Post Judgment Interest on Log Book Loan

[Thorn1990]

Hi, I have raised this before here but came to a dead end. So thought worth a try again.

To summarise.

Log Book loan taken out. Regulated by CCA 74
Defaulted on.
Interest Rolls on and off for approx. 2 years (Freezing interest when payments could be made) Until Creditor applies for Judgment.
Judgment gained by Creditor.
Post Judgment Interest Accrues.
Original Judgment figure less Post Judgment interest is paid in full.
Creditor applies and is granted a charging order on some property to secure the PJI.

I have my views but would like input here on the above.

Can Post Judgment Interest be secured by way of a charge?

Anyone who viewed my previous posts will see its a while ago and the figures now are "Soul destroying"!

Any views on this recent casehttp://www.bailii.org/ew/cases/EWHC/Ch/2013/1282.html

Thanks

[Thorn1990]

Re: Post Judgment Interest on Log Book Loan

Hi, to try and raise some feedback.

As the amount of Interest is still accruing, how does that effect the figure that was secured by the charge?
i.e. does the figure of post judgment interest which is still accruing be still secured by the charge?

example. when the charge is made final the figure is £1. Add 1 months interest makes it £2, is the figure of £2 secured by the charge even though it is not admitted or has had the chance to be defended/disputed?

Thanks

[CleverClogs]

Re: Post Judgment Interest on Log Book Loan

Which company lent the money?

[Thorn1990]

Re: Post Judgment Interest on Log Book Loan

Hi, I would prefer not at this stage to state this.
Hope you understand.

I have found a similar theme debated on here, and as payday/logbook loans etc make up a vast proportion of debates on Forums such as this, I am sure some here have a view on my predicament.

Thanks

[CleverClogs]

Re: Post Judgment Interest on Log Book Loan

Hi, I would prefer not at this stage to state this.
Hope you understand.

OK by me. This forum is publicly accessible and you'd rather be cautious.

It just struck me as odd that a log book loan should be governed by the Consumer Credit Act, as such a loan is effectively the sale of the motor car to the lender.

[Thorn1990]

Re: Post Judgment Interest on Log Book Loan

Hi, yes it is covered, I suppose in most cases with these "Sub-prime" lenders it is away to cover there loan. As research "Log book loans" and a lot of query's are how to protect the car from being taken.
A bill of sale has to be registered.
But I assume in most cases there is a shortfall to make up. So the car, really thinking out of the box is just another way to sell these type of "Life destroying" loans (I do not say that lightly).

Once in the net if the original loan is not able to be paid, some company's encourage a further loan known as "Churning" this consolidates the balance due under the previous loan/s. Then the nightmare begins as this can happen time and time again (even though new provisions I believe restrict this, not sure if enforced yet)
Irresponsible lending yes, proving it difficult.

We then move onto that since the First National Bank Case (2001), lenders are entitled to claim Post Judgment Interest if the correct procedures are followed, thus even if the Judgment figure is paid in full, they still chase the interest which accrues on the principal sum post Judgment.
This is our case.


Lenders can then try and secure the debt with a charge, this is where my question arises with the recent Case quoted.

Thanks