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Logbook loan HELP - UPDATE 17/3/17 - Huge success!

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Logbook loan HELP - UPDATE 17/3/17 - Huge success!

Postby zekwil » November 25th, 2016, 3:31 pm

Hi, I am hoping to get some advice regarding the dreaded logbook loan I took out in July 2016. It was a stupid thing to do and could kick myself for doing it...

When I took out the loan the V5 for my car was in my previous name as I had recently changed my name by deedpol, the company still let me take the loan out in my new name and I signed all the documents in my new and I got the loan they then stated that I would need to change my name on the V5 which I did. Could the documentation be false with the V5 being in my old name at the time of signing the loan agreement??

Also within 3 weeks of me taking the loan out my financial situation dramatically changed I could not have predicted they took my sons Disability Living Allowance into consideration which I now know they should't have. I made them aware of my situation my local branch were not helpful at all and stated that I had to pay the full amount or my car would be taken, I went to the area manager and got more joy from him I had my repayments changed from £370 per month to £200 only for 3mths,

Well 10 days ago I had an accident which has lead to my car being written off I have had an email from my insurance company asking for me to give permission so they can get a settlement figure from the logbook loan company. I was never made aware that this could happen I was only told about that if the worst happened and they had to repossess my car they would not need a court order due to the bill of sale. I need my car or the insurance payout to buy another for getting my disabled son around. I have paid the repayments as agreed is there anything I can do to stop the insurance company paying the company by the time they take interest etc I will have nothing left and no car! I would be grateful for any advice
zekwil
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Re: Logbook loan HELP

Postby Debtwizard » November 26th, 2016, 11:39 am

Hello zekwil and a very warm welcome to the DebtWizard IVA and debt help forum.

I would consider replying to the insurance company and asking them not to pay the Log Book loan company as you are going to contact the Financial Ombudsman Service (FOS) for further advice.

It will be a good idea to mention the points to the FOS about the affordability issue, using your son's DLA, and te registration name on the V%.

The FOS are free for you to use and have the power to reverse consumer credit agreements if they though appropriate.

The usual course would be to raise a complaint with the Log Book loan company and give them eight weeks to sort out the complaint, after thus period you are then able to fo to the FOS. Because of the nature of the issue I would go straight to the FOS and ask their guidance.

Financial Ombudsman Service (FOS)

The official independent body in settling complaints between consumers and businesses providing financial services.

Enquiries and consumer helpline

Monday to Friday – 8am to 8pm
Saturday – 9am to 1pm

0800 023 4 567 calls to this number are now free on mobile phones and landlines
0300 123 9 123 calls to this number cost no more than calls to 01 and 02 numbers

These numbers may not be available from outside the UK – so please call us from abroad on +44 20 7964 0500.

They will be happy to phone you back, if you're worried about the cost of calling them.

You can also text us on 07860 027 586 and they will call you back. They ask that you do not send any account numbers or bank details in your text as they will sort that out later. And if you feel you need to speak to them more urgently, it's probably best to call us so they can help you there and then.

www.financial-ombudsman.org.uk

Trust this helps,

Best wishes, Mike
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Re: Logbook loan HELP

Postby zekwil » November 26th, 2016, 3:45 pm

Thanks for replying Mike, I will get straight onto it Monday, If I say to my insurance that I have an ongoing compliant open with FOS about the logbook loan company do you think they would pay me? I thinks it unfair that the insurance payout goes to the log book loan company anyway especially when I have been paying it.

In your opinion the V5 being in my previous name do you think that is wrong? They also took student finance into my income and ive since learn they shouldn't have done this.
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Re: Logbook loan HELP

Postby Debtwizard » November 26th, 2016, 4:01 pm

Hello zekwil

Can't say legally what they have done wrong but it does seem as if they were scraping the barrel in an attempt to justify you meeting their lending criteria.

Those questions need to be put to the Financial Ombudsman Service, agree you need to jump on this on Monday.

Look forward to reading what the FOS has to say.

