PPI Reclaiming discussion Part III

di3004

rowls wrote: »

Hi all

Took a secured loan out with NEMO for £48000 over 25yrs
PPI on loan (which only covers us for first 5yrs) £11800
Plus interest over the 25yrs equals £29500
could anyone help !!!
I rang nemo and they said if we cancel the PPI it will only bring the payments down by about £9 / month
What can we do havent got a clue ! can i claim misled PPPI

Hi there
And welcome to this thread.;)

Myself, and Laini and many more have had dealings with Nemo, although mine and Laini's have now been resolved, both by the Financial Ombudsman Service.

When I cancelled my advance PPI with them, this was about 2 months after the cooling period and my repayments hardly dropped at all.

However if you feel you were mis sold the PPI you can try reclaiming it all back, where they have to put you back in the position as if you did not have the PPI from the start plus interest etc.

How far have you gone with this?
Do you feel you were mis sold on this product.

With my experience with these, they made us take the PPI or had to borrow more money.
I have since settled through remortgaging but had every penny back plus interest, and 8% stat interest of what a court would award.

My loan advance was for £55K which brought the settlement figure to almost £67K.

marshallka

rowls wrote: »

Hi all

Took a secured loan out with NEMO for £48000 over 25yrs
PPI on loan (which only covers us for first 5yrs) £11800
Plus interest over the 25yrs equals £29500
could anyone help !!!
I rang nemo and they said if we cancel the PPI it will only bring the payments down by about £9 / month
What can we do havent got a clue ! can i claim misled PPPI

Glad you reposted here Rowls. Have you done the letter etc that I said about doing in the post before??

Was it Nemo that actually sold the policy too??

Just take a look at the link here and see what you can add and delete from the template letter. Its always best to do your own from this. There are lots of reason on there for the misselling so pick out the ones that are applicable to yours.

You then write to the firm that actually made the sale of the PPI to you if this is different from the lender and don't forget to send this recorded delivery so you always a proof and dates etc.

After that you have to give them 8 weeks for a full and final response. In this time it is usual to get a response of "sorry we sold this to you fairly" but you then respond to this and reiterate your complaint again. The next time they write they either give you a final response which you would need in order to take this complaint to the FOS or offer to settle.

http://www.moneysavingexpert.com/rec...urance#reclaim


Good luck

di3004

Glad you brought up this Marshallka, because the first loan with Nemo as you know were Twopart/Eloan limited who were the brokers who arranged this but the loan advance it was Nemo.;)
Rowls like what Marshallka asked, you actually pursue this from the one who arranged the loan for you.;)

di3004

Not sure if newbies realise we have to refresh the page to check new posts......:rolleyes: , I remember when I first joined/posting I did not either lol.......:o , they will soon get the hang of it though......:D .

cheiro

Hello there...

I'm after some advice please, from anyone who can help :-o
35 days ago I sent a letter to the finance company who have mis-sold me PPI for the last 7 years (Beneficial), requesting a copy of my original loan agreement with details of PPI payments made.I hadn't heard anything back from them, so today I called and enquired - and they apologetically stated that they hadn't recieved the letter - and could I please re-send it, re-dated to today so that they don't get in trouble for not dealing with things. However, I sent the original letter by Recorded Delivery - and upon checking, the Post Office confirm that it was recieved and signed for at the correct address. Bearing in mind the company have 40 days in total to respond to my request - would it be advisable to wait 5 days, and take things higher for their lack of response - or should I do as they ask and re-send the letter with a modified date, potentially giving them another 40 days?

Many Thanks!

marshallka

cheiro wrote: »

Hello there...

I'm after some advice please, from anyone who can help :-o
35 days ago I sent a letter to the finance company who have mis-sold me PPI for the last 7 years (Beneficial), requesting a copy of my original loan agreement with details of PPI payments made.I hadn't heard anything back from them, so today I called and enquired - and they apologetically stated that they hadn't recieved the letter - and could I please re-send it, re-dated to today so that they don't get in trouble for not dealing with things. However, I sent the original letter by Recorded Delivery - and upon checking, the Post Office confirm that it was recieved and signed for at the correct address. Bearing in mind the company have 40 days in total to respond to my request - would it be advisable to wait 5 days, and take things higher for their lack of response - or should I do as they ask and re-send the letter with a modified date, potentially giving them another 40 days?

Many Thanks!

No way give them another 40 days. I would send another letter with the proof of delivery of the first letter and also state you now give them 7 days to comply by which time you will be contacting the ICO.

maxdp

di3004 wrote: »

Good morning Marshallka and Max.......:D .

How you both doing?

Any good news yet both?;)

Still waiting for the shipping man or woman lol.

Hi Di.

Yes am getting on with lots of things today. No news as of yet:rolleyes:. How are you doing. Any news from you?

maggie110

marshallka wrote: »

Should be around £1963.64 plus the statutory interest so if you post them up we can have a look. I get this figure as the total PPI plus the interest element and as you took the loan and repaid it on the due date then its all this amount back. They usually only take the statutory interest from the settlement date using the a, b, c method.

Thank you very much again !:beer:

di3004

maxdp wrote: »

Hi Di.

Yes am getting on with lots of things today. No news as of yet:rolleyes:. How are you doing. Any news from you?

Hi Max, hope your okay.
So your busy then hunni?:D
Think we're all waiting for some good news for a change......:rolleyes: .

The guy/courier then just rang to let us know he is on the way to pick up the xbox 360, he has a few pick up and drop off's to do on the way, goodness knows then how many of these xboxe's had to be returned for repair - 2nd time round for us, we have already told them if there is a chance of it not being returned back in time for xmas, we want a replacement, the same brand as well, think its the elite one as well.......:eek: , can't keep up with all these consoles, but as we some games for the boys for xmas what use are these games without the xbox?

maxdp

di3004 wrote: »

Hi Max, hope your okay.
So your busy then hunni?:D
Think we're all waiting for some good news for a change......:rolleyes: .

The guy/courier then just rang to let us know he is on the way to pick up the xbox 360, he has a few pick up and drop off's to do on the way, goodness knows then how many of these xboxe's had to be returned for repair - 2nd time round for us, we have already told them if there is a chance of it not being returned back in time for xmas, we want a replacement, the same brand as well, think its the elite one as well.......:eek: , can't keep up with all these consoles, but as we some games for the boys for xmas what use are these games without the xbox?

Quite agree Di. Hopefully they will sort it out soon. My son has the X box elite I think and it has to date, touch wood, never gone wrong. I bought it for him last christmas. Was it a fault with the older ones or may his still have the problems even though it is not yet a year old