Log book loans, and the Bill of exchange act |
Log book loans, and the Bill of exchange act |
Thu, 19 May 2011 - 17:47
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#1
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Member Group: Members Posts: 13,506 Joined: 9 Jan 2008 From: manchester Member No.: 16,521 |
Working into the night, last night, I had the repeat of last thursday watchdog on
where they were taliking about the rise of logbook loans and the, seemingly, large number of subsequent purchasers of the cars who were getting their puchase repossessed It seems that if you buy a car on which the last owner has an unpaid loan, then you have no protection at all from reposestion and even more the debt wont be picked up by any pre purchase check WD went on to explain that is becouse LBL are cover by the bill of exchance act 1882 and not by any consummer laws and as such they dont need to record the outstanding debt on a data base as it is, there seems no way to protect yourself, the goverment has asked for a volintary data base ? but it would seem against the best intrests of the loan company to comply ? at about 3 mins in http://www.bbc.co.uk/iplayer/episode/b0117...dog_12_05_2011/ http://www.legislation.gov.uk/ukpga/Vict/45-46/61 This post has been edited by jobo: Thu, 19 May 2011 - 17:52 -------------------- jobo
anyone but Murray, Wish granted for another year, |
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Thu, 19 May 2011 - 17:47
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Thu, 19 May 2011 - 18:05
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#2
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Member Group: Members Posts: 28,931 Joined: 29 Nov 2005 Member No.: 4,323 |
Bills of Sale Act 1882
-------------------- Which facts in any situation or problem are “essential” and what makes them “essential”? If the “essential” facts are said to depend on the principles involved, then the whole business, all too obviously, goes right around in a circle. In the light of one principle or set of principles, one bunch of facts will be the “essential” ones; in the light of another principle or set of principles, a different bunch of facts will be “essential.” In order to settle on the right facts you first have to pick your principles, although the whole point of finding the facts was to indicate which principles apply.
Note that I am not legally qualified and any and all statements made are "Reserved". Liability for application lies with the reader. |
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Thu, 19 May 2011 - 18:49
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#3
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Member Group: Members Posts: 10,460 Joined: 8 Sep 2008 Member No.: 22,424 |
Surely not legal?!
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Thu, 19 May 2011 - 18:54
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#4
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Member Group: Members Posts: 1,825 Joined: 16 Nov 2008 Member No.: 24,123 |
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Thu, 19 May 2011 - 19:21
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#5
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Member Group: Members Posts: 28,931 Joined: 29 Nov 2005 Member No.: 4,323 |
-------------------- Which facts in any situation or problem are “essential” and what makes them “essential”? If the “essential” facts are said to depend on the principles involved, then the whole business, all too obviously, goes right around in a circle. In the light of one principle or set of principles, one bunch of facts will be the “essential” ones; in the light of another principle or set of principles, a different bunch of facts will be “essential.” In order to settle on the right facts you first have to pick your principles, although the whole point of finding the facts was to indicate which principles apply.
Note that I am not legally qualified and any and all statements made are "Reserved". Liability for application lies with the reader. |
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Thu, 19 May 2011 - 19:57
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#6
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Member Group: Members Posts: 2,553 Joined: 24 Jun 2005 From: London Member No.: 3,246 |
Spare a thought though for the poor sod who probably had no alternative to take out the LBL in the first place, possibly one of the first steps into an ever increasing spiral of debt with little or no chance of escape.
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Thu, 19 May 2011 - 21:03
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#7
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Member Group: Life Member Posts: 24,220 Joined: 9 Sep 2004 From: Reading Member No.: 1,624 |
If that poor sod then sold the vehicle but neglected to mention to the purchaser that the vehicle wasn't entirely his to sell, most people's sympathy would disappear.
-------------------- Andy
Some people think that I make them feel stupid. To be fair, they deserve most of the credit. |
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Thu, 19 May 2011 - 21:30
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#8
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Member Group: Members Posts: 2,553 Joined: 24 Jun 2005 From: London Member No.: 3,246 |
If that poor sod then sold the vehicle but neglected to mention to the purchaser that the vehicle wasn't entirely his to sell, most people's sympathy would disappear. Maybe, maybe not, but mine doesn't, desperate situations call for desperate measures, I can assure you that if "most people" had a hands on as to exactly why someone has had no alternative than to take such a course of action then I would defy any of them to not feel sorry for the "offender" |
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Thu, 19 May 2011 - 22:10
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#9
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Member Group: Members Posts: 1,276 Joined: 4 Apr 2003 From: Northants Member No.: 20 |
What a great opportunity for the scammer. Get as much for the car as you can, sell it and vanish. The perfect Scam and Scram !!!
-------------------- Diesel, the fuel of the future......
Roverboy 2 Apcoa 0 |
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Thu, 19 May 2011 - 22:43
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#10
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Member Group: Members Posts: 809 Joined: 30 Apr 2006 Member No.: 5,532 |
How does this work, exactly?
