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The main problem you face is that when the bailiffs turn up to your nephew’s place and they attempt to repossess the car they will assume, in the absence of anything to the contrary, that the car belongs to him. This is not unreasonable because (a) he has (or perhaps "had" if handing it over was part of the loan process) the V5C and it is registered in his name (although this is not proof of ownership) but also (b) he has the car in his possession, (c) it is at his address and (d) he has taken out loans against it.
If it is taken you should have 7 days to make representations to them to prove that it belongs to you. If you successfully do so it should be returned to you.
I must say I don’t know too much about “log book loans” but reading a little it seems that ownership of the vehicle is formerly transferred to the loan company for the duration of the loan. In effect it is sold. This places your nephew in a bit of a tricky situation because it seems he has knowingly sold something that he does not own. Apart from the debt problem he now faces (assuming you get to retain the car) he may also face a criminal charge as it seems he made a false representation to obtain the loan.
As has been said, I think you need to take expert advice.
Edited by Middleman on 04/03/2017 at 14:23
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