Nemo & Loanmakers

vinny612003

Hi,
Were considering taking out a secured loan of £20,000 over 5 years with Nemo through brokers Loanmakers, has anybody any experience of these 2 companies. Thanks in advance

di3004

vinny612003 wrote: »

Hi,
Were considering taking out a secured loan of £20,000 over 5 years with Nemo through brokers Loanmakers, has anybody any experience of these 2 companies. Thanks in advance

Hi there Vinny
Yes we had a loan with Nemo, different brokers though.

I agree we were happy with the loan, but they mis-sold us the payment protection insurance. The FOS sorted this complaint out for us and we won.
I am not the only one either.;)

So beware hun, don't let them push you into taking this PPI.
I know all loan companies can be the same but it was the fact that when we had the loan advance with nemo, they said we had to accept the PPI, and it was recommended.

They will add this on your loan, so if your loan was for over 10 or 25 years, whatever, they will say all about this wonderful ppi where you will get a percentage of this back if you have not made a claim in the first 5 years.
Please, don't get sucked in by this one hun.;) So basically the 5 years protection will cover you for only 5 years - no longer, but yet you will be paying this out on the life of your loan, as its a front loaded policy.

Obviously I know to be covered is important, but I would defo check out a stand alone cheaper option to cover this, you should be able to check this out online.;)

Good luck !

Di.
x

vinny612003

Hi Di,

Thanks for the reply, the quote weve been given is : £20,000 over 5 years ( this will totally clear all our debts ) repayments of £474 a month, APR of 15.9 % thats without the PPI, the person i spoke to at Loanmakers said we didnt have to have their PPI, just wondered how these figures compare ?

Thanks
Vin

japete22

vinny612003 wrote: »

Hi,
Were considering taking out a secured loan of £20,000 over 5 years with Nemo through brokers Loanmakers, has anybody any experience of these 2 companies. Thanks in advance

Hi vinny
Just thought I'd let you know my friends have been in dispute with Nemo for 8 mths regarding the PPI they were (mis)sold with their loan.They were in such a mess they decided to downscale their property but even had problems with Nemo concerning that( had to be 85% LTV).After umpteen fone calls and letters(not to mention the sleepless nites and the suicidal thoughts) it is now in the hands of the F O S.
I personally wouldn't touch them with a barge poll but its up to you.You could do a bit more research into them before you make a decision.
Good Luck

vinny612003

Thanks for the message japete22