J&JkaraokeDJ Posted November 19, 2013 Share Posted November 19, 2013 I just been a victim of a log book loan from a Sheffield forum user had my car taken tonight to loans20 go in Rotherham Link to comment Share on other sites More sharing options...
megalithic Posted November 19, 2013 Share Posted November 19, 2013 I just been a victim of a log book loan from a Sheffield forum user had my car taken tonight to loans20 go in Rotherham You bought a car from SF that had a loan out on it ? Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 19, 2013 Share Posted November 19, 2013 Well actually swapped my car yes Link to comment Share on other sites More sharing options...
mafya Posted November 19, 2013 Share Posted November 19, 2013 If this happened to me I would be booking the person who sold it to me a little stay in one of our fine hospitals! This is a clear case of fraud IMO. Link to comment Share on other sites More sharing options...
megalithic Posted November 19, 2013 Share Posted November 19, 2013 Well actually swapped my car yes That's terrible, some people have no morals. Did you swap for a van by any chance ? Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 19, 2013 Share Posted November 19, 2013 The say some log book loans dont show up on hpi checks anyway ---------- Post added 19-11-2013 at 00:43 ---------- I swapped a renault scenic for a rover 45 in march 2013 Link to comment Share on other sites More sharing options...
spooferman Posted November 19, 2013 Share Posted November 19, 2013 yet V5 is no proof of legal owner ship Link to comment Share on other sites More sharing options...
999tigger Posted November 19, 2013 Share Posted November 19, 2013 Chris sleeps you are wrong. OP make careful notes of what has gone on inclyding getting the details of any documents the loan company had and why they felt they had a right to take the car. Some of the advice on this thread is plain wrong, so just ring: Citizens Advice consumer helpline on 08454 04 05 06. It is really up to the owner of the car to have to sue the person they bought it off for some form of misrepresentation. That is to say the basis of the claim is that something was said about the car by the seller upon which the buyer placed reliance. Dyring the sale did your nieces husband say anything or make any enquiries that it was theres to sell and that it was free from debt? They will need to recount what happened and the seller will have had to say something that amounted to being misleading. Silence is not enough. Only the person who bought it or was at the sale will know what went on. You will then need to contact the people concerned and take legal proceedings against them. If you bought the car with a credit card then you can take action against the card company as well. The danger is that no enquiries were made. The person who sold it you has done a runner. There is a trade association if you feel the log book company is at fault, but the indications are it is the person who sold you the car. Consumer Credit Trade Association (CCTA) Suite 4 The Wave 1 View Croft Road Shipley West Yorkshire BD17 7DU Tel: 01274 714959 Fax: 0845 257 1199 E-mail: info@ccta.co.uk Website: http://www.ccta.co.uk Link to comment Share on other sites More sharing options...
Eater Sundae Posted November 19, 2013 Share Posted November 19, 2013 Indeed. But you can only secure a loan on your own property. Once you sell that then the property has gone and the loan becomes unsecured. I was thinking a logbook loan was a secure loan, because that is what their advertisements say. It isn't, if they take full possession of it. I work in this field so it's good to increase my knowledge. I always thought it was just a loan secured on a car. Surely if you take out a secured loan, then you are not at liberty to sell the item that the loan was secured against. It just doesn't make sense if you are. Surely the lender has first call on the item - that's the whole point of using it as security. Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 19, 2013 Share Posted November 19, 2013 How to complain about a logbook loan lender Some lenders are members of the Consumer Credit Trade Association (CCTA), which has a code of practice covering logbook loans. The code of practice says the lender must register the logbook loan on a register, so it will show up when you carry out a history check on the car. It also says they must obey certain rules when they repossess a car. If you are unhappy with the way a logbook loan lender or its enforcement officers have behaved, find out whether they are a member. If so, you can complain directly to the CCTA. Next steps If you need more help Other useful information Consumer Credit Trade Association (CCTA) Suite 4 The Wave 1 View Croft Road Shipley West Yorkshire BD17 7DU Tel: 01274 714959 Fax: 0845 257 1199 E-mail: info@ccta.co.uk Website: http://www.ccta.co.uk Citizens Advice Rate this page 1 Star 2 Star 3 Star 4 Star 5 Star ---------- Post added 19-11-2013 at 21:30 ---------- What can you do if the lender has taken your car? If the lender has taken your car, you can try to get it back and reclaim your money from the seller. However, this can be a costly and time-consuming process and is not guaranteed to succeed. If you want to get the car back, you could pay off the outstanding loan and then take the person who sold you the car to court, to try to get your money back. If you just want to get your money back, you can take the person who sold you the car to court. Always get independent advice before you decide to take someone to court. In Scotland, Bills of sale are not used. Logbook loans can still be made on a car using a hire purchase agreement. In this case, the agreement is covered by the Consumer Credit Act 1974 and you may have more protection. However, this is a complicated area and you should contact your local Citizens Advice Bureau for specialist advice. ---------- Post added 19-11-2013 at 21:37 ---------- looks like I cant do anything apart from paying the debt of someone else who took out a loan shark loan of 400apr or more eg 800 = over 2000 payback to them. they offered to give my car back to me and release the HPI for 300 quid. 2002 45 rover 1.6. also the car tax runs out end of month too that I have sorn. not just what happens when they sell car in auction in 14 days and log book in my name to next buyer. I wont be giving this log book to new buyer if its in auction. apparently I am only the keeper of the vehicle the loan shark is the owner. yet I have latest log book in my name ---------- Post added 19-11-2013 at 21:39 ---------- so prior to xmas I cant afford 300 + 110 car tax 6 month = 410 total ---------- Post added 19-11-2013 at 21:45 ---------- at least I do have my main car which is not HPI debted. if the rover was my only vehicle I prob might have done the deal. its unfair that fraud can be done legally froml car sellers. people could sell all there street cars after getting log book loan on them and the next buyer loses car too so sellers can double the money. and some how get away with it 5000 from loan company 5000 from buyer who then loses car and has to pay another 5000 to keep it. this uk is worse ever. to let log book loans to stay in business ripping of borrowers and buyers of cars. law in this country what law huh. and dvla giving out extra log books when they should not if log book loan companys have log books as security. the system is all wrong the debtor gets another log book to scam buyer. ---------- Post added 19-11-2013 at 21:50 ---------- all log books have a waver to say this document is not proof ownership. so lots of people might not actually own there car on V5C ---------- Post added 19-11-2013 at 21:54 ---------- so all I can do is tell my story to watchdog and mention this forum and other city town forums to watch out for scam car sellers with credit crunch loans on them. also can happen on ebay and any adverts sites that sell goods and cars vans Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.