We could have been ruined; but logbook was there

Getting out from the vicious cycle of debt is always very difficult. I understand that it is much stressed time; when you don’t have money and people are not ready to extend the repayment time. I suffered form the same scenario back in 2013.  My issue was based on sympathy, which dragged us in to loan for no reason.

In the college days, we used to have group of 4 people in the university and all of them were very close. John was migrated from Wales and came to England for study purpose. He forcefully joined our group, which we later accepted.  He started to make himself famous and recognized amongst our class fellows. As a matter of fact all of us were trusting him like anyone else. That was the passing year of your college and most of us already got the job as well. One day, John called to tell that his father had an accident; so he was in dire need of 10,000 £. We all got worried and decided to lend him money, which we collected from all of our sources to give him on one month’s commitment. He told us that he is in Wales, so we should send him money via bank transfer. Next day we called him to check if he has received the money and his father status; but his phone was off.

We all got worried when after a week, his number was not accessible. The worst part was we didn’t have his landline number or even the home address. We tried to approach the college so that we can trace him. As we all were worried about him; we tried every mean to reach him.  Two weeks passed away and now the lenders started calling us. All of us become worried about the situation. We got to know that John has run away with all the money, as he changes his home and the mobile number as well. We didn’t have option other than getting a loan from the bank.

Upon calling bank, none of us got a loan as of poor credit history and the unstable income status as well. Other than me, none of us was working from last 6 months. We all tried to find some alternative source and then found logloan.co.uk. It worked as a miracle for us. I used to have car as well, and against that car I took the loan. Although I took the risk but it paid off and was my best decision ever. In a day time we got the loan and we returned all the money to lenders and then started to pay the amount. We managed to pay all amount in 12 months times and finally because of logbook loan I got back the ownership of my car. I am thankful to the logbook loan for saving all of us from embarrassment. This made the bond of our friendship stronger; as all of us contributed to pay it off, the same was the trust about logbook loan.

Trust Deed (Scotland)

If you feel as if you’re mired in a debt situation, then don’t worry there are ways to get out of it. One option for you may be to set up a trust deed for your creditors. This would be a binding agreement between you and your creditors that would be enforced by law. Basically, what would happen is that the assets and property that you have would be given to someone, working as a trustee, who will arrange your finances with the express purpose of paying back your creditors.  Once a deed like this has become protected, then your creditors will not be able to send you into bankruptcy. However, once this deed exists, you will need to keep making payments on your debts for the next four years.  Once you have filled the requirements of the trust deed, then you will be liberated to some extent and many of your debts will be forgiven.

To be eligible for this, your debt must have at least five thousand pounds of debt. If you don’t have this much debt, then you will not be able to get a trust deed.

You will need to find a person who is qualified to act as a trustee. This person should be an insolvency practitioner.

Also, only a protected trust deed will prevent creditors from taking action against you. Therefore, if your trust deed is not protected, this means that only creditors who have consented to the trust deed need to follow its’ rules. Also, the creditors that don’t agree with the trust deed can still try to force you to pay them through the courts. So, you should try as hard as possible to get your trust deed protected, or there is the possibility that your creditors can still bankrupt you.  Since, most trust deeds that are protected do not allow you to only put down some of what you own. This means that you will probably have to put down everything you own on the line. Again, this means everything you own excluding household essentials. A trust deed that does not include terms like this will not be a protected trust deed.

If you are the manager of a limited company, then you probably won’t be allowed to have a trust deed.  You need to find this out for yourself.  Also, getting a trust deed may prevent you from holding public office in the future. Again, the best way to make sure this is not the case is to research for yourself. Also, once you have signed a protected trust deed, this means that you will not be able to apply for the DPP (debt payment programme) under the DAS. Also, if you are in the DPP already, then you cannot sign a trust deed.

So, getting a trust deed may be the best way to stave off potential bankruptcy. However, you need to make sure that you are also following all the rules to the letter. If you need more information go to debtadvisoryscotland.net .

Logbook loans: Gaining money against vehicle

Screen Shot 2015-09-24 at 17.15.20Logbooks are actually the registration certificate which is issued by the DVLA or the driving vehicle licensing agency in the UK. Now in this respect you need to know that the formation of logbook, which was known as the V5 document is now changed and it is known as the V5C document according to the new regulation. The validation of the logbook is upto 5 years and it comprises of all the entries and details regarding the owner of vehicle, registration number, the chassis number, registered keeper of the logbook, model, engine number and also the color of the car.

We bet you would know the various means of borrowing; but did you know that you shall be able to borrow a complete loan by just using a logbook? Yes, this is completely true, that you can take up a loan by showing the logbook. This is known as the logbook loan. This can be depicted as a personal loan which is secured against a car. A UK resident becomes eligible for a logbook loan, if he/she has a logbook registered in their name. In exchange, the logbook and any other details pertaining to the car will be kept by the lender. But one of the major advantages of the logbook loan is, unlike the traditional loan, you won’t have to surrender the vehicle completely and you shall have the complete freedom of using the vehicle for your purposes.

The loan that can be borrowed ranges from £500 to £50,000, but you need to remember that the loan will be granted on the fact that the condition of the car is good. A certain test is conducted that ensures the car can be driven comfortably and no problems are there in its mechanism. This test is known as the MOT test and if a satisfactory result is obtained, the borrower will be granted the loan within a very short period of time. The criteria that need to be met before granting the loan are as follows:

For being eligible for a logbook loan, the logbook needs to be registered in the name of the borrower.

The vehicle needs to be less than 8 years old against which the logbook loan is being taken.

A borrower is preferred to be in full time employment for the loans being granted or he/she needs to show a proof that they have a constant source of income which will assure the lender that the borrower is capable of repaying the loan.

The vehicle needs to be cleared of any finance or dues in taxes. With any due payments, the loans will not be granted.

The vehicle must be insured and taxed. This is important because since the lender is providing the loan, he/she wants to be on the safer side and thus it is important.

You can opt for logbook loans from any banks or any other financial institutions, but if you are in a hurry, then you can opt for the online lenders. The online method of applying loan saves a lot of money and time.

A borrower is able to have access to a large number of online lenders through the internet. But you need to be sure that the lender from whom you are getting the loan is absolutely a genuine one. Since this is a major asset you need to do proper research before opting for such an online lender. If you are looking for more information then you can check out this website.