LBL person, keeps hold of the V5, but in your name? LBL person puts the V5 in their name, until debt repaid? You keep the V5 in your name and possesion, but have a contract with the LBL person, car just security? Whats to stop you applying to the DVLA for a duplicate V5, stating you've lost it. Then LBL the car and promtly sell it using the other V5? LBL sounds shady -------------------- "You won't like me when I'm angry. Because I always back up my rage with facts and documented sources."
The Credible Hulk. |
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Thu, 19 May 2011 - 22:58
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#11
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Member Group: Members Posts: 13,506 Joined: 9 Jan 2008 From: manchester Member No.: 16,521 |
its got nothing to do with the V5, that just the keep, you sign an agreement that title passes to them, subject to when they get their money back , and that extends to any subsequent purchaser as it wasnt the sellers car to sell
it looks like a perfect scam, to effectivly double the value of a second hand car, with the only come back being the remote possibility that someone might take you to court,? remote in that people who are buying 1500 quid cars arnt ussual in a position to take you to court -------------------- jobo
anyone but Murray, Wish granted for another year, |
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Thu, 19 May 2011 - 23:01
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#12
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Member Group: Members Posts: 33,634 Joined: 2 Apr 2008 From: Not in the UK Member No.: 18,483 |
Or have you locked up for fraud?
-------------------- Moderator
Any comments made do not constitute legal advice and should not be relied upon. No lawyer/client relationship should be assumed nor should any duty of care be owed. |
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Thu, 19 May 2011 - 23:04
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#13
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Member Group: Members Posts: 13,506 Joined: 9 Jan 2008 From: manchester Member No.: 16,521 |
Or have you locked up for fraud? civil matter sir ? This post has been edited by jobo: Thu, 19 May 2011 - 23:12 -------------------- jobo
anyone but Murray, Wish granted for another year, |
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Thu, 19 May 2011 - 23:06
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#14
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Member Group: Members Posts: 33,634 Joined: 2 Apr 2008 From: Not in the UK Member No.: 18,483 |
I doubt it... a fair few cases concerning this type of situation from the criminal appeal courts.
-------------------- Moderator
Any comments made do not constitute legal advice and should not be relied upon. No lawyer/client relationship should be assumed nor should any duty of care be owed. |
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Thu, 19 May 2011 - 23:13
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#15
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Member Group: Members Posts: 13,506 Joined: 9 Jan 2008 From: manchester Member No.: 16,521 |
I once tried to get the police intrested in a ringed car my sister had been sold, a lot of shrugging and Caveat emptor was the responce i got
-------------------- jobo
anyone but Murray, Wish granted for another year, |
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Thu, 19 May 2011 - 23:14
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#16
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Member Group: Members Posts: 33,634 Joined: 2 Apr 2008 From: Not in the UK Member No.: 18,483 |
I once tried to get the police intrested in a ringed car my sister had been sold, a lot of shrugging and Caveat emptor was the responce i got Don't have much luck, do you? -------------------- Moderator
Any comments made do not constitute legal advice and should not be relied upon. No lawyer/client relationship should be assumed nor should any duty of care be owed. |
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Thu, 19 May 2011 - 23:17
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#17
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Member Group: Members Posts: 13,506 Joined: 9 Jan 2008 From: manchester Member No.: 16,521 |
put it in the auction, got 80 p on the pound back ?
Caveat emptor indeed of course this makes default allmost certain Our representative interest rate is 461.6% APR and this means that more than half of our customers pay this rate. Loans secured on your car. This post has been edited by jobo: Thu, 19 May 2011 - 23:25 -------------------- jobo
anyone but Murray, Wish granted for another year, |
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Fri, 20 May 2011 - 07:40
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#18
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Member Group: Members Posts: 2,553 Joined: 24 Jun 2005 From: London Member No.: 3,246 |
(Slightly off the LBL topic, but hey....it's the flame pit)..............a little story that's quite sad but also quite amusing.............when TS set up it's "Illegal Money Lending Unit" to try and combat the loan sharks, they initially put out a free-phone confidential reporting number (and trumpeted it with lots of press coverage) .................however, over half the calls that they received were from people wanting to borrow money.
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Fri, 20 May 2011 - 07:54
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#19
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Member Group: Members Posts: 56,263 Joined: 9 Sep 2003 From: Warwickshire Member No.: 317 |
One born every minute, so they say.
Selling a car you know not to be yours is beyond the pale, if you are that far down your going under anyway, so doing it sooner rather than later is often less painful in the long run. Simon -------------------- There is no such thing as a law abiding motorist, just those who have been scammed and those yet to be scammed!
S172's Rookies 1-0 Kent Council PCN's Rookies 1-0 Warwick Rookies 1-0 Birmingham PPC PCN's Rookies 10-0 PPC's |
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