Log Book Loans

Just watched a really interesting bit on Watchdog about these. I never realised that there is only a voluntary code for lenders to sign up to if they want, so a lot of people have bought cars subject to a log book loan, HPI'd it and it has shown clear, only gor it to be repossessed a few weeks later by a finance company. The only way the innocent buyers could get their cars back was to pay off the original owners' debts and then pursue them through the courts, often gaining judgment but no money forthcoming.

It is a gaping hole in the CCA which needs closing. Very much a case of buyer beware and there is no way at the moment of checking whether any car you buy is subject to a log book loan or not.