UK consumers are using logbook loans to raise money when they are desperate for cash. This is a more common situation now than ever before owing to the poor state of the country’s economy. As a result, people are using their cars as collateral to secure funding for mortgage payments or to cover routine bills.
A logbook loan gives the lender ownership of the borrower’s car until such time as he has fully repaid the loan. Unfortunately debt support agencies are hearing logbook loans complaints with growing frequency as consumer watchdogs are particularly concerned about the rights of individuals who purchase second hand cars which are still subject to loan arrangements.
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