Log Book Loans caught in "possibly criminal" sham

[CleverClogs (RIP)]

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

I heard about this in MoneyBox on the BBC Home Service.

It seems that the credit side of LBL has been taken over by Herpes Property Services Limited who, although they have only just applied to have LBL added to their licence, are apparently already trading as if that name had been added. As Paul Lewis pointed out on MoneyBox, this is a bit naughty.

Perhaps the Office of Faffing and Twaddling will tell someone to stand on the naughty step for as long as five whole minutes?

[5corpio]

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

Britain's biggest logbook loans brand active again

The BBC has learned that Britain's largest logbook loan brand is active again just days after the firm that owned it went into administration. Logbookloans.co.uk is now under the new ownership of Hermes Property Services Limited. It is offering loans at 478% APR secured against the value of a car or motorbike. The Office of Fair Trading (OFT) had taken steps to revoke the credit licence of the brand's previous owners.

Old laws
With a logbook loan, the lender has the right to seize a vehicle and sell it without going to court if they default on the loan. Such firms rely on an archaic piece of legislation, the Bills of Sale Act 1878, introduced before cars were even invented. It means that when you take out a loan your car becomes the property of the people lending you the money....Read more here---: Britains biggest logbook loans brand active again

[JudgeDreddy]

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

can also point out that LBL don't always give you a loan on the car you own.... my landlady works for a car credit company in the last chance department, the people who refuse to pay.
They are a reputable company and will always try and help the people out, had one story, woman who's father was very ill, had to give up work to care for him so they halved her repayments while it was going on. Just goes to show there are some nice companies out there that lend and try and help as it doesn't pay them to repo the car unless they have too. Anyway back to the point. The number of cars LBL give loans on that are not owned by the borrower is shocking. A HPI check isn't difficult or expensive..

[Pixie]

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

Played for Scottish club Hamilton Academical

Aaah, I see! A Scottish club. So not a proper footballer?

[PlanB]

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

Well if that's his flash car outside his fancypants mansion in the Cotswolds in that Mirror photo he shouldn't have much trouble raising a loan when the OFT put him out of business

[Never-In-Doubt]

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

This is where it confirms it - judge

---> 128K-a-year Judge Charles Harris QC backs loan companies over crippling interest rate charges - mirror.co.uk

Mr Shearer, 61, who once played for Hamilton Academicals and is a former boss of Excel, the giant exhibition complex in London's Docklands, now runs a string of companies and lives in a £2million mansion near Moreton in Marsh, Glos.

[Never-In-Doubt]

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

the man behind this company - Iain Shearer.

Played for Scottish club Hamilton Academical

[Pixie]

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

What is so distasteful about this particular incident is the involvement of a "role model" in the shape of a footballer by the name of Shearer. Yes a bloody role model of greed and avarice. Perhaps as his empire collapses around him he won't be able to afford his flash cars and house in the Cotswolds and hopefully the muscle he employs now, will turn on him and his family when he can no longer pay them.

Are you thinking of Alan Shearer or the man behind this company - Iain Shearer. I did a google search on him this morning and there was nothing about him being a footballer, just the Mirror story. I've no idea who he played for or even if it was professionally.

[Never-In-Doubt]

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

One wonders if Jared works for the Mirror because how else could he of got hold of the link..

by clicking your bold name mate - its an URL

* we have feedback forms and when you leave an URL it adds it to your username... haha, thats standard - to avoid it, do not add an URL in that box - but well done, glad you did add it ,mate

[SaltnVinegar]

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

One wonders if Jared works for the Mirror because how else could he of got hold of the link, seems I have put a cat among the pigeons lol.

Oh well niddy seemed to have enjoyed it rofl.

The well structured argument, research and knowledge that was evident in Jareds posts certainly was in keeping with the level of journalism at that redtop!

[SaltnVinegar]

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

If 90% of those who had debt problems knew and understood that, how many DCAs and their grubby cohorts would be out of business do you think?

Not enough for my liking!

Pity Jared has gone because I wanted him/her to answer my next point which is this:

When finance companies lend money they do so with an element of risk. This risk is offset by two things:

1) Credit scoring system
2) Interest rate

Consequently a lender makes an informed decision on whether to lend you money or not.

If you are not able to repay that money then the lender has already accepted that risk based upon your credit score and the interest rate they have offered you. This time the risk equation has gone against them, or has it..........

Because, and this will NOT be in the 'agreement' that Jared was so found of quoting, some lenders will seek a court judgement to turn an 'unsecured' debt into a 'secured' debt by obtaining a charging order against your home.

Hardly a fair relationship is it?

[pompeyfaith]

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

One wonders if Jared works for the Mirror because how else could he of got hold of the link, seems I have put a cat among the pigeons lol.

Oh well niddy seemed to have enjoyed it rofl.

[SaltnVinegar]

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

Absolutely SnV. We scraped by without these things but when the chips go down and the lenders let the dogs loose on you I can understand fully how people do get involved and these shitbags prey on the vulnerability of other people

Trouble is its way too easy to get sucked into the marketing blurb.

Yes the short term costs are less than paying an unauthorised overdraft fee (especially Santanders) but if you're at that stage anyway chances are a PDL is the last thing you should be taking on.

What they do is extend peoples endebtedness by several painful months until they finally snap. The PDL make sure they get in there first to get their money ahead of all the othen ther debtors creditors.

The PDL industry therefore, isn't just bad for consumers, but also for creditors too.

Except for the ones who underwrite it all of course........

What is so distasteful about this particular incident is the involvement of a "role model" in the shape of a footballer by the name of Shearer. Yes a bloody role model of greed and avarice. Perhaps as his empire collapses around him he won't be able to afford his flash cars and house in the Cotswolds and hopefully the muscle he employs now, will turn on him and his family when he can no longer pay them.

Well I can but hope!

regards
Garlok

Fingers crossed he will be contacted by a DCA pretending to be a bunch of solicitors........

[garlok]

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

Of course mate. This has been one of the things i have been banging on about for ages.

If we could only educate more and more people that the DCA has no legal authority whatsoever and their ONLY weapon is the fear a person may have of what they might do to them which is in fact NOTHING.

If 90% of those who had debt problems knew and understood that, how many DCAs and their grubby cohorts would be out of business do you think?

regards
Garlok

[SaltnVinegar]

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

"I'm a troll, foll de roll, I'm a troll foll de roll" says the rhyme.

I'm sorry jared has gone. I did notice that at no stage was a proper question answered, no proper argument put forward. And of course the opportunity for providing our genuine members with entertainment has gone as well. Although, I know bear baiting was made illegal a longtime ago now, Warwickshire is still allowed to have it on its coat of arms.

regards
Garlok

Ah well, probably just as well. DW has just told me to stop banging on the keys so hard cos she can't hear the TV

On a serious note though, Jareds does represent an attitude that is shared by many, and it is this attitude that actually makes many peoples situations worse.

Peoples fear and shame of encountering a reaction like Jareds from their spouses, family, friends, work colleagues, etc is what drives people further into debt and ultimately the PDL lenders.

Its this very fear that DCA's exploit to make vulnerable people even more vulnerable, and in some cases, to a tragic end.

That anyone can be allowed to be driven to suicide by these and then be allowed to get away with it is beyond me.