Claiming back PPI with Nemo

joanneg_2

Hi,

I'm sure I'm probably repeating a question asked many times before but having a quick scroll though i couldn't find any info.

We had a secured homeowner loan in 2006 with Nemo (recommended by capital one) which had PPI. We were informed that after so many years you'd get some of the insurance payments back in a lump sum so took it.

The total amount of the insurance was added to the loan and given a separate interest rate. We were lucky enough to be able to pay off the loan in 2007 so I wondered if we'd still be entitled to claim back any payments? I'm also pretty sure we had to pay off a percentage of the insurance total to end the loan.

And how we'd get all the information on the loan as we cannot find the paperwork at the moment?

Any advice would be great. Thanks.

di3004

joanneg wrote: »

Hi,

I'm sure I'm probably repeating a question asked many times before but having a quick scroll though i couldn't find any info.

We had a secured homeowner loan in 2006 with Nemo (recommended by capital one) which had PPI. We were informed that after so many years you'd get some of the insurance payments back in a lump sum so took it.

The total amount of the insurance was added to the loan and given a separate interest rate. We were lucky enough to be able to pay off the loan in 2007 so I wondered if we'd still be entitled to claim back any payments? I'm also pretty sure we had to pay off a percentage of the insurance total to end the loan.

And how we'd get all the information on the loan as we cannot find the paperwork at the moment?

Any advice would be great. Thanks.

Hello there,

I too had a loan from Nemo but arranged by different broker, and was eventually successful due to being mis sold, resolved through the Financial ombudsman service (FOS).

If you believe you were also mis sold then I would go for it, more info on reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You write to the ones who arranged this for you, in your case Cap one, they have 8 weeks to respond in full.
Keep at them until resolved, or until they issue you with the final decision, which should also include details of the FOS, you can take your complaint to them if your not happy with the outcome of your complaint and best to post by recorded delivery as well, for your proof of posting.

You will find a checklist of mis selling reasons on the link above, and templates, use a a guide if you want to, with your own reasons, I would check the checklist to see if any of it occurs to you.

Good luck, keep us posted and ask for help when required.;)

Di

nickyola

Hi all.

I have a loan at the moment with NEMO, and was also told that i would get some of the insurance back after 5 years i think it is.

Can i cancel this and reclaim what i have paid so far? It is all so confusing, and i dont know where to start.

NEMO have been rubbish since the start, putting up our interest rates for the first four months, messing us about no end, i dont want to have to keep on paying for this PPI if i dont have to.

Any advice people?!?!

Thanks in advance
Nicky x

di3004

nickyola wrote: »

Hi all.

I have a loan at the moment with NEMO, and was also told that i would get some of the insurance back after 5 years i think it is.

Can i cancel this and reclaim what i have paid so far? It is all so confusing, and i dont know where to start.

NEMO have been rubbish since the start, putting up our interest rates for the first four months, messing us about no end, i dont want to have to keep on paying for this PPI if i dont have to.

Any advice people?!?!

Thanks in advance
Nicky x

Hi Nicky

And yes you can, but I have to say as its possibly after the cooling period when cancelling the repayments may not reduce by much, however, if this is worthless to you, and besides you can always purchases a stand alone cheaper option to protect you, as its always best to be protected in case the unfortunate did happen, but Nemo yes very costly indeed.

Whilst reclaiming with your reasons, you can cancel the same time, tell them you do not require this and want this cancelled as soon as possible, and due to your reasons you want all your PPI premiums refunded and the interest.

For more information, check here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will find some useful information on guidelines of reclaiming, a checklist of mis selling reasons, and template letters, write your own reasons to what you think occurs to you.

They have 8 weeks in full to respond, keep at them until they resolve in your favour or until they issue you with the final response which should also enclose details of the FOS, you can can your complaint to these if your not happy with the outcome.
Best as well to post by recorded delivery, for your proof of posting.

Good luck with this and post up for help anytime.

Di
X

nickyola

Hi Di,
Thats sounding brilliant, I have sent my first letter off to them today - yeah me!

