Log Book Loans caught in "possibly criminal" sham

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

I think he could you know, we need a new toy to play with since the last one broke

I think it'll be like a cat 'playing' with a mouse

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

Hello,

So within a few minutes of joining this Forum I have been accused of being "pro bank" (?) now you are asking if I work for a logbook loan company? A hell of a welcome... But I do not. I saw a link to this from the Mirror's campaign, quite simply. BTW, reminding me I must be courteous is not necessary, I think you will agree I have come here with an open-mind and have not made any offensive remarks, and nor do I intend to. Antagonising me with cat vs mouse comments is not welcome and I won't rise to it. That is not what I am looking for here.

FWIW, I don't like high APRs. I have been in positions previously where I was close to taking out high-interest loans as I had bad credit, but in the end I decided to go without. I don't want to sound preachy but what are you guys taking out credit for? If it is to survive from day to day then you are just delaying the inevitable. Point taken about this particular company operating illegally but there is a lot of vitriol on this forum towards any money lender... I assume "anti bank" means, to the layman, against banking institutions and those who lend money in general. If that is the case, why are so many of your members clearly using them to acquire short term loans? Love/hate relationship?

I like the banks about as much as I like the taxman, but blaming others for your sloppy decisions (as they appear to be) is rather weak.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Hello,

So within a few minutes of joining this Forum I have been accused of being "pro bank" (?) now you are asking if I work for a logbook loan company? A hell of a welcome... But I do not.

Ahh that was because of your reply to the Mirror thread, what do you expect?

I saw a link to this from the Mirror's campaign, quite simply.

Really? Can you show me where - I cannot see a link there....?

BTW, reminding me I must be courteous is not necessary, I think you will agree I have come here with an open-mind and have not made any offensive remarks, and nor do I intend to. Antagonising me with cat vs mouse comments is not welcome and I won't rise to it. That is not what I am looking for here.

Great, glad to hear it - thanks for being grown up, we do get trolled as you must imagine, what with us fighting (and beating) banks daily...?

FWIW, I don't like high APRs. I have been in positions previously where I was close to taking out high-interest loans as I had bad credit, but in the end I decided to go without.

Hmm, sometimes needs "must" - imagine, you've got a job paying £100k then the recession hits and bang - you're out of work. You live off savings and pay all your debts each month but guess what, savings soon dry up so you then pay peter by using paul - vicious cycle begins - so is that your fault, remind me?

I don't want to sound preachy but what are you guys taking out credit for?

Well you do and are and the reason is shown above!

If it is to survive from day to day then you are just delaying the inevitable.

Really? What about having had the good life to have it snatched away due to the governments bad spending?

Point taken about this particular company operating illegally but there is a lot of vitriol on this forum towards any money lender...

No, we portray facts and enjoy BEATING the bank and hitting them right where it hurts

I assume "anti bank" means, to the layman, against banking institutions and those who lend money in general. If that is the case, why are so many of your members clearly using them to acquire short term loans? Love/hate relationship?

?????? Not one member here uses such firms.....

I like the banks about as much as I like the taxman, but blaming others for your sloppy decisions (as they appear to be) is rather weak.

Ermmm, definite contradiction here.... try reading above then come back to this part....

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

Thanks Niddy - I knew you'd do a better reply than I could.

I can't see a link to the forum on the Mirror site either.

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

Hmm, sometimes needs "must" - imagine, you've got a job paying £100k then the recession hits and bang - you're out of work. You live off savings and pay all your debts each month but guess what, savings soon dry up so you then pay peter by using paul - vicious cycle begins - so is that your fault, remind me?

Oh, I completely sympathise with losing a job and see why people take out loans or finance. But taking on debts that you cannot pay off or not reading the fine print, and then pass the blame to the lender for charging what you agreed to pay, is what I find issue with.

Or do payday loan companies charge more than they say they will before you sign up?

[garlok]

Re: Log Book Loans caught in "possibly criminal" sham

Hello Jared,

In the circumstances you have been treated rather well. There is no vitirol on this forum. It is eliminated instantly on the VERY rare occasions it raises its ugly head. Like I said to you very courteously, go and read of the experiences of many many people on here and the treatment that has been handed out to them by unscrupulous lenders.

I would ask you why in a particular case in the County Court whereby the Judge was moved to describe the DCA/Banks actions as torture which had no place in a modern civilised society. The Case was Harrison v Link/MBNA fought and won by the preferred solicitors who support this site. Harrison v Link was not and is not isolated as an instance very far from it.

ALL financial institutions operate as far outside the law of the land as they can get away with and that has also been proven in recent court cases like Brandon in the Court of Appeal, Phoenix Recoveries v Kotecha in the CoA. I could go on.

We exist to support and empower those people who do not know their own rights and to hone and improve the knowledge of those that do have some knowledge. Many of us spend a lot of hours voluntarily supporting those less fortunate and to describe us as being vitriolic I personally find insulting. I won't go into my own case here as its one only of many, but suffice it say that it was described in one post "it will chill you to the bone" and there are many around me who are far worse off.

