Citizens Advice has today raised concerns that people taking out logbook loans are overloaded with debt, as new evidence reveals they have twice as many debts as other borrowers.
The national charity analysed more than 23,000 cases of significant debt problems handled by bureaux between April and September 2013, 127 of which involved a log book loan (also known as bills of sale). The findings show, on average:
Logbook loan debts were worth more than double that of payday loan debts (£2,500 compared to £1,000).
People with logbook loans had a total of ten debts, including other forms of credit, that’s double the ... More