Logbook loans

Matt82

Matt82

Matt82

Soldato
Joined
13 Mar 2004
Posts
16,649
I dont recall this little menace being mentioned on the board much yet

http://www.logbookloans.co.uk/

I expect its aimed at the same people who use wonga.com and such, but its a secured loan, secured against your car.

Its not hire purchase, so i dont think these will show on your HPI check.

Anyone know this for fact or whether it has changed?

Its a very apparent mine in the mine field that is buying a second hand car privately, but isnt mentioned much on here
 
Wow, borrow £400 and pay back just £1080 over 18 months! What a deal!

I seriously cannot comprehend how someone could think it's a good idea to borrow £400 over 18 months, what can you buy that would be worth 18 months of debt? At least the short term nature of pay day loans make some sort of stupid sense...
 
godinman said:
Wow, borrow £400 and pay back just £1080 over 18 months! What a deal!

I seriously cannot comprehend how someone could think it's a good idea to borrow £400 over 18 months, what can you buy that would be worth 18 months of debt? At least the short term nature of pay day loans make some sort of stupid sense...
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I guess its a better option than the door to door lender coming back and kicking your teeth in because you can't pay him.
 
Shows on a full HPI check :) my car when purchased had two on there :I both had no interest in the car though thankfully.
 
godinman said:
Wow, borrow £400 and pay back just £1080 over 18 months! What a deal!

I seriously cannot comprehend how someone could think it's a good idea to borrow £400 over 18 months, what can you buy that would be worth 18 months of debt? At least the short term nature of pay day loans make some sort of stupid sense...
Click to expand...

Pop into general discussion where you can find people prepared to take on debt just to get iPads. Scary stuff.
 
Matt82 said:
wow. what car was it?
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The fabia vrs I bought for my wife. I did a text check that does
not show outstanding finance :( then a family member who works in the car industry did a proper one for me and found two outstanding log book loans. I telephoned both companies and fortunately it was ok. They were removed from the register within 24 hours.

Scary stuff. Apparently they can just come to the house and load your car up!!
 
[TW]Fox;23295699 said:
Pop into general discussion where you can find people prepared to take on debt just to get iPads. Scary stuff.
Click to expand...

That's obscene. Debt should be there for necessities (mortgage etc) and emergencies/unforeseen circumstances. These loan companies are borderline criminal anyway, letting people who shouldn't be approved for credit get into even more expensive debt.

Nobody needs an iPad, if you can afford the repayments on the debt then just save up for it
 
iaind said:
That's obscene. Debt should be there for necessities (mortgage etc) and emergencies/unforeseen circumstances. These loan companies are borderline criminal anyway, letting people who shouldn't be approved for credit get into even more expensive debt.

Nobody needs an iPad, if you can afford the repayments on the debt then just save up for it
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Cant put all the blame on them.... A little personal responsibility needs to be shown!
 
Firestar_3x said:
We live in a must have now culture, which means they would rather have the stuff now and pay through the nose :rolleyes:
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Indeed. Back when I was young (I'm not that old!) I had to save up for everything I own, if I wanted something I had to wait. Now, that thinking has moved into regular saving so if something unexpected comes up - emergency car repair, last minut holiday etc, I'm not relying on expensive debt.

DAIR said:
Cant put all the blame on them.... A little personal responsibility needs to be shown!
Click to expand...

oh of course, these companies are targeting 2 types of people. The vulnerable and the stupid/reckless. The latter deserve it.

What worries me is that a lot of people getting these logbook loans will be doing so to pay for car repairs/servicing etc ("my car is essential for getting me around")... Who'll still be paying off the bill when the next repair is needed!
 
£1080 to borrow £400 over 18 months?

Madness :(.

Edit - To borrow £5k over 18 months you pay back just shy of 14k!! or £23k over 3 years! :eek: The sad thing is, someone, somewhere has probably done that...
 
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