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gynn · 13-01-2012, 13:25

The other cowboys to look out for are Logbook Loans who lend money secured against your car. They charge exorbitant rates of interest, and the form you sign is not a credit agreement as you think, but a sales agreement passing ownership of the car over to the loan company. They only enforce it if you don't keep up the payments.

I know someone whose son took out a loan on his dad's car, and the first dad knew about it was when he woke up one morning to find his car being repossessed.

13-01-2012, 13:25	#9
gynn Senior Member+ Join Date: Apr 2009 Posts: 1,136 Liked: 10 times Rep Power: 4983	Re: Wonga.com The other cowboys to look out for are Logbook Loans who lend money secured against your car. They charge exorbitant rates of interest, and the form you sign is not a credit agreement as you think, but a sales agreement passing ownership of the car over to the loan company. They only enforce it if you don't keep up the payments. I know someone whose son took out a loan on his dad's car, and the first dad knew about it was when he woke up one morning to find his car being repossessed.