loans pointing out the OFT ruling that fees should reflect their actual costs. In all cases, they have reduced the fees to the current £12 fee set by OFT "as a gesture of goodwill". LBL maintain that it costs them £12 for each letter and phone call if not more! It doesn't seem a lot, but as the charges are added weekly, they soon mount up.

 

As these are not very nice people to deal with I would suggest that you go to your local CAB and ask them to write to LBL for a breakdown of fees and quote the relevant OFT blurb. While you are there, ask them to log this as a Social Policy issue. CAB routinely log problems that may affect lots of people and then take action on behalf of all of them. I've already logged a few incidences about this company.

 

Hi big girl

 

I'm sure mean well & in the main do an excellent job but please STOP t

 

Finally, I don't know if you have heard but Watchdog were also asking for info on this company the person you need to contact is Rajan on 0208 7524565. Also, I believe the OFT are logging problems but I haven't got the info for this - you will have to do a search on this forum.

 

Hope this helps

 

Hi big girl

 

I'm sure you mean well & do an excellent job but please please STOP stating that the fee of £12 is set by the OFT. It is not it's a figure whereby the OFT will not intervene provided the charge is £12 or below.

 

Any fee is unlawful that does not reflect the true liquidated of the creditor which I doubt very much are anywhere near £12.

 

Some CCC's like Cap One have lowered their charge to £12 whilst claiming the OFT have capped their charges. This has been done in the hope the consumers will fall for it as some appear to be doing.

 

It's very unfortunate that the OFT mentioned any figure at all

[biggirlsblouse001]

Sorry if I got that a bit mixed up and I accept what you said and thanks for putting me right! It is indeed unfortunate that the OFT mentioned a figure at all but now it has, most companies have mysteriously limited their charges to this figure. They've missed the point altogether that the fees must reflect their actual costs.

 

My main reason for posting was to try to help Blackpool34 reclaim some charges and to prove that some people have had luck doing this. If Blackpool34 uses the CAB or a similar agency, s/he might stand a chance of getting some of his/her charges back (free of charge) and also help build a case against LBL for the CAB to tackle as a whole. Also the more people who complain to CAB/Watchdog/OFT, the more chance we have of stopping companies like this ripping off the consumer.

 

I am sorry to all the people who have posted on this thread if I have mislead you in any way re the £12 charge - I think I'll stick to the day job of helping people via the CAB and not try to help people in my spare time in case I mislead someone else

[danmav]

Dont be a big girls blouse! Dont stop posting on this site if you have something to say, I have no doubt that you will gain valuable knowledge and experience in the CAB which could help a lot of people.

 

It is going to be a common problem/misunderstanding with the £12 figure the OFT mentioned and many people will just accept it and not bother challenging any further, which is wrong.

[lbl]

Indeed Logbook Loans have dropped their charges from £20 to £12 as in their words "that's what the OFT says we can charge".

 

It's a huge misconception and they will not accept that this is not a "recommended" or "acceptable" charge, and that anything beyond what it actually costs them to process reminder letters/telephone calls is unacceptable and unlawful.

 

Big Girls Blouse - Don't you dare stop posting!!!!

[Pliny the Penuriosus]

Big girl my post was only meant to point out that like many you where making a common mistake which even the professionals like yourself are making over the OFT statement.

 

Please do not stop posting here. As has been stated your input is most welcome & lets face it you will also learn things which will help you to help others

 

as lbl says DON'T YOU DARE STOP POSTING

[StormWarrior]

Has anyone here, who has completed a Log Book Loan, and got thier car back, received a 'bill of sale' to transfer ownership back to them ?

 

Someone said they got the V5 back, but ifthe 'bill of sale' transfered the ownership to lbl, then wouldn't another 'bill of sale' be needed to return ownership ?

[lbl]

The bill of sale is intrinsically linked to the loan agreement. Once the loan agreement is satisfied, the bill of sale becomes null and void.

 

"Ownership" of the vehicle is yours throughout the loan period, until such time as a default notice is issued by Logbook Loans, at which time the bill of sale is invoked and they have the right to repossess the car.