Log Book Loan and Webuyanycar

A question about : Log Book Loan and Webuyanycar

Hi everyone.

My apologies in advance if this is the wrong thread, perhaps a moderator would kindly move the post for me if that be the case.

Guys I need some urgent help regarding a log book loan.

I've very recently, regrettably, taken out a log book loan on my vehicle to the sum of Ј1000. Since doing so I've regretted it and now, having thought about the interest etc want rid of it and quickly. More so as I'm still within the 14 day cooling off period.

I want to sell the car to webuyanycar, a reputable company etc so I can pay off the loan with minimal interest and have a few thousand left over for other debts etc. problem is, the loan company refuse to release the V5 and webuyanycar can't do the transaction without the V5! I'm in a right pickle.

I want to sell the car to avoid getting into more debt, I know that the loan should never have been taken out in the first place, i get that but trust me, I'm regretting it.

So can anyone offer me some advice on what to do? I thought about taking the matter to court as after all I just want to sell the car to pay off the loan so what's the big deal...? Maybe I'm missing the point. Someone please help or, if anyone knows of a similar company that will deal with log book loan companies please let me know.

Obviously the dealer will pay off the log book loan company first as per the HPI check then pay me the remainder. It's just the same as a dealer clearing finance, thing is though the loan company have the V5 which seems to be a disaster for me now as they won't release it.

Thank you.

Best answers:

• You are missing the point. A logbook loan is not the same as having a car on finance. There is no way they'll release the V5 as there would be nothing to stop you refusing to pay them. Ultimately they keep the V5 until they are paid.
  If you have had a change of heart, and are within the 14-day cooling off period, have you spent the money? Could you sell what you've spent it on and try to repay the loan quicker?
• Good point - thank you.
  They still have an order on it though through the court so even if that was my intention, which it is not, I couldn't sell it privately anyway as I'd be causing fraud?
  It's just a nightmare. Rock and a hard place!
• Assuming that there's absolutely no other way to get your hands on the money to pay off the logbook loan...
  You could borrow the money to pay off the logbook loan within the cooling off period from another "less reputable" source like Pounds to Pocket, then pay off the logbook loan, sell the car to WBAC and use the funds to pay off the second loan (also within the cooling off period). This course of action won't do your credit rating any favours, but might be cheaper than sticking with the log book loan...
  I'm assuming that you don't have time to get a replacement registration document from the DVLA before the 14 day cooling off period is up?
• are these log book loans legal?
• No, I'm not getting another loan plus, because of my poor credit history is the whole reason I went here in the first place.
  So am I now thinking that no matter what, I'm not seeing this V5C again until I pay the loan?
• OP, What have you done with the Ј1000 loaned to you against the car? If you still have it you should be able to repay it within the 14 day cooling off period and have your v5 returned, not that complicated really? If you have spent it you can hardly ask for the v5 to be returned in order to sell the car first before raising the money loaned to you.
• Ive just sent this to the Area Manager of Loans2go, I can't do anymore!
  What a nightmare! Lesson learnt!
  "Dear Mr. Woodhouse,
  My name is Scott Hughes, I'm a customer of Loans2go with the credit agreement number, TL-UK...........
  Following a brief conversation today with Trevor from the ** office, I need to contact you directly regarding this agreement and the sale of the security.
  Currently the loan is within the 14 day cooling off period and I hereby give notice of my intention to cancel the agreement within that period.
  That said, however, I need to arrange for the sale of the vehicle, the transaction of which is to clear the outstanding debt with yourselves.
  My intention is to sell the vehicle to Webuyanycar (WBAC), a reputable company within the car industry. The company have confirmed that they will purchase the vehicle to the sum of Ј3600, obviously subtracting from that figure the outstanding amount payable to you. I need you to confirm this figure urgently, I believe it to be under Ј1100.
  This scenario is identical to that of selling a vehicle on finance, the dealer will pay you as the finance company and then pay me any remainder.
  In order for the sale to be processed I need the V5C Registration Document. Currently Loans2go have custody of this document as per the terms and conditions of the loan agreement.
  Within those terms and conditions however is a clause regarding the temporary release of documents held against the security available to the sum of Ј10. It's that condition to which I hereby apply for the temporary release of the V5C registration document.
  The sale needs to be completed tomorrow, 17th February, 2015. I need to either a) arrange for the collection of the document from the ** Office or b) take your agent to the Webuyanycar office on ** who then can be the custodian of the document on your behalf whilst the transaction is processed. I expect the latter to be around 1.5 hours.
  On receipt of the V5C, WBAC will complete the transaction whereby written guarantee shall be given of the sale, the payment to you will be made, followed by the payment of the remainder to myself.
  I appreciate there is an element of risk releasing the log book however, I hope my openness and honesty, as well as written documentation to you will bring some comfort in understanding that this transaction is true and honest and not one where I'm intentionally attempting to defraud your company. (This is me making that statement and not insinuating any comments have come from Loans2go). I'm happy to offer you the cash lump sum of Ј500 either towards the loan or as a deposit of the V5C, this is my rent money so I too are taking an element of risk.
  I'm stuck between a rock and a hard place in that I'm trying to do the right thing by clearing off the debt before, possibly, getting into a deeper situation of which I may regret, especially as I'm registered disabled with Severe PTSD and mental health condition. I need your help, I appreciate its an exceptional circumstance but, that said I need your help.
  I hope this matter can be mutually agreed between ourselves and that a quick transaction between all parties can be completed.
  I'd be grateful of your further consideration to this matter, I'm more than happy to drive you to WBAC if you should choose? I just need your help.
  Looking forward to hearing from you,
  Scott".
• You have no chance of cancelling the loan within the 14-day cooling off period if you do not have the money. None whatsoever.