Please therefore explain without your clearly anti AAD stance why we should not use every legal NOTE LEGAL tool to improve our position. It was laid down by Parliament, if you don't know it is the ulitmate legislative body in the land, in one particular issue that should the lender not conform to specific requirements then it was perfectly proper that they should forfeit completely all rights and benefits.

Now please answer my simple question it is perfectly legitimate?

regards
Garlok

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

The link to this Forum is within Leon Carter's name.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Oh, I completely sympathise with losing a job and see why people take out loans or finance. But taking on debts that you cannot pay off or not reading the fine print, and then pass the blame to the lender for charging what you agreed to pay, is what I find issue with.

Or do payday loan companies charge more than they say they will before you sign up?

No no no - you're missing the point.

I am saying imagine having had that lifestyle, you already have the debts.... ok, I used to earn £100k per annum (yea, I did) and you know what, at the time I also used to spend £100k per annum, why? Cos I could and cos I earned it, did I borrow anything? Nope - but my general monthly expenses took care of most of it - ie mortgage was almost £1500, as it was big house, higher bills, I was tied into mobile and other contracts - now, when the cash stops you start to use credit, as is normal - BUT eventually the cave comes crashing down - ie then what?

I am not saying we support those that have this vision of "lets spend with no plan on repayment" - bollocks to those, we help those that have tried everything, I mean everything - but still the banks get heavy.

Thus we exist and get heavier, than the banks. Its a catch 22 and never as simple as you make out.

These scummy companies are the icing on the cake, I would hope the Gvt close them all with revoking their licences - I can only dream though right? Cash converters and the like - close em down!

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

I don't know much about payday loans as I've never had one but I can imagine people don't always read the fine print. Can you honestly say that you've read every single sentence of small print before signing something? People who take out this type of loan are desperate and, if you're desperate, you're not always thinking logically.

The fact remains that this company should not even be operating.

BTW can you post the link to this site from the Mirror article?

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

The link to this Forum is within Leon Carter's name.

Thanks for that.

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

The link to this Forum is within Leon Carter's name.

Thanks - he's a mod here

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

Hello Jared,

In the circumstances you have been treated rather well. There is no vitirol on this forum. It is eliminated instantly on the vERY rae occasiins it raises its ugly head. Like I said to you very couteously, go and read of the experiences of many many peopl on here and the treatment that has been handed out to them by unscrupulous lenders.

I would ask you why in a particular case in the County Court whereby the Judge was moved to describe the DCA/Banks actions as torture which had no place in a modern civilised society. The Case was Harrison v Link/MBNA fought and won by the preferred solicitors who support this site. Harrison v Link was not and is not isolated as an instance very far from it.

ALL financial institutions operate as far outside the law of the land as they can get away with and that has also been proven in recent court cases like Brandon in the Court of Appeal, Phoenix Recoveries v Kotecha in the CoA. I could go on.

We exist to support and empower those people who do not know their own rights and to hone and improve the knowledge of those that do have some knowledge. Many of us spend a lot of hours voluntarily supporting those less fortunate and to descibe us as being vitriolic I personally find insulting. I won't inot my own case here as its one only of many, but suffice it say that it was described in one post "it will chill you to the bone" and there are many around me who are far worse off.

Please therefore explain without your clearly anti AAD stance why we should not use every legal NOTE LEGAL tool to improve our position. It was laid down by Parliament, if you don't know it is the ulitmate legislative body in the land, in one particular issue that should the lender not conform to specific requirements then it was perfectly proper that they should forfeit completely all rights and benefits.

Now please answer my simple question it is perfectly legitimate?

regards
Garlok

Thank you for the well thought out reply and for clarifying your position. I really do commend the work that you and others do in helping those in these situations and I have in the past volunteered for the Samaritans during the previous recession and understand the devastating effects debt can have on people. However all of your examples refer to what happens after you default. This is not what I am referring to; perhaps I have been to cryptic thus far so will ask my question outright - isn't it the responsibility of the person who signs the agreement to understand the terms and the repayments and what happens when you don't pay?

To put it into black and white terms, if you don't pay the money you owe then you will be charged at the hefty rates of interest that you agreed to. If you didn't agree to it, then that's fair enough, and all of the tactics they are using (generally - apart from the fake solicitors) are legal.

I guess to me it just seems like avoiding responsibility and not reading the small print, the onus is on the borrower to make sure they do that before signing any contract.

Edit: It seems I have made a mistake somewhat - but the fact you have a Loans and even a Payday Loans subforum and have "debt" in the URL made me think this forum was something it was not. Anyway I would be interested in the above - and the person who was earlier earning £100k a year, did you have savings?

[Pixie]

Re: Log Book Loans caught in "possibly criminal" sham

Perhaps at the time they took the loan out the borrower thought that they would have no problem repaying?

[Never-In-Doubt]

Re: Log Book Loans caught in "possibly criminal" sham

Perhaps at the time they took the loan out the borrower thought that they would have no problem repaying?

As per my example over page.

[Jared]

Re: Log Book Loans caught in "possibly criminal" sham

As per my example over page.

Isn't that something to take into account whenever taking out a long term agreement though?