The Legalities of Logbook Loans and Bills of Sale

A method for obtaining a loan that has less general awareness than other types of finance are what are known as Bills of Sale.  This is a bill that in the UK dates from 1878 and has grown in popularity in recent years.

What it means is that anyone can use something they own as security for a loan.  In essence they take out a loan against a good that they own, which in theory can be anything.  But the most common use of the bill today are in the types of loans defined as logbook loans.

Logbook loans are where an individual uses their vehicle, usually a car, as security for the loan.  They can borrow around 70% of the value of the vehicle and pay the amount back in instalments.  The company offering the loan is generally more lenient with borrowers about having a good credit history, even so far as the borrowers can have County Court Judgements against them and the lender will still offer a loan.  This is because the loan is secured against the vehicle and if the customer doesn’t pay the loan back, the lender can repossess the vehicle and claim back some of the money they lent.Court room for Bill of Sale

Other loan products don’t have this kind of security, for example a credit card provider has to be more careful with who they lend to because they have no security on the loan.  This is why a credit card company will turn down a potential borrower because they have a poor credit score.

Bills of sale make it easy to repossess a vehicle

The issue here for logbook loan borrowers is that a Bill of Sale effectively gives ownership of the vehicle to the loan company.  That means that should the company decide the repossess the vehicle, they can at any time.  In normal circumstances such as in a hire purchase agreement, the company would have to obtain a court order so they could repossess the car.

When someone buys a car with a logbook loan against it

Another potentially more problematic issue is that often individuals who have borrowed against their car using logbook loans then sell the vehicle on to someone else.  That buyer, if they don’t carry out the correct checks against the vehicle before they buy it is then liable to pay the logbook loan.  Many innocent purchasers have found their new car being repossessed because they had a logbook loan against it they knew nothing about.

The Law commission is looking into the situation

The Law Commission has reviewed Bills of Sale and offered recommendations to improve the situation faced by both borrowers and lenders.  They recommend that borrowers vehicles are not repossessed too quickly by lenders and that the amount of bureaucracy lenders face when dealing with Bills of Sale will be reduced.  They have worked with both parties, lenders and borrowers to try and come up with recommendations that suit both and do not hinder a service that is obviously needed by the numbers who are taking up the loans.

They have put it forward to the government and hope to be able to draft a bill which could be introduced to Parliament.  It may not be a quick process but it is some way forward when it comes to updating a Bill that has been around for so long.



Read more

Top 4 Legal News Websites You Should Follow

The legal profession has gone through a lot of progression and will continue to evolve in the future. All lawyers know it’s advisable to keep up to date with the latest news in the legal world.

Keeping abreast of what is happening in the legal world might improve a lawyers abilities. Below we share some great resources that you can use to stay ahead when it comes to the legal industry.


A great resource for professionals who want to learn and stay up to date with high profile and key cases in American law. includes a large amount of information that you can use and refer to in order to prepare for your case.

Business Finder


Maintained by actual law professionals and students, these blogs are a great resource to learn about the approaches and different cases that your fellow colleagues are handling at the moment. The ability to learn from seasoned professionals is a great opportunity to grow as a lawyer.

Above The Law


When it comes to legal matters and law as a whole, there may be no better resource on the web than Above The Law. The website provides detailed analysis, information and key findings in nearly all aspects of the legal profession.

Find Law


Find Law is more area specific news and can be used to stay up to date with legal issues and cases in your area.

You can use all of the above links to acquire in-depth knowledge and understanding of the legal profession and ensure that you continue to remain in touch with current developments in the legal profession.

Read more

How to Become a Lawyer – Not as Complicated as You Think…

Law is a very lucrative career that can provide you with the opportunities that no other profession can. The legal profession rewards hard work, dedication and skills. It is also a fairly open field for anyone who is willing to work hard enough. With only 67,000 corporate lawyers there is a lot of room for young professionals to enter the market and claim their place. Below we share a step by step method of acquiring a license to practice.

Work Ethic

bealawyerIt is extremely important in the legal profession to be used to working hard being good at everything that you do. Start at the beginning and ensure that you complete high school with great grades, and create an ability in yourself to deal with complex and complicated issues.

Recognize the potential in yourself, if you do not have the ability to read lengthy often dull chapters or tend to find study and research boring then this profession might not be for you.

Being Part of the Community

Participate in different events held at your school to develop your social skills. As a lawyer you should have the ability to interact with different kinds of people from all areas of life.

Getting a Degree

Enrol in a 4 year undergraduate program. English, public speaking, history and economics are a perfect fit for your path towards becoming a lawyer. Try to take as much advantage of the facilities that you have at your disposal. Ask your career counselor for advice and ways to improve your chances of becoming a lawyer.


Apply to law school and complete your studies, then practice under a professional lawyer and finally earn your own license. A good GPA and strong work ethics would contribute significantly towards your entry into Law school.

Following all the steps outlined above is a guaranteed path towards becoming a lawyer. Never shirk away from your responsibilities and work hard, this way you can achieve big things in your life. Here’s some great advice from Marc Miller, from The University of Arizona College of Law…

Read more

What Does a Corporate Lawyer Really Do?

A lawyer who specializes in corporation law is called a corporate lawyer. There are several things that should be considered before choosing the perfect lawyer for your case.  2005 stats reveal that there are 67,000 active corporate lawyers in the country. To find the best amongst all of these is tricky and several factors should be considered before making a decision about a corporate lawyer.


Everything cannot be taught through books, practical experience is essential in creating an understanding of different aspects of the legal world. An experienced lawyer is guaranteed to provide you with the real understanding of the world. The practice is usually very different than the theory, therefore always ensure that you hire a professional and experienced law firm for your case.


The legal profession requires many skills and creativity to contend or defend a case. Using diverse skills the lawyers can contribute towards the success or defeat in a corporate case. So before hiring a legal professional you should always determine their success rate. A lawyer with good success rate has the tendency to succeed more often and probably has the ability and knowledge required to make the final push towards victory.


Law is very detailed and cannot be fully mastered by a single individual, therefore different lawyers seek to excel at different branches of law. Therefore ensure that you hire a corporate lawyer capable of handling your case with ease and success.

Using all of above tips you can ensure that you are able to successfully contest your case in the eyes of law and acquire the desired benefits from your efforts. Here’s an infographic outlining some of the main functions of a business and/or corporate lawyer.

Read more

Follow us on Social Media