Best wishes,
Mike
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Re: Logbook loan HELP

Postby zekwil » November 28th, 2016, 4:45 pm

Hi Mike

I contacted FOS they are raising a compliant to the Logbook Loan company they said in regard to the V5 that they will wangle there way out of it, but the affordability checks are an issue. They also said about the insurance its worth a try contacting them but it's unlikely that the payout will come to me :| I don't know what to do now as they have 8 weeks to respond to the compliant I have raised
zekwil
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Re: Logbook loan HELP

Postby Debtwizard » November 28th, 2016, 5:50 pm

Hello zekwil



I would go back to your insurance company and say the Financial Ombudsman Service is now handling your case and you would therefore wish to have the payout directed to yourself as it is probable that the FOS may award against the Log Bog Loan company, it's worth a try my friend.

You can sometimes get around the eight weeks waiting if the Log Book Loan company issues a 'deadlock' letter, basically saying there will be no change in the issue after eight weeks hence no need to wait for that period, again worth a try, something you could perhaps put to the FOS?

Are you able to borrow a car from a friend or is this out of the question?

On the positive side you are now a lot wiser as to your rights and now have the FOS helping you, and I will be very interested in the outcome of all this so please keep me posted.

Best wishes,

Mike
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Re: Logbook loan HELP

Postby zekwil » November 29th, 2016, 10:29 am

Thanks Mike,

I am going to get on to the insurance today, one issue I do have is, will the insurance company want the V5 for my car that has been written off? The person I was speaking to yesterday at the FOS said the compliant has gone straight to there head office not the local branch and they might agree that the local branch haven not done the correct affordability checks. It states in the compliant that I am not refusing to pay back the loan just I cannot afford to pay £370 per month I also thought I had the loan over 5 years when infact it is only 3 year and the total amount to pay back is £13,600!!
zekwil
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Re: Logbook loan HELP

Postby Debtwizard » December 1st, 2016, 3:30 pm

Hello zekwil

I can't say what the insurance company will look for re the V5 query, that said I'm sure matters will become a lot clearer for you over the next few days.

Smart move speaking with the Financial Ombudsman Service (FOS) as the logbook lender will be on their toes from now on and if the affordability checks are deemed to have been abused then the outcome should be to your benefit.

Be good to read on how you get on with the insurance company and the affordability outcome.

Best wishes,

Mike
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Re: Logbook loan HELP

Postby zekwil » March 17th, 2017, 3:04 pm

Hi after going to the Financial Ombudsman Service (FOS) I have finally got the outcome in my total favour!

This is the response from the FOS

[i][i][i][b]Thank you for your patience whilst I’ve been waiting for Loans to Go to respond to my view. I tried to give you a call just now but your phone was busy.

I have heard back from Loans to Go today and they’re willing to agree to my recommendations. This means they will:

· Refund any interest you’ve paid since the agreement commenced;

· Add 8% simple interest to the refund amount;

· Write off any further interest, this will also mean recalculating your monthly repayments purely based on the capital sum and;

· Remove any adverse information about the loan that might have been recorded on your credit file.

They’ve said they’ll write to you with their calculations for the above, over the next week or so.

what happens next

You now need to let me know if you want to accept this offer as a final resolution to the complaint.

If you do, then please sign and date the attached form and send it back to me by 31 March 2017.

But if you don’t agree with the offer proposed – and you have any new information you’d like me to look at – then please let me know as soon as possible.

If we don’t hear from you by 31 March 2017, we might not be able to look at your complaint again. So if you want to reply but you think you’ll need longer, please tell me as soon as possible.

In every case, both the business and their customer can ask an ombudsman to make a final decision. But I think it’s unlikely the outcome would be different – unless there’s any important information that you haven’t already given us.

FOS response end

So I now only owe L2G £1,900 instead of nearly £13,000 (Thirteen thousands pounds)

Thank you for your advice
zekwil
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Re: Logbook loan HELP

Postby Debtwizard » March 17th, 2017, 3:21 pm

Hello zekwil

I take it you are a very happy bunny :D

Really pleased to have been part of the process, unfortunately not many consumers are aware of their rights and also the services of the Financial Ombudsman Service (FOS).

So well done for following the information given on this forum.

Just one question, before you contacted the FOS, what did you expect to happen and did you ever believe this result would be possible?

Best wishes,

Mike
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