been ripped off log book loans

[thered]

just when i thought my run of bad luck had run out after i lost my job and then lost my car to the finance company i got a letter from log book loans


when i give my car up i got a cheap runabout a v reg focus estate which apparantly i do not now own it is the property of log book loans who are going to repossess it if i do not pay for it


can they do this or not? and more to the point can i get out of it?

[thered]

ok been doing a bit of reading is it true that if i have a statement saying that i bought the car in good faith and there is no finance on the car it is legally mine

[patkins]

Sorry about your problem red but usually these people have been short changed by the previous owner and want their asset back. Hope I`m wrong. B est of luck.

[jasbo7]

never rains but it pours mate ....hope everything goes ok for you

[mickyboy]

remember that 50 bucks you owe m8 well i need it the day ,,,only jesting soz to hear about your bad luck m8 as far as i know if youve got written comfirmation saying you bought the car in good faith then it should be your legaly ,all the best m8 your hope your luck changes for the better luck

[showstopper]

I think you only have a leg to stand on if you have a valid HPI check for the date you bought the car.

[thered]

remember that 50 bucks you owe m8 well i need it the day ,,,only jesting soz to hear about your bad luck m8 as far as i know if youve got written comfirmation saying you bought the car in good faith then it should be your legaly ,all the best m8 your hope your luck changes for the better luck

is that definately the law though because im sure i could sort something out on that score or even give the car too a m8 and give him a statement of confirmation off myself

if i blew it up would i get the insurance or them ?

[tshirtman]

did you buy the car off a bloke called glazer
I think it's the same as if you bought a ringer (stolen) car, the car would legally belong to the insurance company
in your case your car belongs to the finance company, you would have to go back to the person who you bought it off,
if the person sold it you, knowing the owed money on it, then they have commited fraud, you could give the police a call and get some advice,
did you get a log book (V5), when you bought the car

[dctyper]

unfortunatly you do not legally own the car if it is owned by or has finance out on it, regardless of having a reciept in good faith

dc

[thered]

did you buy the car off a bloke called glazer
I think it's the same as if you bought a ringer (stolen) car, the car would legally belong to the insurance company
in your case your car belongs to the finance company, you would have to go back to the person who you bought it off,
if the person sold it you, knowing the owed money on it, then they have commited fraud, you could give the police a call and get some advice,
did you get a log book (V5), when you bought the car

yeh i have the log book

another thing is the car aint worth much around ?800 at a guess is it worth the hassle of recovering it cos i dont think it would fetch much at auction

and does anyone know what powers they have to sieze it ie,

do they need a warrant or take me to court first or can they just take it from the roadside

[thered]

unfortunatly you do not legally own the car if it is owned by or has finance out on it, regardless of having a reciept in good faith

dc

so if i wrote it off what happens?

[larryoke]

Sorry to hear this thered, I feel for you after being made redundant and now being on my arse financially, after reading your post I googled 'logbook loans' and there's shed loads of them, but have you seen the interest charges? this is copied from 1 of the companies with a lower apr, some go up to nearly 500% apr, note the highlighted section, but I don't know if they all have the requirements. Good Luck

Logbook loans are one of the quickest types of loan available. With a logbook loan, you can borrow money against the value of your car. With LogbookLoans.TV, you can borrow from as little as ?100 up to a maximum of ?25,000. Your (V5) car logbook is held by us until your loan has been repaid in full. Loan periods vary and can be decided when you drop off your logbook. Branches throughout the UK.











Rules:












You need:

• To be over 18 years old
• To be the legal owner of the car
• Your car must be clear or almost clear of any finance

Our Charges













378.3% APR Typical

[ferraricyprus]

unfortunatly you do not legally own the car if it is owned by or has finance out on it, regardless of having a reciept in good faith

dc

Spot on. The registered keeper is not always the owner legaly and if there is any loan either taken on the car or owed to a third party for the purchase of the car, the car can be taken as payment. A LOT of these finance cars end up out in Cyprus, and people have unknowingly bought them, only for them to be taken back to the U.K.

[Meat-Head]

Your (V5) car logbook is held by us until your loan has been repaid in full.

So as you have log book surly yours!

Would be worth buying a 'crook lock' kind of device and keep car and crook lock keys seperate, or even one with a coded padlock, chain, just incase log-book-scams have a spare key for car.

slightly off topic, but relevent ish
Only stop for 'marked' police cars nobody else, never have been stopped by unmarked, but just for giggle factor, don't intend stopping for one, wasting my time, waste theirs as well,

stopps them snatching car back

[thered]

Sorry to hear this thered, I feel for you after being made redundant and now being on my arse financially, after reading your post I googled 'logbook loans' and there's shed loads of them, but have you seen the interest charges? this is copied from 1 of the companies with a lower apr, some go up to nearly 500% apr, note the highlighted section, but I don't know if they all have the requirements. Good Luck

Logbook loans are one of the quickest types of loan available. With a logbook loan, you can borrow money against the value of your car. With LogbookLoans.TV, you can borrow from as little as ?100 up to a maximum of ?25,000. Your (V5) car logbook is held by us until your loan has been repaid in full. Loan periods vary and can be decided when you drop off your logbook. Branches throughout the UK.











Rules:












You need:

• To be over 18 years old
• To be the legal owner of the car
• Your car must be clear or almost clear of any finance

Our Charges













378.3% APR Typical

yeh as meathead said i have the log book so is the car technically mine?


surely they need a warrant and a court order to take the car and police if it got that far cos surely they cant just take it from the front

i have also seen no evidence from them that says they are the legal owner of the car just a letter from them telling me they are

if they can take it can i write it off will i get the money or can i sell it to a mate and keep it


great rate of apr m8 btw isnt it