Abolish Bills of Sale used in logbook lending

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Abolish Bills of Sale used in logbook lending

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Abolish the use of Bills of Sales in Log book lending.
This type of lending is used for people with bad credit ratings.
There are a number of companies operating on the basis of loans secured on property, for example cars. These loans are often provided for relatively small amounts of money, with very high rates of APR (often, over 100, and cases of APR’s over 200% are not uncommon).

All though the legislation governing the BOS is very strict companies like Logbook Loan disregard the legislation and the consumer credit act and bully their clients with any force needed to remove the cars.

The Office of Fair Trading can remove a company licence. This company and assets are then sold to another company with the same disregard to legislation.
It is a multi million pound industry that needs to be brought back under control.

.Government legislation is failing the protect the consumer against this type of lending.

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