Some advice needed NEMO FINANCE MIS SOLD PPI

bez227

Hi
but would nemo still be responsible for paying me back the ppi even though it was sold through a broker , and i take it any money i would be due back would just come off my ouitstanding debt with nemo ?
hopefully i would be able to refinance after this money was waken off
worse thing i ever did was taking out this loan

di3004

bez227 wrote: »

Hi
but would nemo still be responsible for paying me back the ppi even though it was sold through a broker , and i take it any money i would be due back would just come off my ouitstanding debt with nemo ?
hopefully i would be able to refinance after this money was waken off
worse thing i ever did was taking out this loan

Hi there

With mine it was paid off, due to remortgaging and when resolved through the ombudsman we were awarded almost £13K of the ppi with interest etc, my ppi was that of £11K.

It can be confusing in who's to repay this back to you, but the complaint would go to the broker then I assume they would work with the lender to refund this to you, or if the loan is still running, they may use it to reduce the loan sort of thing.

However, it may just be the case that they will refund this direct, and just as long as you cancel the PPI with them, they will reduce the monthly repayment that way, but be aware it may not reduce by that much.

If you wanted this reduced from the loan, then if successful, you can ask them to do this, if you have a choice.;)

bez227

Hi after doing a bit of digging i have found out who the broker was it was loanmakers ltd troble is these have now ceased trading , what do i do now ?
should i be trying to cancel the ppi in the meantime as i dont think im going to get anywhere fast with this

di3004

bez227 wrote: »

Hi after doing a bit of digging i have found out who the broker was it was loanmakers ltd troble is these have now ceased trading , what do i do now ?
should i be trying to cancel the ppi in the meantime as i dont think im going to get anywhere fast with this

Hi hun

Right you need to make a claim through the FSCS (Financial compensation scheme) I'm sure they have these listed, they more or less work the same as the FOS.
Ring them to ask if they are listed (I'm sure they are) and request they send you a claim form.;)
They may suggest "after you ringing them" to then email for a form, but best to ring them first here:
http://www.fscs.org.uk/contacts/

Please let us know how you get on, cheers.;)

(In regards of cancelling the PPI, that is up to you, you can always ask them how much would your loan be without this first and take it from there) Remember you will receive everything back if successful anyway on the PPI. X

bez227

:Tthanks for the pm

di3004

Thanks for your pm too :T:T lol.

Left post above for you about the compensation scheme, in case you missed it.;)

bez227

hi phoned nemo if i cancel it will only reduce my payment by 6.00 (what a joke) there also said they have written to me saying this and offering me a 557.20 rebate does not seem alot really
thats if i accept it , do you think i should just keep paying it then for now ?
cheers :j

di3004

bez227 wrote: »

hi phoned nemo if i cancel it will only reduce my payment by 6.00 (what a joke) there also said they have written to me saying this and offering me a 557.20 rebate does not seem alot really
thats if i accept it , do you think i should just keep paying it then for now ?
cheers :j

Hiya Bez

Hmm not sure what to think about that to be honest, it have not reduced the loan hardly at all and I bet your actually paying about £70 a month on the PPI at least.

Personally what I would do in this case, carry on as you are (if you want to) as your not paying much less.
Then when successful you will receive the whole lot of the PPI back that you have paid and the interest etc.
With that rebate, this will deduct that from your loan, In my opinion its not going to make that much difference.

You can wait for other opinions on this if you want to Bez, but mine is as I said above.;)

PS.
I take it though, if you cancel then that is the amount they will rebate from the loan that is owing and your just paying £6 less a month, you can still do this, then try to reclaim on the rest later through putting in a claim, its up to you.

bez227

Hi i have contacted the compensation scheme for a claim form which i should get soon if loanmakers has gone bust and i get compensation who would pay this out would it be nemo ? bit unsure haw the scheme works to be honest anyone have any info ?

di3004

bez227 wrote: »

Hi i have contacted the compensation scheme for a claim form which i should get soon if loanmakers has gone bust and i get compensation who would pay this out would it be nemo ? bit unsure haw the scheme works to be honest anyone have any info ?

Hi hun
Thanks for your pm.;)

The FSCS (Compensation scheme) are funded to pay out on these claims, so it would be through the FSCS and they investigate the business that have gone bust, as these were the ones who sold you the loan/ppi and not Nemo, it can be confusing, but if you check as well on the FSCS website you should also find details on how they resolve these issues in regards of when a broker are gone bust, here:
http://www.fscs.org.uk/consumer/making_a_claim/

Hope this helps hun, good luck.;)