Making Logbook Loans Complaints

Logbook loans are a type of personal finance where money is loaned and secured against your car or vehicle. Although the process is relatively straight forward, many logbook loan companies offer "short term instant cash" incentives and "hassle free loans", which are not entirely honest advertisements on their part.

In the past, various logbook loans complaints have been filed against different companies and lenders. Disputes are normally in regards to repayments, seizing vehicles without authorisation or when repayments have been made, seizing the wrong vehicle and inaccurate adverts/advice to coax customers into taking out a loan.

Some companies are regulated by the FSA (Financial Service Authority) and are obliged to provide accurate, correct information and follow strict procedures for loan repayments or vehicle seizure. If a company is not regulated by the FSA, or a related organisation, then you should steer clear; if a company is FSA regulated you can claim compensation or file a complaint for misconduct and not following FSA guidelines. However, without FSA regulation it can be notoriously difficult to file a logbook loans complaint.

To avoid having to make a logbook loans complaint in the first place, use review sites such as moneysupermarket.com to look at reviews, customer comments and ratings of the best personal finance available. Losing your car because of an unregulated company or from company mistakes is the last thing you need, which can be easily avoided if you research logbook providers beforehand.

If you do need to make a logbook loans complaint, consider contacting your provider in the first instance. Gather as much information as you can from them, including information about your loan and company information. Make sure you note whether or not the company is FSA regulated; if the company is FSA regulated you can go straight to the FSA for further advice at: http://www.fsa.gov.uk/Pages/consumerinformation/if_things_go_wrong/index.shtml .

Once you have gathered all your information, and the loan providers refuses to come to an agreement or provide a solution for you, consider contacting the Office of Fair Trading or Consumer Direct at http://www.oft.gov.uk/ . They can provide you with advice for making a logbook loans complaint, direct you to the right complaints procedure or even deal with the complain itself should your loan provider fail to come to an agreement.

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