I am witting this issue with reference to the logloan.co.uk. I hope this post will help thousands of people to get rid of reselling the cars under logbook loans. I am very passionate about the cars and drive every car that could come in to my range. I saw one Audi and it hit to my heart; so I decided to buy that car as my first vehicle. When I got the car I was not told about any legal issues associated to that. I bought this car online through a website. For one month I was very happy with the deal, but later on I got to know that there is a debt against this car and it is known as logbook loan. It is a kind of loan that is against your car, more precisely against the logbook V5 of your car. That was my first car and I didn’t know that we have to check the logbook at the time of purchase.
Once you get that loan you can’t sell the car to someone neither you can’t delay or skip the payment to the lender. If you try to do so then you will be in trouble and they can take your car as well. There is no issue with the process of logbook loans, neither are they scam. In fact they really helped me out to resolve this issue; I was trapped due to my own ignorance.
Well there was no solution to that since it was online, I didn’t inspect anything and got the ownership on my name and as per the process I had to pay the debt as well. logloan.co.uk team was of great help at that time. They informed me about the whole process and asked that I need to get the person in order to get rid of this issue. But I couldn’t as he flew back to some other county. Well then they suggested that I need to inform to citizen active bureau; rest is a long story. In short they tried and helped me from every possible way; but since it was my fault so I can’t blame them; yet it was a great learning for me.
I advise you to get the information on this and don’t get trapped. If you want to apply for a logbook loan please make sure that you meet their eligibility criteria and are willing to be associated with it till the repayment is done. Also, once you are buying a car from someone, please ensure that you see the car yourself and the V5 log book of vehicle as well. If it doesn’t have the log book with him then you can proceed or to be on the safe side you can check with the logbook loan side as well. In case you don’t take these precautionary measures you can be in a trap like me; however I am thankful to logloan.co.uk team who helped me to resolve the issue.