Posts : 239 Join date : 2010-03-13 Location : Northumberland by the sea.
Subject: A scary week Fri 12 Oct - 22:16
I bought my new Blob Sti in June after seeing it on PistonHeads. Carried our the usual credit checks and all was well until last Friday.
I received a letter from Logbook loans on 5th Oct stating they own the car and the previous owner has defaulted on the payments. The Consumer Advice Bureau confirmed I wasn't the legal owner and LBL (Logbook Loans) could take the car from me at any time. Nightmare!
Cue a very stressful week, lots of phone calls to LBL and scouring of the Internet trying to find the current home address of the previous owner without driving to Scotland again.
Whilst being completly honest with LBL, I also put in a formal complaint with the Consumer Credit Traders Association (CCTA) about LBL's scaremongering tactics stating they own the car.
The CCTA were spot on and contacted LBL on my behalf outlining their codes of conduct - thankfully today I received a letter from LBL Professional Standards Dep't stating there intention to surrender their right to the vehicle and they will seek to recover costs from the previous owner and not me (By way of the car).
If anyone if in this situation the CCTA are very helpful and any lender MUST adhere to their codes of conduct. It was clear that LBL didn't hence their disclaimer for the car.
A close shave indeed!
Guest Guest
Subject: Re: A scary week Fri 12 Oct - 22:38
We were in your position not so long ago and it is very stressful and scary.
Technically while the loan Company has an interest in the car it does belong to them ... but as in your case they transferred their interest off the car onto the person.
Glad it all worked out in the end for you
rob17c
Posts : 239 Join date : 2010-03-13 Location : Northumberland by the sea.
Subject: Re: A scary week Fri 12 Oct - 22:55
Horrible week. I honestly thought it was going to be uplifted from my drive and had even found a barn in deepest darkest Northumberland to store it whilst the dispute was going on.
Sad as it sounds I couldn't have sold it to pass the buck. Quite proud I sorted it myself without involvong another innocent Scooby lover
FINN Admin
Posts : 4445 Join date : 2010-03-16 Age : 48 Location : houghton-le-spring (the garage)
Subject: Re: A scary week Fri 12 Oct - 23:16
this happened too me a few year ago.
finance Co were really cocky over the fone
they sharp changed there mind when i told them they would be collecting a bare shell and logbook
martyp1970
Posts : 724 Join date : 2011-05-12 Age : 53 Location : 50 shades of northumberland
Subject: Re: A scary week Fri 12 Oct - 23:37
FINN wrote:
this happened too me a few year ago.
finance Co were really cocky over the fone
they sharp changed there mind when i told them they would be collecting a bare shell and logbook
Class.
natski
Posts : 3898 Join date : 2012-02-22 Age : 44 Location : Smog city
Subject: Re: A scary week Sat 13 Oct - 0:10
These logbook loan and payday loan companies should not be allowed to do business. Have you seen their interest rates one company I just looked at want 385% and your car if you miss one single payment. The people who sign up to this kind of deal must be mentally ill..
Glad you managed to get it sorted out Rob and didn't need to hide the car away.
Finn... I could imagine that would be exactly what you would of done. Class m8 lol...
Sid
Posts : 489 Join date : 2012-03-11 Age : 42 Location : in the boot!
Subject: Re: A scary week Sat 13 Oct - 0:45
i wouldnt say mentally ill nat more like desperate to obviously keep other things off their back the way this country is going i dont blame people for turning to companys like this yes they are one big rip off but people who are desperate to keep a roof over head and food on table dont get left much choice done it myself an its not nice cause u dont want to but u need to if u know what i mean,this country is seriously fooked up an its only going to get worse what way can i say this british will soon be exstinct.
natski
Posts : 3898 Join date : 2012-02-22 Age : 44 Location : Smog city
Subject: Re: A scary week Sat 13 Oct - 0:59
Mentally ill was a stupid insensitive thing to say yes I agree. I do have my moments of stupidness every now and again.. Well at least once a week anyway. I hope I never find myself in that kind of situation where I'm considering lending from such a company. I'm not going to get into the subject of why this country is in such a way and what should be done to resolve it. I will only get myself into a whole heap trouble lol..
Sid
Posts : 489 Join date : 2012-03-11 Age : 42 Location : in the boot!
Subject: Re: A scary week Sat 13 Oct - 1:11
eye its not nice bud but im out of it now an eye lets not start the subject off lol as for stupidness i have that 24/7 well according to wor lass anyway everytime i mention 400 club lmfao
natski
Posts : 3898 Join date : 2012-02-22 Age : 44 Location : Smog city
Subject: Re: A scary week Sat 13 Oct - 1:18
Yea you have to be quite stupid to join club 400 like.. I'm not joining can barely afford to run 390 lmfao..
Sid
Posts : 489 Join date : 2012-03-11 Age : 42 Location : in the boot!
Subject: Re: A scary week Sat 13 Oct - 1:36
a think thats what im gonna settle for even though other half wasnt happy at 400 club fuel cost so i said well al just get a map after turbo is on an thats it an then she went why thought u wanted 400hp an im like eh make ya mind up woman lmfao
natski
Posts : 3898 Join date : 2012-02-22 Age : 44 Location : Smog city
Subject: Re: A scary week Sat 13 Oct - 2:24
Yea they are mad them females like lol..
Guest Guest
Subject: Re: A scary week Sat 13 Oct - 18:39
Sid wrote:
a think thats what im gonna settle for even though other half wasnt happy at 400 club fuel cost so i said well al just get a map after turbo is on an thats it an then she went why thought u wanted 400hp an im like eh make ya mind up woman lmfao
lol Sid, if she's anything like me she will know that she won't hear the last of it and you'll be weeping and wailing that she 'won't let you' ... so she's surrendered already .. owt for a quiet life ... at least that's my reasoning behind face aches mods .. oh that and if you can't beat them join them - so I've been spending on MY car
These loan places really should have the block put on them by the government as they are nothing more than legal loan sharks .. they feed off desperate people and charge the earth .. think Wonga is 400%plus !!!
But it's 'supply and demand' and lets face it Wonga getting their name on the new NUFC shirt was only sweetened by the fact they bought the naming rights and are changing the name of the stadium back to St James Park.
You're right about the way this Country is going Natski - immigration is one thing but I don't know of any other Country which doesn't put their own people first.
Right I'm off to warm my hands on a candle .. can't afford to put the heating on ... got Subaru bling to buy