Logbook Loan Frequently Asked Questions
V5 Solutions Logbook Loan FAQ's
Below are some frequently asked questions about our log book loans.
What are the qualifying criteria for a logbook loan?
You must be over 18, the owner of the vehicle, UK resident and have a regular income. We will need to check your personal circumstances and make sure the loan is affordable regardless of the vehicle value.
What are the vehicle qualifying criteria?
Your vehicle must be: Registered in your name; Completely free of outstanding finance and; In good mechanical and cosmetic order with valid Tax, MOT and Insurance.
How long before I can receive the funds?
We usually payout funds within 24 working hours. Once you have completed your application using our online wizard an underwriter will call you within 2 working hours.
Will someone need to come and see my car?
Most of the application process is done online and over the phone. If you are approved, we will need a very brief in person appointment to sign the Bill Of Sale. This can usually be done within 3 hours of approval.
Is the application confidential and secure?
Yes, absolutely.
Are you regulated?
Yes we are regulated and authorised for Bill Of Sale lending by The Financial Conduct Authority.
Do you subscribe to the Code of Practice?
Yes, as responsible lenders V5 Solutions are members of the Consumer Credit Trade Association and we adhere fully to the Code of Practice for Log Book Loan Lenders. Please note however that we are not members of the CCTA.
What do you loan against?
We offer our V5 Solutions log book loans against cars, vans, and motorcycles.
How old does my vehicle have to be?
Your vehicle should ideally be newer than 8-10 years old, though this depends on the make and model. Use our simple application process to see how much you could borrow.
What if I have bad credit and CCJ's?
V5 Solutions logbook loans are based on your ability to make the loan repayments and the value of your vehicle. We judge each application on its own merit and appreciate that not everyone has a perfect credit history. As long as you can afford the repayments for the life of the loan we will try and lend to you.
Can I settle early?
Yes. You can settle the logbook loan at any time within the loan term and receive a rebate on the V5 Solutions logbook loan. You can use our online quote tool during the application process to get a guide of how much you would repay if you settle your loan early.
Are there any penalties for early settlement?
Yes. Included in our early settlement figure is a 1 month early settlement penalty. Please not that this does not affect your statutory right to withdraw from the agreement interest free in the first 14 days should you wish to cancel your agreement.
How do I repay the logbook loan?
The loan is repaid in either weekly or monthly instalments via a recurring payment authority from your debit card.
What happens if I have trouble paying?
V5 Solutions are a responsible lender and we will work very closely with you if you run into any financial difficulties. It is essential that you maintain contact with V5 solutions as soon as your circumstances change. Where things go wrong we will always aim to work with you to achieve a good outcome
Can I surrender the vehicle to you?
Yes. If you run into any unforeseen financial difficulties at any time you can surrender the vehicle to us by dropping the vehicle off at one of our approved auction houses. provided the vehicle is maintained we may take this as full and final settlement in line with the CCTA code of practice for logbook loans.
When do you repossess a vehicle?
Ultimately where there is no willingness or intention to repay the loan it is likely that your vehicle would be repossessed. As responsible lenders we recognise that life happens and people's circumstances change. The repossession of a vehicle is the last thing we would want to do as a lender. We will always work with our customers in good faith to aviod this and show forbearance when needed. We will always consider the best outcome for you the customer. This could mean either a voluntary surrender of the car or perhaps even just some forbearance and a reduced repayment plan.
What happens once you have recovered the vehicle?
Initially we will hold the vehicle for 14 days to give you a chance to settle the loan and collect the vehicle. We will sell the vehicle after 14 days and use the proceeds to settle the loan. Any excess funds will be repaid to you. You will be liable for any shortfalls in the sale of the car. Remember, Vehicle Recovery is a costly affair and we'd rather not have to do it. As responsible lenders we only recover vehicles as an absolute last resort when all other attempts to collect payments have failed.
How do I contact you?
You can contact us by email info@v5solutions.co.uk, phone 0333 24 123 44 or by writing to us at Logbook Money Ltd., PO Box 762, Wetherby LS22 9GJ.
What are the late payment costs?
We'd rather not make any charges and we will remind you by SMS and Email when you miss a payment and give you the opportunity to pay then without charge. However, we will charge £12 for each letter/SMS we have to send you for each missed payment after that. To avoid these charges please ensure your payments reach us regularly and in good time. If you have any problems get in touch with us as soon as you can and we will work with you to arrange another suitable payment date or method.
What if my loan application is unsuccessful?
If your V5 Solutions application is unsuccessful we can, with your permission, pass your details on to one of our trusted partners who may be able to offer you an alternative loan.
Why was my loan application unsuccessful?
This is most likely because your vehicle did not meet some of our criteria. You might not be the owner yet or have all the right documents. If so, please apply again when you do.
Can I have more than one logbook loan?
No. As responsible lenders we will only allow you one logbook loan on your vehicle at any one time. Once you have repaid your loan though you may apply for another one. If your first account was paid well then we may increase your trust rating with us and offer you more the next time or better V5 Solutions log book loan rates.
Can I add additional funds to my V5 Solutions log book loan?
Possibly. Depending on your circumstances and how much you initially borrowed it may be possible to get a V5 Solutions logbook loan top up. Call us for more details on 0333 24 123 44. Please note you must be completely up to date with your existing loan repayments. We never issue top ups within the first 6 months.
I am not in employment and receive benefits, can I get a V5 Solutions log book loan?
Yes! We judge each application on its own merit and as long as you meet the qualifying criteria and can comfortably afford the loan repayments then you will be considered for a V5 Solutions logbook loan.
Do you need the spare key for a V5 Solutions log book loan?
No.
Does V5 Solutions require a credit check?
Yes. We ask for consent to perform a credit check on all our applications. Don't worry we look at every application in detail and can be forgiving about past issues. As long as you can afford the loan we will try and help.
I have recently entered employment/changed jobs, can I get a V5 Solutions log book loan?
Yes! We offer V5 Solutions log book loans for anyone in regular employment that meets our criteria. Usually we would just ask for a contract of employment if no income is showing on your bank statements for the last two months.
What days are you open?
We can arrange to speak to you Monday-Friday 9am to 5:30pm, including some Bank Holidays.
Can I get a V5 Solutions log book loan if the V5 log book isn't in my name?
You can get a V5 Solutions logbook loan as long as you can demonstrate that you are the owner of the vehicle.