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Log Book Loans - OFT (Update)
Greetings,
I want to share this information with every consumer that has had dealings with Log Book Loans Ltd (the "LBL") in the past or present, and have current problems with them (Eg: Threats / Taking your car away from you).
As you may be aware (from this site), the OFT has issued a "Minded To Revoke" Notice against LBL. This effectively means, should the OFT succeed, LBL Licence to grant consumers loans will be revoked, and should they then carry on trading, they will be committing an offence of "Trading without a Licence".
In a nutshell, LBL will be forced to shut it doors !!!
Now to my point for any person that has any outstanding agreement with LBL (Eg: An outstanding loan secured on your car), your agreement may be illegal and unenforceable on their part.
Please Read on.....
Your Contract (Bill of Sale) should read "Between [Your Name] and Nine Regions Ltd trading as Log Book Loans, having its registered office at Bridge Studios, 34a Deodar Road, Putney, London, SW15 2NN and registered in England and wales under No: 04286387 (the "Lender") of the other part".
You will note that "Log Books Loan Ltd" and "Nine Regions Ltd" operate under the same address and have the same Company Directors. I bet my bottom dollar that when you saw their advert it read "Log Book Loans". For legal purposes "Log Book Loans Ltd" and "Nine Regions Ltd" are technically two, "separate companies", but operates under the same roof. The end result is the same, all profits goes to the same FAT CAT Directors.
Now to the point:
"Log Book Loans Ltd" has a "Consumer Credit Licence" that is the process of being revoked by OFT.
"Nine Regions Ltd" (who you have a contract with that has been signed, sealed and executed) does NOT have a "Consumer Credit Licence". I have checked with OFT. Therefore, "Nine Regions Ltd" trading as a separate company is trading illegally.
You will note that your contract clearly states: "Nine Regions Ltd" trading as Log Book Loans", it does NOT say "Log Book Loans Ltd". Had it said "Log Book Loans Ltd" then there is a defence for them to put up.
There are many companies online that trades under "Log Book Loans", then hides behind a LTD Company. This is completely legal and above board.
In essence, prima facia, any contract may not be enforceable with LBL (a.k.a - Nine Regions Ltd) because they are operating (trading) without any form of licence, and therefore, because they are trading unlawfully, the contract is "null and void".
Log Book Loans Ltd -
Company Registration No: 03636230
OFT Licence No: 0458150
Nine Regions Ltd
Company Registration No: 04286387
OFT Licence No: Not Registered.
Please check and read your contract carefully. If you disagree or agree with any of the above points, then please post your note.
Lastly, just to inform you that I have issued County Court Proceedings against LBL (a.k.a - Nine Regions Ltd), and was granted an ex-parte injunction so they would not auction my £18,000 car, and guess what, they still went ahead and sold the car for £9,200 (despite this Court Order).
I want to share this information with every consumer that has had dealings with Log Book Loans Ltd (the "LBL") in the past or present, and have current problems with them (Eg: Threats / Taking your car away from you).
As you may be aware (from this site), the OFT has issued a "Minded To Revoke" Notice against LBL. This effectively means, should the OFT succeed, LBL Licence to grant consumers loans will be revoked, and should they then carry on trading, they will be committing an offence of "Trading without a Licence".
In a nutshell, LBL will be forced to shut it doors !!!
Now to my point for any person that has any outstanding agreement with LBL (Eg: An outstanding loan secured on your car), your agreement may be illegal and unenforceable on their part.
Please Read on.....
Your Contract (Bill of Sale) should read "Between [Your Name] and Nine Regions Ltd trading as Log Book Loans, having its registered office at Bridge Studios, 34a Deodar Road, Putney, London, SW15 2NN and registered in England and wales under No: 04286387 (the "Lender") of the other part".
You will note that "Log Books Loan Ltd" and "Nine Regions Ltd" operate under the same address and have the same Company Directors. I bet my bottom dollar that when you saw their advert it read "Log Book Loans". For legal purposes "Log Book Loans Ltd" and "Nine Regions Ltd" are technically two, "separate companies", but operates under the same roof. The end result is the same, all profits goes to the same FAT CAT Directors.
Now to the point:
"Log Book Loans Ltd" has a "Consumer Credit Licence" that is the process of being revoked by OFT.
"Nine Regions Ltd" (who you have a contract with that has been signed, sealed and executed) does NOT have a "Consumer Credit Licence". I have checked with OFT. Therefore, "Nine Regions Ltd" trading as a separate company is trading illegally.
You will note that your contract clearly states: "Nine Regions Ltd" trading as Log Book Loans", it does NOT say "Log Book Loans Ltd". Had it said "Log Book Loans Ltd" then there is a defence for them to put up.
There are many companies online that trades under "Log Book Loans", then hides behind a LTD Company. This is completely legal and above board.
In essence, prima facia, any contract may not be enforceable with LBL (a.k.a - Nine Regions Ltd) because they are operating (trading) without any form of licence, and therefore, because they are trading unlawfully, the contract is "null and void".
Log Book Loans Ltd -
Company Registration No: 03636230
OFT Licence No: 0458150
Nine Regions Ltd
Company Registration No: 04286387
OFT Licence No: Not Registered.
Please check and read your contract carefully. If you disagree or agree with any of the above points, then please post your note.
Lastly, just to inform you that I have issued County Court Proceedings against LBL (a.k.a - Nine Regions Ltd), and was granted an ex-parte injunction so they would not auction my £18,000 car, and guess what, they still went ahead and sold the car for £9,200 (despite this Court Order).
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