Leading cash loan company Nine Regions Ltd trading as Log Book Loans has gone into administration.  The company which lent cash secured on cars documents, or the logbook as the document is more commonly known went into administration on the 13th February 2012.

In Nov 2011, the group hit controversy when they lost their consumer credit license after the Office of Fair Trading ruled them “unfit” to hold one.  The appeal hearing heard how Logbook Loans had sent out thousands of letters in the name Adams, Spencer and Phillips (ASP) in an elaborate attempt to falsely threaten debtors with legal action on behalf of Nine Regions Ltd.

The tribunal found that ASP “employees” were in fact Nine Regions employees and that ASP had no employees of their own.  It appears ASP was set up to collect debts on behalf of Nine Regions Ltd whilst masquerading as a separate company.

David Fisher from the Office of Fair Trading said ”

ntentionally deceiving debtors as part of a debt collection policy is an extremely serious matter, which calls into question a licensee’s fitness.

“We expect businesses licensed by the OFT to treat all their customers, including those in arrears, fairly and transparently”

Logbookloans.co.uk  contains a notice that the company has ceased trading and is currently redirecting to  Hermes Property Services Ltd.

Related posts:

1. Log Book Loans – V5 Loans

Log book loans are loans secured against your cars documents so you can borrow money without losing the use of your car.  If you have a reasonably new car – 2001 or younger, and the car is in your name and not on finance you may be able to borrow between £500 and £20,000.

v5 Loans are one of the leading UK logbook loan companies – they can offer quick and easy loans with no credit checks required.  They have local representatives throughout the country so your loan will be finalised quickly and easily.  Apply online  via their site with the make and model of your car and how much you want to borrow and they will arrange for a local representative to meet with you, check your documents and pay your loan.  Loans can be repaid over up to 78 weeks.

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