bobtailbabe Posted September 29, 2012 Share Posted September 29, 2012 Hi Im trying to get any info for my neice. Whilst she is away on holiday, bailiffs have been and removed her husbands car saying that there is an unpaid LOGBOOK LOAN on it. The car was only bought a few months ago, they have a receipt from the seller with proof of date and price of purchace. Does anyone know where she stands, and how to get the car back? Link to comment Share on other sites More sharing options...
kittenta Posted September 29, 2012 Share Posted September 29, 2012 Did they buy the car without seeing the log book? Have they got the little slip off of the log book that should have been passed to them when they bought the car? Link to comment Share on other sites More sharing options...
speleo1 Posted September 29, 2012 Share Posted September 29, 2012 i think if someone took a logbook loan out on a car and sold it without paying it off,the car belongs to the loan company,so if he wants the car back he may have to pay of the loan Link to comment Share on other sites More sharing options...
dongle Posted September 29, 2012 Share Posted September 29, 2012 Hi Im trying to get any info for my neice. Whilst she is away on holiday, bailiffs have been and removed her husbands car saying that there is an unpaid LOGBOOK LOAN on it. The car was only bought a few months ago, they have a receipt from the seller with proof of date and price of purchace. Does anyone know where she stands, and how to get the car back? How do you know that her husband hasn't had a loan against the car to take her on Holiday? when the loan was taken out they would have taken the registered keepers address so they can take action or recover the car if the loan goes into default. how come they have your relatives address to recover the car? if it was me then i would have called the police or contacted your insurance company for some advice on which way to proceed, it may be you have lost the car as it wasn't the persons your neice bought it from theres to sell as it had a loan against it. one option would be to settle the loan depending on whats owed and pursue the seller in court for the money. Link to comment Share on other sites More sharing options...
rotherlad Posted September 29, 2012 Share Posted September 29, 2012 You may need to get an HPI check done on the Vehicle to find out when the finance was taken out and who with. Then contact the loan company as they will only hold to car for so long before selling it to recover the cost of the loan.A log book loan is secured with a bill of sale therefore the car belongs to the loan company until settled . Buyer beware unfortunately. Link to comment Share on other sites More sharing options...
littlebasher Posted September 29, 2012 Share Posted September 29, 2012 From what i gather, there are those who will tell the DVLA that they've lost their logbook - get a second copy and take out a LBL...Then sell the car Doesn't show up on a HPI check either Nightmare situation Link to comment Share on other sites More sharing options...
rotherlad Posted September 29, 2012 Share Posted September 29, 2012 When a loan is taken the company will register a financial interest on HPI to prevent multiple loans being taken out. The logbook is kept,of course another logbook can be obtained but the bill of sale and financial interest of HPI protects the loan company. Link to comment Share on other sites More sharing options...
1978 Posted September 29, 2012 Share Posted September 29, 2012 Logbook loans are cheaper than Payday loans! Well, that isn't hard to claim at 2,000% APR. APR may be over 400%! And they have the car as security. We thought some Credit card rates of 30% were high! Sadly, all the well meant legislation making lenders declare their rates missed 2 important facts. 1. Very many people don't understand what a percentage rate means. 2. When folks are desperate they'll agree to pay any price without thinking of how much they'll end up paying. Cynically, lenders at such high rates expect a very large number of defaults. They'll be ruthless in pursuing those they can. Recovering a car early is best for them while it still has value. I hope the OP's niece's husband can recover the car - and others are warned to avoid Logbook and Payday loans, except in the direst of dire emergencies! And only then with both eyes fully open. Link to comment Share on other sites More sharing options...
autumn Posted September 29, 2012 Share Posted September 29, 2012 Some blue log book forms have been stole that's why the DVLA are replacing them all . Link to comment Share on other sites More sharing options...
bobtailbabe Posted September 29, 2012 Author Share Posted September 29, 2012 how do you know that her husband hasn't had a loan against the car to take her on holiday? When the loan was taken out they would have taken the registered keepers address so they can take action or recover the car if the loan goes into default. How come they have your relatives address to recover the car? If it was me then i would have called the police or contacted your insurance company for some advice on which way to proceed, it may be you have lost the car as it wasn't the persons your neice bought it from theres to sell as it had a loan against it. One option would be to settle the loan depending on whats owed and pursue the seller in court for the money. beacause the loan was taken out on a date before they they bought the car they are contacting the police today Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.