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Which Company Has the Most Logbook Loan Shops?

Q: Which company has the most logbook loan shops? ~ Andrew, Bristol.

Loans 2 Go has the highest number of logbook loan shops. Hermes Property Services merged with this brand in early 2015 and so this collective group would likely command most of the market share. A key service feature is that they impose no age restrictions on your car and so they can cater larger audiences than your average v5 lender who set a 10 year cap. Poor credit is considered, although they will need to process a credit check. With pricing, they’d take £1200 in interest on a £1000 sum borrowed over 12 months. If you are happy to proceed then you can apply on their website or alternatively head straight down to one of their branches.


Who Offers Logbook Loans for Older Cars?

Q: Who offers logbook loans for older cars? ~ Mike, Bury.

This question was received several months ago, but it was kept stored until we had conduced our V5 Lender Comparison page. It has now been identified that there are a few lenders that offer logbook loans for older cars. The problem is that some of these only discount age for classic models or for a car with significant value attached. In general, most firms have a 10 year requirement in place regardless of condition, mileage or value. Your motor should always really be worth a few thousand pounds since you have to remember that any loan sum will be calculated against the vehicle’s current market value that typically ranges between 65% and 75%.


Nationwide Debt Now with Fredrickson International. Is FredPay and Freds This Same Company?

Q: Nationwide debt now with Fredrickson International. Is FredPay and Freds this same company? ~ Tom, Luton.

Yes Fredrickson International Ltd is also FredPay and Freds. These are the names of each of their websites. The first takes payments and the second is their corporate site. To provide some information on who you are dealing with, this collector is based in Weybridge in Surrey. They have been operating since back in 1992. Although they haven’t been around for a considerable time they soon became one of the top 5 industry collectors. This recently attracted the attention of the Lowell Group who went on to acquire the Interlaken Group that includes both this firm and also SRJ. Through this acquisition Lowell would likely have jumped Moorcroft to top spot in the industry.


Who Is Wescot Credit Services? Letter Says Pay Wescot for Halifax Debt?

Q: Who is Wescot Credit Services? Letter says pay Wescot for Halifax debt? ~ Don, Blackburn.

Wescot Credit Services Ltd is based in Hull, with other offices in Glasgow and Saltcoats. They are one of the UK’s top collection agencies servicing 5 million account holders each year. The only collectors who reportedly chase up more debts are Lowell and Moorcroft. What has been key to their success has been the big name creditors that they have worked with. As well as Halifax who you mentioned, they have been associated with the likes of Barclays, HSBC and NatWest. Away from banking, they have affiliations with British Gas, O2 and Sky. They have been under the control from Alchemy Partners since 2005 that has helped to boost their competitive edge against leading DCAs.


My MiniCredit Loan Has Been Passed to Opos Limited. Who Is This?

Q: My MiniCredit loan has been passed to Opos Limited. Who is this? ~ Gaz, London.

Opos Limited is a debt collection agency based in Dumbarton, Scotland. They have been active since the year 2008 and so are one of the newer DCAs on the scene. From researching this agency, a diverse range of markets are taken on by them including financial, telecoms, utilities and even commercial. Despite this, the only creditor affiliated with them is the company as queried (MiniCredit). Any correspondence relating to your account would have likely been put through Kapama that is a separate division within the group. What has happened is that Kapama/Opos Limited have purchased the loan book of MiniCredit that occurred when the payday lender closed down for business.


Quick Quid Loan Has Moved to Motormile Finance UK. Who Should I Pay?

Q: Quick Quid loan has moved to Motormile Finance UK. Who should I pay? ~ Lee, Preston.

Motormile Finance UK is a debt purchaser and so the loan account that you held with Quick Quid (branded as QuickQuid) has now been closed. When this account sale went through you should have received confirmation of the transfer in writing. What’s important now is that you are looking to get this balance settled and done with. The problem faced is that a default would have been registered on your credit profile. This will unfortunately remain on your report for the period of 6 years that will make it difficult to access credit elsewhere. Whilst there is a waiting game, you can help your cause by getting a “Satisfied” marking once this has been paid.


Why Is Moorcroft Debt Recovery Limited Chasing My Wonga Loan?

Q: Why is Moorcroft Debt Recovery Limited chasing my Wonga loan? ~ Terry, Manchester.

Starting with an intro, Moorcroft Debt Recovery Ltd (MDRL) has been the UK’s leading collector of consumer debts over much of their history that began back in 1985. Their dominance has however been overshadowed more recently by the Lowell Group though their Interlaken Group acquisition. Anyway, this Stockport-based collector operates across a range of markets. Both financial and telecoms have been a key focus where they purchase defaulted accounts from the original creditors. Regarding financial, they are mostly associated with big banks such as Barclays and NatWest. They aren’t generally affiliated with payday lenders, with Wonga being the exception. With telecoms, they are commonly linked with EE and Virgin Media.


Is Car Loans 4 U the Best Finance Company?

Q: Is Car Loans 4 U the best finance company? ~ John, Derby.

By Car Loans 4 U we assume this query is directed at CarLoan4U (they are mostly searched under this spelling). However which way this broker has historically been known, a recent development has seen a rebrand with them taking on the new name of Zuto. Most people should get used to this name quickly as they will soon be running a nationwide TV ad campaign. To address… Is Car Loans 4 U the Best Finance Company? From the data that we have analysed, they have been the most impressive broker studied to date. Across every other market our full focus is on direct lenders. Things however work a little differently with motor financing.


High Acceptance No Credit Check Loan Options UK

Q: I am seeking high acceptance no credit check loan lenders. What are my current options in the UK? (shortened for title) ~ Larry, Manchester.

In a past query we addressed No Credit Check Payday Loans. It was covered there that all known active lenders do run searches today. Some companies may have higher acceptance rates than others, but it has never been easy to quantify this. On this page we will be looking at the current high acceptance no credit check loan options across the local market. In UK subprime lending there is only one niche whereby checks are not commonly processed by multiple competing lenders. This is the logbook loan sector. This field differs to other subprime markets due to the agreement being secured that enables them to cater a wider target audience.


Faxless Payday Loans and Workplace Calls

Q: Do payday lenders ask for documents to be faxed over and will they call my work? (shortened for title) ~ Rob, Stoke.

Many lenders these days offer faxless payday loans online. There was a time when the chances were much greater that you would be asked to fax across bank statements or payslips in order for the application to be processed. This wasn’t always forced, but it would be a common protocol when the lender requires extra supporting documentation if they see greater risk in the application put forward. Every responsible lender initially conducts a credit check with one of the major Credit Reference Agencies (CallCredit, Equifax or Experian). If the score meets their criteria then they will usually approve the funds to be quickly sent across through the Faster Payments Service.


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