Nemo Finance

Leela_G

Hey, hoping for some help. We stupuidly took a secured loan with Nemo Finance for 25k in 2006. We may now be coming into some money and we obv want to pay this off asap. I have requested a settlement figure and the figure they have sent is 30k.... but the loan was only for 25k....

Is this right?

lethal0r

it could easily be correct. is there an early repayment fee? do you have a copy of the contract?

di3004

Leela_G wrote: »

Hey, hoping for some help. We stupuidly took a secured loan with Nemo Finance for 25k in 2006. We may now be coming into some money and we obv want to pay this off asap. I have requested a settlement figure and the figure they have sent is 30k.... but the loan was only for 25k....

Is this right?

Hi there

If you had loan protection insurance this is added with the loan and normally calculated within the settlement.

We had a loan with these but was mis sold the ppi, its extortinate isn't it?
We reclaimed on the PPI, this was resolved after we settled this, through the FOS.

di3004

You pay a release fee within the settlement as well, if I remember rightly it was then about £175.

Ask them to post you a full written breakdown in writing through the post.

Leela_G

Thanks, as i said we may be coming into money and dont want to get carried away incase it doesn't appear.

Is there anyway i can can the payment protection so that the settlement figure is lower.... they've already had thousands from me and are still getting more back, but its a mistake i will never repeat

di3004

Leela_G wrote: »

Thanks, as i said we may be coming into money and dont want to get carried away incase it doesn't appear.

Is there anyway i can can the payment protection so that the settlement figure is lower.... they've already had thousands from me and are still getting more back, but its a mistake i will never repeat

I would defo request that they post out the settlement figure with the calulations to see how this was worked out, this will show what is what with the insurance.

I have sent you a private message as well hun.;)

chalkie99

Leela_G wrote: »

Hey, hoping for some help. We stupuidly took a secured loan with Nemo Finance for 25k in 2006. We may now be coming into some money and we obv want to pay this off asap. I have requested a settlement figure and the figure they have sent is 30k.... but the loan was only for 25k....

Is this right?

I think what you might mean is that they advanced you £25k to spend there and then and in return you agreed to pay them a much larger sum over a number of years in return.

You would need to say what the payments are and over how long for a proper reply but the reality is you really "borrowed" a much larger sum than £25k - possibly £40k or more.

If you supply the repayment figures and number of months/years of the loan the settlement figure could be explained.