Can somebody please advise me?

dottylottie29

Hi All, I have just joined this site so please bear with me! I am just wanting some advice if possible.

Me and my partner took out a consolidated loan with Nemo back in 2006 for £21,000. We took out joint PPI. However i just had a look at a recent statement and the PPI amount on top of the original loan is some £5,500. So in total we owe over £26,000.

I would like some advice if possible. I dont know if a) i am able to reclaim any b) where to start c) if this is an excessive amount to be charging?

I dont think we were misadvised at the outset but everything was carried out over the phone. We never actually saw anyone face to face.

I look forward to hearing from you.

regards :D:D:cool:

di3004

dottylottie29 wrote: »

Hi All, I have just joined this site so please bear with me! I am just wanting some advice if possible.

Me and my partner took out a consolidated loan with Nemo back in 2006 for £21,000. We took out joint PPI. However i just had a look at a recent statement and the PPI amount on top of the original loan is some £5,500. So in total we owe over £26,000.

I would like some advice if possible. I dont know if a) i am able to reclaim any b) where to start c) if this is an excessive amount to be charging?

I dont think we were misadvised at the outset but everything was carried out over the phone. We never actually saw anyone face to face.

I look forward to hearing from you.

regards :D:D:cool:

Hi and welcome.;)

We had 2 loans taken out with Nemo, the first one was arranged by a broker and the 2nd loan was a loan advance.

May I ask if you used a broker or was the loan direct through Nemo?

I reclaimed on mine and was finally successful with this through the Financial ombudsman service (FOS) as with my experience they are not the easiest to deal with so its best to keep on at them.

Now with your reasons, as these policies are a rip off anyway and very costly, just as long as you have not made a successful claim for example for sickness and unemployment then your okay to try to reclaim on a mis sold basis.

You write to the ones that arranged your loan for you, and they have 8 weeks in full to respond.
In my experience with Nemo they would not allow us to have the loan without the PPI.
I would check the link below to help you through this, there is a checklist of mis selling reasons, template letters and so on, you do not have to write the amounts down because if your successful they should send you all the breakdown info.
I would post by recorded delivery as well for your proof of posting, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Keep at them and please ask for help anytime, also please keep us posted, cheers.;)

Di

di3004

I was to mention in my above post about requesting for the telephone recordings, this in fact helped my and my hubby with our case, so this will be very useful if you can get hold of these.

They did actually supply them free of charge to us, but otherwise if you request a Subject Access Request (SAR) they have to send everything they hold on you by 40 days, there is a charge of £10 postal order or cheque payment you have to enclose with the SAR letter, and as stated above, best to post by recorded delivery for your proof of posting.

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

Hope this helps.;)

marshallka

dottylottie29 wrote: »

Hi All, I have just joined this site so please bear with me! I am just wanting some advice if possible.

Me and my partner took out a consolidated loan with Nemo back in 2006 for £21,000. We took out joint PPI. However i just had a look at a recent statement and the PPI amount on top of the original loan is some £5,500. So in total we owe over £26,000.

I would like some advice if possible. I dont know if a) i am able to reclaim any b) where to start c) if this is an excessive amount to be charging?

I dont think we were misadvised at the outset but everything was carried out over the phone. We never actually saw anyone face to face.

I look forward to hearing from you.

regards :D:D:cool:

Hi, for what reasons do you "think" you may have a complaint? You say you don't think you were misadvised at the onset???

dottylottie29

thanks for your replies. I shall respond this weekend (currently on way out of office) thanks again

dottylottie29

Good afternoon,

We went straight to Nemo, it wasn't done through a broker. We have never claimed on the insurance policy, nor have we missed a payment.

The reason i think we were mis-sold PPI insurance is because it was never explained to us. We presumed it would be a minimum amount, i was flabbergasted to receive a statement and see that nearly £6,000 was just insurance.

Does anyone think I have a claim or should I just leave it???

Thanks again, :beer:

tiggrae

dottylottie29 wrote: »

Good afternoon,

We went straight to Nemo, it wasn't done through a broker. We have never claimed on the insurance policy, nor have we missed a payment.

The reason i think we were mis-sold PPI insurance is because it was never explained to us. We presumed it would be a minimum amount, i was flabbergasted to receive a statement and see that nearly £6,000 was just insurance.

Does anyone think I have a claim or should I just leave it???

Thanks again, :beer:

you've only going to lose the cost of the stamp