em1977 Posted November 19, 2013 Share Posted November 19, 2013 Really sorry to hear this has happened to you. We were victims ourselves in 2011, same time of year. Loans2Go again. Ended up having to pay £2000 of someone else's debt to get our car back. We had no idea there was finance outstanding when we bought the car and Loans2Go never contacted us to tell us they were chasing the debt. I just went out to my car one morning to discover it was missing. I reported it to the police as stolen and filed an insurance claim. Almost 2 months later, the day my settlement cheque arrived from the insurance company - I received a call from the police to say my vehicle had been seen on the back of a low loader and they'd pulled the driver. 'Great' I thought. No - they were from Loans2Go and provided evidence of the loan. It all went seriously downhill from there. Really don't want to go into detail about my feelings towards Loans2Go and my experience of dealing with the company so will end it there. Sorry to hear it is happening to other people. With the amount of companies springing up I guess it's getting worse. I am amazed logbook loan companies are allowed to carry on operating as they do. Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 20, 2013 Share Posted November 20, 2013 the government stop banks from giving out loans and overdrafts yet they allow scum like wongo.com and loan2go.com and payday.com loans to have laws of there own. and employ scum repo men to take cars etc ---------- Post added 20-11-2013 at 00:28 ---------- like you say people can now sell a car with a log book loan on it and open a market of scammers loan takers and car sellers who also win by fraud selling vehicles to get others to pay there debt or car goes to auction after loans2go etc. take vehicle from buyers legalised theft so buyers have to pay double or lose. lets hope ya car auction buyers don't get ripped off too. and seized after they by cars etc. loan companies keeping ownership of cars. loan sharks and scam sellers working hand in hand. double bluff thieving ---------- Post added 20-11-2013 at 00:30 ---------- it should be a criminal offence in both cases. at the moment its just a civil matter. ---------- Post added 20-11-2013 at 00:35 ---------- loans dealers have more laws on there side than drug dealers ---------- Post added 20-11-2013 at 07:16 ---------- its a sad Britain when loan companys allowed to steal from unsuspecting buyers what next houses Link to comment Share on other sites More sharing options...
999tigger Posted November 20, 2013 Share Posted November 20, 2013 Think you are blurring issues. Has the loan company done anything wrong? If so complain. Your main responsibility is to check with the seller. Surely you have heard of caveat emptor? The seller will know he has taken a loan out and it is secured by the loan company on the behicle. When buying the vehicle and you make specific enquiries as to it being unemcumbered with other debts, then if he says it is free from such knowing it is not, then that would be a fraudulent misrepresentation which is criminal. If the buyer makes no enquiries and the seller remains silent, then that is the problem of the seller for not being careful enough about what they were purchasing. Hence caveat emptor. The main issue as I see it is with the person doing the selling and not the loan company. Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 20, 2013 Share Posted November 20, 2013 The loan company and dvla is at fault. And opens up to new market to desperate fraud who canr pat loan sharks. Even low cost old cars. Log book loans should be shut down i am going to expose and make a campain to government to make it crimal offence to do this ---------- Post added 20-11-2013 at 08:49 ---------- Also fraud car sellers too get away with fraud police say its civel matter hence fraud gets away with it ---------- Post added 20-11-2013 at 09:01 ---------- Its also known that some log book loans dont show up on hpi checks Link to comment Share on other sites More sharing options...
Penistone999 Posted November 20, 2013 Share Posted November 20, 2013 The loan company and dvla is at fault. And opens up to new market to desperate fraud who canr pat loan sharks. Even low cost old cars. Log book loans should be shut down i am going to expose and make a campain to government to make it crimal offence to do this No one is forced to go to log book loan companies. No one has a gun held to their heads and forced to take out one of these loans , its totally optional. Dont blame the loan companies , they are merely offering a service . Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 20, 2013 Share Posted November 20, 2013 Its a loop hole for loan sharks people with children who they take to school and working peopke can have there only means of transport stolen from them without notice ---------- Post added 20-11-2013 at 10:10 ---------- The loan company puts gun to head of innocenr buyers who have only 14 days to pay them to get car back ---------- Post added 20-11-2013 at 10:13 ---------- Even after they auction car off some will re posess cars again has they own them ---------- Post added 20-11-2013 at 10:29 ---------- They should go through court to get a car back of innocent seller to fight case. Whats happened to possession being 9 tenths of the law. A real bank loan would not just take a car without court order least of all none debtor to them. These loan sharks havw a kaw on tgere own above tge law ---------- Post added 20-11-2013 at 10:32 ---------- Knight rider 2 here i come Link to comment Share on other sites More sharing options...
geared Posted November 20, 2013 Share Posted November 20, 2013 No one is forced to go to log book loan companies. No one has a gun held to their heads and forced to take out one of these loans , its totally optional. Dont blame the loan companies , they are merely offering a service . but the log book loan companies are not operating to the same legislation as other loan companies. IIRC the law they operate under was designed centurys ago for use in the maritime industry. Link to comment Share on other sites More sharing options...
Cyclone Posted November 20, 2013 Share Posted November 20, 2013 I can't see how the loan company is at fault in any way. Legally they own that car due to the loan taken out against it. The fault lies with the fraudulent sale of the car, not the loan company. It's pretty much the same as buying a stolen car, the buyer loses out because someone else owns the car and the 'sale' wasn't legal. Link to comment Share on other sites More sharing options...
999tigger Posted November 20, 2013 Share Posted November 20, 2013 This is bonkers. The people who are at fault os the dodgy person you decided to buy the car off. Its you who are at fault if you didnt bother to enquire. Caveat emptor. You are still open to sue the person to get your money back if they gave you any representations that the car was free from encumberment. If you didnt ask then thats the risk you take. It is the danger of doing a private sale. All the loan company is doing is securing its debt. Wht cant or wont you sue the person who you bought the car off? Link to comment Share on other sites More sharing options...
J&JkaraokeDJ Posted November 20, 2013 Share Posted November 20, 2013 Its going to get worse ieven low end buyers and car auction buyers 6 month after buying car will be reposesed. The wont tell you the name address of the debtor so u can sue them as they say they not alllowed too Yet they find the new owner and addreess to steal car from them. If someone steals from ya house and u know who it is and steaal it back you can be dooing a offence The loan companys are doing that. They should stick to debtor not innkcent usoecting buyers If the debtor sells the car the loan company should take action with debtor only. Not easy prey buyers . ---------- Post added 20-11-2013 at 11:12 ---------- The takes cars offvanyone disabled etc Link to comment Share on other sites More sharing options...
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