LBL Legality Query

[shirley286]

Just a query, i was unfortunate enough to have to take a small loan with LBL, it is paid to date and i have no problems there, however, upon re-reading my contract they have mis-spelt my name and the location where they signed the agreement(cash converters) has no notified 'typical APR %' anywhere on the premisies for LBL. How legal is this? Should I complain to OFT?

[shirley286]

Spoke to Trading Standards, now, an interesting point that people can 'join in' on, if you signed your agreement in a premises, did LBL have posters or signs up advertising thier services? If so, did they state an APR rate? by CCA law/standards they are required to do so on the posters signs etc. Trading standards would like to hear about any of these so if you would like to preverbally stick one up LBL please dig a bit and see if these 'pre-contract' APR rates were showing!!! of not complain to Trading Standards!

[saintscouple]

I sined my agreement in a Cash Convertors, and whilst i'm unsure oif the posters have a stated APR, I do know that staff wear tee shirts advetising lbl services which don't have a quoted APR........though would this be required i wonder?
I'll try and pop in to the store sometime at the weekend and verfiy the poster situation.

[shirley286]

If you discover that they dont give trading standards a quick email, within 3 days they contacted me and i know they have been to the store in question and are now pursuing things further

[shirley286]

Trading Standards have now been in touch again and are looking at the loan agreement and are not happy that LBL do not show at least 'typical APR %' on marketing products. Will keep you all posted.

[Aberdulais]

Having read your note on this, I have also filed a complaint with both the Trading Standards and the OFT.
The agent for LBL quoted me 84% verbally. This now appears to be a typical APR of 126%.
However, while this interest rate is on the Bill of Sale, the attached Loan Agreement has a Typical APR figure of 308.1%......so 3 or 4 times higher depending upon how you loo at it....
And also pleased to say that the Cash Convertor from which this agent operated had no signs at all for LBL, nor any typical APR rates or any other information. I also note that she signed herself as from Log Book Loans Ltd, which of course does not exist, it's Nine Regions Ltd trading as Log Book Loans...
I will let you know if I get any replies....