Missold PPI - Broker in liquidation HELP

mutron_2

Hi,

Around May 2006 my wife and I believe we were missold PPI on a loan from Nemo Personal Finance. However Magic Loans Limited, the company that brokered the loan, are now, according to Companies House, in liquidation.

Can anyone advise the best course of action with regards to reclaiming this? The loan is still being paid but we cancelled the PPI early 2008.

We did write to Nemo in Feb 2008 to highlight our concerns but were told that we had to take it up with Magic Loans. Unfortunately they didn't respond (we know why now) and sort of lets things pass.

Reading cases on here has made me angry that we didn't pursue it further and sooner.

Regards,

Paul

di3004

mutron wrote: »

Hi,

Around May 2006 my wife and I believe we were missold PPI on a loan from Nemo Personal Finance. However Magic Loans Limited, the company that brokered the loan, are now, according to Companies House, in liquidation.

Can anyone advise the best course of action with regards to reclaiming this? The loan is still being paid but we cancelled the PPI early 2008.

We did write to Nemo in Feb 2008 to highlight our concerns but were told that we had to take it up with Magic Loans. Unfortunately they didn't respond (we know why now) and sort of lets things pass.

Reading cases on here has made me angry that we didn't pursue it further and sooner.

Regards,

Paul

Hi there Paul

We also had a loan or 2 with Nemo personal finance, however on the first loan we had a broker called eloan.co.uk who also dissolved.

Now what you need to do is because they are no longer active, is contact the Financial compensation scheme (FSCS) and make a claim through them, they will let you know if they are listed with them.

Do you now when Magic loans dissolved?

However, what you do is ring the FSCS as shown on link below and request they send you a claim form, you therefore send any copies of information you have to enclose with the claim form to support your case, with the reasons you have for being mis sold.
http://www.fscs.org.uk/contact-us/

Try them on Monday now, don't think they're open over the weekend.

Then what happens then, although Magic are no longer active, as soon as the business are declared in default by the FSCS, you should then receive your payout, there is more info on the above link.

Also check on the default thread where many of us made claims through the FSCS, its very useful and should give you an idea of what to expect, fingers crossed for you, please keep us posted and ask for help anytime.
https://forums.moneysavingexpert.com/discussion/1897143

Di

di3004

Paul, I just checked on the FSCS and Magic are listed and already in default, get your claim in.:beer:

http://www.fscs.org.uk/can-we-help/?contacted=Yes&stage=3&search=magic+loans

marshallka

You are in luck as they are definately in default on the FSCS so make the claim via them

• Magic Loans Limited
  
  Declared in default 26th October 2009

mutron_2

Thanks for the replies. I'll have a look at that thread tonight over a bottle of red!

Am I right in thinking that, as they are in default, there is no case to answer?!

di3004

mutron wrote: »

Thanks for the replies. I'll have a look at that thread tonight over a bottle of red!

Am I right in thinking that, as they are in default, there is no case to answer?!

Hi there

If they are in default which they are as they are listed, this is why its left to the FSCS to pay out.;)

mutron_2

Wow. I thought it would be such an arduous task to get any sort of claim.

I look forward to getting the claim form off! Will keep this thread updated with my progress.

di3004

mutron wrote: »

Wow. I thought it would be such an arduous task to get any sort of claim.

I look forward to getting the claim form off! Will keep this thread updated with my progress.

. You will be fine, do not worry and hopefully it should not take too long either with them already being in default.

Good luck and look forward to hearing the outcome of this.:beer:

mutron_2

Thanks for the support!

I've read a fair amount of that HUGE thread but what I don't really understand is, that if my loan with Nemo is still outstanding, what bearing does this have?

I ask as we've recently asked for a settlement figure because our flat is on the market and we've been given a much larger amount than we anticipated. This is purely down to the PPI figure added initially.

di3004

mutron wrote: »

Thanks for the support!

I've read a fair amount of that HUGE thread but what I don't really understand is, that if my loan with Nemo is still outstanding, what bearing does this have?

I ask as we've recently asked for a settlement figure because our flat is on the market and we've been given a much larger amount than we anticipated. This is purely down to the PPI figure added initially.

Hi there and your very welcome.

Well basically you should receive ALL the PPI you have paid and interest and I assume then Nemo would have to reduce the balance and monthly repayments once paid out.

Have you also checked on the FSCS thread for more info?

I know there is loads of posts to go through, but some were in the same position as you where they still had active loans with their lenders.;)

mutron_2

It's reassuring as our initial loan (excl. PPI) was £26K in 2006 and our recent settlement figure was over £30k despite paying around £400 a month.

Fingers crossed as it will allow us to drop the price of our flat to sell and move to our dream house!