HELP!!!! LOGBOOK LOAN on a car i just purchased.

[Andrewlaker45]

Hi.
This is my first post so please be patient with me.
I've just purchased a 2005 vauxhall vectra for £1100 on the 02/08/2013 and this morning received a letter dated 29/08/2013 from logbook loans stating that a loan from them was taken out on the car back in august 2011 and that I must pay the outstanding amount of £705.50 or they will come and take the car.
I have the bill of sale as they sent me a copy with the letter.
I did a free hpi check online and nothing came up about it or any finance owing on it.
I cannot afford to pay them and why should i its not my debt and nor can i afford to lose the car as i have a disabled son who requires regular hospital visits. I also had to borrow the money in the first place from my very kind in laws to buy the thing in the first place.

Thank you in advance

[Galahad]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Someone more learned will come along, but if you did a HPi check on it and it showed up clean, they really haven't got a leg to stand on.

They can't just come and get the car, the debt still belongs to the person who initially took it out in the first place.

Check the logbook and see when the last keeper before you was changed, there might well have been another keeper before you, and realistically, no court in the land would find in their favour whatsoever.

You took all reasonable steps to ensure the car was kosher, its their problem, not yours, but help yourself by maybe getting a more indepth HPi report or, contacting the DVLA for any keeper changes since the finance was taken out, don't tell them why, bluff them with "just wanting to make sure the car is legitimate".

[Guest]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

What are the parties names on the bill of sale?

There should be contact details for the court on the document where you can check its authenticity.

If it is correct you need to contact the person you bought the car off and tell them that the vehicle was subject to a BOS as they had no right to sell you the car, in fact they were committing an offence by doing so.

This is not like a HP agreement there is no protection under the HP 1965 act or the CCA for an innocent third party purchase, in law the rights to the the vehicle rest in the hands of the person who has the BOS.

[Guest]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Information on BOS fraudulent sales and remedies here

http://www.presscentre.hpicheck.com/...sale-loophole/

If a customer conducts an HPI Check, follows its buying guidance, but subsequently finds that the vehicle is subject to a ‘Bill of Sale’ agreement that was not flagged, the buyer will be protected by the HPI guarantee, which provides financial reimbursement of up to £30,000*.

[Andrewlaker45]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

The person i brought the car off was not the person who took out the LBL but i will be contacting them first thing monday morning.
There is no court address just "IN THE HIGH COURT OF JUSTICE QUEENS BENCH DIVISION".
The Hpi check was just a free one i found online but i paid £19.99 for one last night and it came up with it.
On another note the witness that signed the bill of sale was just a McDonalds assistant and i read somewhere that it has to a creditable person so not sure if a Mcdonalds assistant would qualify.
The car is going into hiding first thing in the morning.

[Guest]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Yes this is te address you need to contact to see if they BOS has been correctly registered, you can search the details on line. If you cannot find them let me know.

As for the document:


The Essential Contents of a Bill of Sale: Without which the bill is void

1. Date of the bill

2. Names and addresses of the Parties

3. Statement of the true consideration given

4. Acknowledgement of receipt of the advance

5. An assignment by way of security of personal chattels capable of
specific description

6. That it is a monetary obligation (rather than any other) that is secured

7. Statement of the sum secured, the rate of interest and the repayment
instalments

8. agreed terms for the maintenance and defeasance of the security (ie
that upon payment of the principal sum plus interest, the bill shall be
void)

9. a clause limiting the grounds of seizure to those set out in s.7 (these are
usually set out in full)

10. Execution by the debtor

11. Attestation by a credible witness who is not a party to the bill

12. A schedule describing the secured chattels (this description must not
appear within the body of the bill)

Registration Requirements: s.8 of the 1882 Act requires that

The duly attested bill of sale must be registered within 7 days of its execution.

[Andrewlaker45]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Thanks Scottie dog. Is there a way i can scan it so you could check for me as i'm not really sure what i'm looking at as its all mombo jombo. As to the credible witness would a mcdonalds assistant qualify or not.

[Devilsadvocate]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Good Morning

Could you clarify a position for me regarding Bills of sale. I believe that logbook loan companies are not required by law to register their interest with an asset register such as HPI.
Under the CCTA code of practice i believe that they are required to register the vehicle within 24 hours of the bill of sale being signed, with an asset register such as HPI or similar.

Given those assumptions are correct. If an unnamed at this time logbook loan company were to indeed register the vehicle within 24 hours with HPI or similar, then at some point in the future delete their interest in the vehicle from the asset register, when their client had defaulted and sold their vehicle on. Anyone inquiring would see that the vehicle was free of any encumbrance.And would make a decision based on this fact. Should they then Seize the vehicle from an innocent third party purchaser, is it okay for them at the point of seizure to then re register their interest with HPI or similar?.

I Seek Clarification on these points from your good selves. It appears to me to be deceptive devious and underhand in deliberately manipulating data as to cause innocent third party purchasers financial harm.

Your comments will be greatly appreciated.

[philip cox]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

Hi.
This is my first post so please be patient with me.
I've just purchased a 2005 vauxhall vectra for £1100 on the 02/08/2013 and this morning received a letter dated 29/08/2013 from logbook loans stating that a loan from them was taken out on the car back in august 2011 and that I must pay the outstanding amount of £705.50 or they will come and take the car.
I have the bill of sale as they sent me a copy with the letter.
I did a free hpi check online and nothing came up about it or any finance owing on it.
I cannot afford to pay them and why should i its not my debt and nor can i afford to lose the car as i have a disabled son who requires regular hospital visits. I also had to borrow the money in the first place from my very kind in laws to buy the thing in the first place.

Thank you in advance

Their is nothing you can do about them repossing the vehicle. if it is under a bill of sale agreement then they are the owners if the previous person defaulted on the loan which it soundsl ike they have. You can approach this lender and try and negociate a lower figure so you can keep the car. This may be a lot lower than you think as the lender may well decide to let you keep it as it would be more expensive for them to collect and sell it at auction. Try offering them around £250 otherwise their is not a lot you can do.

[philip cox]

Re: HELP!!!! LOGBOOK LOAN on a car i just purchased.

PS a genuine HPI check with that company generally isnt free to the public, their is a cost of around 315. The problem is that their are other checks avaialble which are free and online or on your phone but these checks are not reliable. any log book loan company will register the finance on HPI.