My other half is not terribly impressed, as apparently, we have a 'quarterback' loan - after so long, we get a quarter back of the payments we have made on the loan so far - they think that by asking them to cancel the payment protection, we will not get this money - by cancelling the insurance, are we altering the loan? Worried sick have done the wrong thing now! We were also told that we would get some of the insurance money back at the end of the insurance term, so I am in big trouble now....:T

What do you think about all that? Did you have a similar deal?

marshallka

nickyola wrote: »

Hi Di,
Thats sounding brilliant, I have sent my first letter off to them today - yeah me!

My other half is not terribly impressed, as apparently, we have a 'quarterback' loan - after so long, we get a quarter back of the payments we have made on the loan so far - they think that by asking them to cancel the payment protection, we will not get this money - by cancelling the insurance, are we altering the loan? Worried sick have done the wrong thing now! We were also told that we would get some of the insurance money back at the end of the insurance term, so I am in big trouble now....:T

What do you think about all that? Did you have a similar deal?

Show him this

http://www.thisismoney.co.uk/credit-and-loans/article.html?in_article_id=421140&in_page_id=9

and this one too. Have a read and see if you think it was ever a good deal
http://www.givehome.com/news/200707/nemo-quarterback-loan.html


I would however ask the advice of someone like FOS about this quarterback deal if you do reclaim the PPI as you quite rightly said, you have changed the terms of the loan (although through no fault of your own) so would you be able to claim it after 10 years?????

di3004

nickyola wrote: »

Hi Di,
Thats sounding brilliant, I have sent my first letter off to them today - yeah me!

My other half is not terribly impressed, as apparently, we have a 'quarterback' loan - after so long, we get a quarter back of the payments we have made on the loan so far - they think that by asking them to cancel the payment protection, we will not get this money - by cancelling the insurance, are we altering the loan? Worried sick have done the wrong thing now! We were also told that we would get some of the insurance money back at the end of the insurance term, so I am in big trouble now....:T

What do you think about all that? Did you have a similar deal?

Well done for making a start on this......:T:T, you will be fine, and yes yours similar to mine there, your repayments will alter a little, but I was disappointed that is was not by that much a month, however you will when successful receive all the PPI back.

Good luck and please do keep us posted, cheers.;)

marshallka

di3004 wrote: »

Well done for making a start on this......:T:T, you will be fine, and yes yours similar to mine there, your repayments will alter a little, but I was disappointed that is was not by that much a month, however you will when successful receive all the PPI back.

Good luck and please do keep us posted, cheers.;)

So did you have the quarterback deal then Di? Do you know how it works especially if you claim back the PPI?

di3004

marshallka wrote: »

So did you have the quarterback deal then Di? Do you know how it works especially if you claim back the PPI?

I was looking through the booklet (Nemo) the other week where it states quarterback, to be honest Marshallka I do not have a clue, but it was on the booklet we received with the policy, the loan did not go on long enough as we settled very early.;)

marshallka

di3004 wrote: »

I was looking through the booklet (Nemo) the other week where it states quarterback, to be honest Marshallka I do not have a clue, but it was on the booklet we received with the policy, the loan did not go on long enough as we settled very early.;)

I don't think the quarterback is actually anything to do with PPI but rather to do with the loan itself and its about the interest paid on the loan. I think the OP needs to enquire about this and make sure that this is still paid out to them if the terms of the loan are altered with regards to the PPI reclaim. It should not be but i bet there are others in the same boat here that have claimed their PPI back and would Nemo then stop them claiming this quarterback too. It would of course be another FOS complaint I would think as it would not be the customers fault at altering the loan terms.

di3004

marshallka wrote: »

I don't think the quarterback is actually anything to do with PPI but rather to do with the loan itself and its about the interest paid on the loan. I think the OP needs to enquire about this and make sure that this is still paid out to them if the terms of the loan are altered with regards to the PPI reclaim. It should not be but i bet there are others in the same boat here that have claimed their PPI back and would Nemo then stop them claiming this quarterback too. It would of course be another FOS complaint I would think as it would not be the customers fault at altering the loan terms.

Yes I agree with this Marshallka, I did not even know what this meant.......:o