P.p.i. Pre-paid

highlandercain

Wonder if anyone can tell me if the P.P.I. I was sold with my loan from Nemo Finance is reclaimable. The full cost of the insurance was added onto my loan of £18,000(over £5,000) and I have to pay that back plus interest. In other words I have paid all the insurance premiums up front. Is this right? I am actually paying £281.17 per month. This payment was originally 263.07 but due to interest rises it went up, though when I rang Nemo they informed me they weren't tied into the Bank of Engand interest rates. Am I being ripped off? Thanks in anticipation. Ken

di3004

highlandercain wrote: »

Wonder if anyone can tell me if the P.P.I. I was sold with my loan from Nemo Finance is reclaimable. The full cost of the insurance was added onto my loan of £18,000(over £5,000) and I have to pay that back plus interest. In other words I have paid all the insurance premiums up front. Is this right? I am actually paying £281.17 per month. This payment was originally 263.07 but due to interest rises it went up, though when I rang Nemo they informed me they weren't tied into the Bank of Engand interest rates. Am I being ripped off? Thanks in anticipation. Ken

Hi there Ken

And the answer is yes, it is reclaimable, I was successful with reclaiming back from these, although it went to the Financial ombudsman service, and there have been other successful people with the same company.

I would also check this out here for other reasons you have to add to the complaint reclaim letter:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You have a good case already, but check the above for further information, there you will find a template reclaim letter as well, but try to use your own words and all your reasons for why you believe you were mis sold.

They have 8 weeks to respond in full, if not successful first time round, write again until you receive the final decision, they will let you know when its the final one, where they should enclose details of the financial ombudsman service with a leaflet and details.

Post by recorded delivery, and please let us know how you get on, in case further help is required.
When we had the loan with these, they said we had to have this and of course the loan was 25 years, and the cover just for 5, it will be the same for you as well (5 years) this type of cover is looked upon very dimly so get writing to them if you feel you were mis sold, good luck.;)