Some advice needed NEMO FINANCE MIS SOLD PPI

bez227

Hi this is my first time on here , in feb 08 i was in a bad way money wise the only loan i seemed to have got was with nemo
i borrowed 32000 to clear my existing debt have been paying 404 a month ever since , after reading articals on this site about being missold ppi i decided to look at my loan agreament to my horror i noticed i have a 6320 ppi amount added to my loan but with intrest this adds up to 15996 when i took out this loan i didnt realise that i was the only one coverd (not my partner) also it only lasted for 5 years

does any think i am intitiled to claim for mis selling ?
Also has anybody claimed from nemo ?
And how much could i claim for is it the 15996 does this simply come off the loan amount a company has approched to to do the claim for 295 upfront and a 15% fee
should i just go it alone ?

Thanks in advance for any replies

di3004

bez227 wrote: »

Hi this is my first time on here , in feb 08 i was in a bad way money wise the only loan i seemed to have got was with nemo
i borrowed 32000 to clear my existing debt have been paying 404 a month ever since , after reading articals on this site about being missold ppi i decided to look at my loan agreament to my horror i noticed i have a 6320 ppi amount added to my loan but with intrest this adds up to 15996 when i took out this loan i didnt realise that i was the only one coverd (not my partner) also it only lasted for 5 years

does any think i am intitiled to claim for mis selling ?
Also has anybody claimed from nemo ?
And how much could i claim for is it the 15996 does this simply come off the loan amount a company has approched to to do the claim for 295 upfront and a 15% fee
should i just go it alone ?

Thanks in advance for any replies

Hello and welcome.;)

Yes I would go for it.

We were mis sold by Nemo as well, and it was finally resolved through the Finanical ombudsman service over a year ago.
Will make you aware though Nemo are not easy to deal with on these complaints, but keep at them and request they send you a copy of the phone recordings as well, this helped our case.

They pressurised us and its very costly, my hubby was covered and I wasn't, so you have a case on this straight away.

di3004

Did Nemo sell you the loan, or a broker?

You actually write to the ones who sold you the finance, with your reasons, they have 8 weeks to respond in full.

For more info with templates, check the link below, also check out the checklist for other reasons that may also occur to you.
Do not worry about writing down the amounts though.

If they do not resolve in your favour, you can take your complaint to the Financial ombudsman service (FOS), they will let you know this in the final response.

Post by recorded delivery - this is your proof of posting.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

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

bez227

hi thanks for the reply could you tell me how long the process took , did you use the template letters on here ? i have just done the first one its ready togo
as for the recordings it was done at home does that mean it was a broker ?
if you were sucsessful did you get a payout or just money off the loan
thanks

di3004

bez227 wrote: »

hi thanks for the reply could you tell me how long the process took , did you use the template letters on here ? i have just done the first one its ready togo
as for the recordings it was done at home does that mean it was a broker ?
if you were sucsessful did you get a payout or just money off the loan
thanks

On our first loan we were sold by a broker called TWOPART ltd, we are dealing with these now, they arranged for us to have the Nemo loan, we did however have a loan advance with Nemo the year after, and it was this loan ppi was complained about that was resolved through the FOS, as it being Nemo that sold us the loan advance, its them we wrote to on that one.

So if it were direct through Nemo that sold you the loan, you go direct to them to complain.;)

The complaint takes about 8 weeks, this is what they are entitled to, as Nemo did not resolve by the final decision, they gave me details then of the FOS.
As mine was complexed, it did actually take about 14 months for it to be resolved.

Hopefully though now, due to this being a big issue, Nemo will resolve this for you through them, and then you will not have to go as far as the FOS.

So it can vary, depending how many the FOS are dealing with at the time, yours may not take as long as mine did, fingers crossed for you.;)

bez227

hi thanks for the advise do you think i will have to go through the broker then or just write to nemo ?
thanks

di3004

bez227 wrote: »

hi thanks for the advise do you think i will have to go through the broker then or just write to nemo ?
thanks

Your welcome.

Was it sold by a broker or directly by Nemo?
It's whoever sold you the loan.;)

bez227

hi i think it was a broker trouble is i dont know who as its been a while and i can not find any paper work with the brokers details will nemo give me this info
thanks

di3004

bez227 wrote: »

hi i think it was a broker trouble is i dont know who as its been a while and i can not find any paper work with the brokers details will nemo give me this info
thanks

If you have already wrote to Nemo, they will let you know who the broker was.
I would ring them and they will confirm.;)

A way to your paperwork, would be to request a Subject Access Request (SAR), you can still send this request to NEMO as they will have the details from the broker, but they will not take responsibility of the mis selling part of it if you used a broker.
So maybe a SAR letter to request for all your paperwork would be useful.

With this they have 40 days to comply.
But there is a £10 charge for this by either cheque or postal order, again post by recorded delivery.

The link here to the SAR letter template.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

bez227

hi thanks for the info so if they will just blame the broker for the mis selling i take it

di3004

bez227 wrote: »

hi thanks for the info so if they will just blame the broker for the mis selling i take it

Yes you got it.;):T