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OFT imposes requirements on Hermes after it acquires log book loan business
The OFT has granted Hermes Property Services Limited (Hermes) the right to use the trading name Log Book Loans.
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Re: OFT imposes requirements on Hermes after it acquires log book loan business
Just reading through the guidline and came across this(underlined), does anyone know where the appropriate legislature exists that permits this.
Log book loans are made under an agreement known as a Bill of Sale and are secured against a vehicle such as a car or motorbike. Although the borrower continues to have use of the vehicle, it legally becomes the property of the lender. If the borrower defaults, the loan company can repossess the vehicle without a court order. This includes having the power to enter premises in order to recover the vehicle. Even after the vehicle is sold, the borrower can still be pursued if there is any shortfall in the debt.
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Re: OFT imposes requirements on Hermes after it acquires log book loan business
well i think we both agree Davyb that they most certainly do not have the power to enter premises, only a court bailiff has that power for certain circumstances only, which would require a court order anyway.Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.
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