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PREVIOUSLY HAD AN UNAFFORDABLE LOAN?

Claim Logbook Money compensation

If you have ever had an unaffordable loan from Logbook Money, you may be able to claim compensation if you could not afford to repay it.

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Logbook Money ltd provides clients with cash logbook loans for car owners across England and Wales. Based in Leeds, Logbook Money ltd is an expert at providing short-term loans to customers with bad credit scores. The firm offers loans between £1k-10k, which can be borrowed over periods of between 18 months and four years.

What Are Logbook Money Compensation Claims?

Customers who are issued a loan agreement and who cannot afford to repay it or feel they have been given more than they needed to, may have had insufficient background checks. With this in mind, if the firm that lent you the money failed to thoroughly assess your circumstances, they could have participated in irresponsible or unaffordable lending. For lenders, there is no particular set of lending checklist criteria to follow, however, they must act fairly by conducting reasonable and adequate checks.

One important factor in any form of lending includes being confident the client can afford to pay their debt in a timely manner and in full without having to borrow more money or fall behind on other financial commitments.

In June 2022, Logbook Money ltd was advised by the Financial Ombudsman Service to follow the below guidance in order to settle a customer car logbook loan complaint external link icon light blue:

  • Waive the outstanding balance on the account; and
  • Refund to Mrs. A payments she made above the amount of £1,000 she borrowed. To be clear this includes any interest or charges associated with the credit or its collection; and
  • Add 8% simple interest per annum to these overpayments from the date they were paid to the date of refund; and
  • Pay Mrs. A an amount of £200 to reflect the distress and inconvenience she experienced when it recovered her car; and
  • Remove any adverse information about this loan from Mrs A’s credit file; and
  • Revoke the Bill of Sale for Mrs. A’s car if this is still in place and return any relevant documents to her if it hasn’t already done so

How Do I Know If I Have A Claim Against Logbook Money Ltd?

Motonovo helps clients from across the UK to fund their motor purchases through finance agreements.

Customers may be owed compensation from Motonovo if their loan is deemed unaffordable by the FOS following a formal complaint.

To review whether you may have a potential compensation claim against Motonovo, ensure you consider if any of the following circumstances apply:

  • Did Logbook Money ltd conduct reasonable and proportional checks to ensure you can sustainably repay the loan?
  • Did Logbook Money ltd ask for evidence of your finances?
  • Did the Continuous Payment Authority give you a prior warning that money would be deducted from your account?
    Were you forced into borrowing, or pressured to extend your loan?
  • Did Logbook Money ltd act unfairly or unreasonably in any way?
  • Did you need to take out a further loan to repay the first one because of unaffordability?

How To Make A Claim Against Logbook Money Ltd?

If you are a Logbook Money ltd loan customer and think that your agreement and therefore your borrowing may have been unaffordable you can contact the firm by telephone or in writing.

Upon receiving a response from Logbook Money ltd you may wish to escalate your complaint to the FOS if you are dissatisfied with their proposed resolution.

If you do contact the Financial Ombudsman Service, an investigation on your behalf will be initiated and they will come to a decision as to whether or not they believe your lending was unaffordable as well as outlining what action is due. For example, if the FOS believes you have been mistreated you should be appropriately compensated.

How Long Do I Have To Claim Against Logbook Money Ltd?

Claims against Logbook Money ltd will need to be pursued within three years of your date of knowledge (once you realised you may have a claim, you have three years to initiate the proceedings)

How Much Is A Logbook Money Ltd Compensation Claim Worth?

Should you be eligible for mis selling compensation in the form of unaffordable lending, your final sum will vary between £100s – £1000s. We can help you to receive both a refund of any charges and interest on your loans as well as an 8% compensatory interest on any agreed sum. Do not that each client and case are different and the final sum will be calculated depending on the finance amount and individual terms of your policy.

Starting Your Claim Against Logbook Money

Claiming compensation against Logbook Money  can be a daunting task. At Claims Bible, we have a team of legal partners who are specialised in handling mis-selling claims. Simply complete our online application form to get started.

Why choose Claims Bible?

100% Confidentiality

Being discreet is part of our business, our legal representatives will never discuss your case without your permission.

Proven Track Record

So far we’ve handled over 10,000 cases and claimed back over £2,000,000 for our clients so you are in safe hands.

Claim Professionals

We partner with specialist firms so your claim is handled by an expert who is familiar with your type of claim.

Read more About Us >

Don’t Delay. Check Now.

Don’t miss out on £100’s or even £1,000’s in compensation you could be entitled to. Checking only takes 5 minutes, so why not do it now?

You do not need to use a claims management company to make your complaint to your lender. If your complaint is not successful you can refer it to the Financial Ombudsman Service for free. Claims Bible does not charge you for our service, we may be paid a fee by the final supplier for any introductions. This will not impact on any costs incurred by you.

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