Thinking about a Logbook Loan? Or find you already have one and it’s tough to pay back?
A Logbook Loan is a form of secured lending that has been around for many years where the lender will own the item until the loan against it has been paid off.
The biggest problem with this type of loan is that there is a very high risk of repossession and when it comes to a Logbook Loan it is a car that is at high risk and generally people do need their vehicle to get from A to B.
So why do people take Logbook Loans? Is a Logbook Loan the best loan to get? Generally people will go for a Logbook Loan as it may be the only option to release funds their asset as their credit score may not be the best and Logbook Loan companies will release money a lot easier when they have an asset to repossess if the loan terms and conditions do not go to plan.
Due to Logbook Loans being aimed at high risk individuals they can charge up to 400% APR for £500 to £50,000, this may sound great to people who struggle to get any finance accepted but this can often be difficult to repay even though an income and expenditure will be done before the funds are released.
Logbook Loan companies have been reported on several occasions for the intimidating tactics they use on consumers.
So what can we do to help?
If you are living in Scotland and have had your car repossessed due to a Logbook Loan and have been left with a big bill to pay or are struggling to meet the repayments due to other financial commitments get in touch.
Here at www.scottishtrustdeed.info we can help individuals write off up to 75% of their unsecured debt and be debt free in just four years using government legislation called a Scottish Protected Trust Deed, if you either use our details to get in touch below or leave your details on our site and someone will be in touch to assist.