Nemo Cashback loan

mo2lly

Hi
Has anyone had experience of Nemo cashback loans? By this I mean the secured loan product where you should get back a proportion - I think it was 50% -of your PPA premiums after 5 years if no claim is made on the insurance and payments are kept up to date. I say "I think" since I long ago lost the only paperwork I have on this loan and until only recently the only way I would have known I had a loan with this company was the regular amounts going out of my account every month for the last few years. Surprise surprise, I at last heard from them over 2 months ago saying that I would 'shortly' be receiving a annual statement from them (the first ever!)but not a word since. Not my idea of 'shortly'! Anyway - has anyone had any problems getting their cashback from Nemo? It must be coming up to the fifth anniversary shortly, I have no arrears on this loan and I have made no claim, and as yet, no word from them about it. Surely they will contact me at the appropriate time and I don't have to chase them.
Anyone else's experiences with this company would be interesting.

zppp

mo2lly wrote: »

Hi
Has anyone had experience of Nemo cashback loans? By this I mean the secured loan product where you should get back a proportion - I think it was 50% -of your PPA premiums after 5 years if no claim is made on the insurance and payments are kept up to date. I say "I think" since I long ago lost the only paperwork I have on this loan and until only recently the only way I would have known I had a loan with this company was the regular amounts going out of my account every month for the last few years. Surprise surprise, I at last heard from them over 2 months ago saying that I would 'shortly' be receiving a annual statement from them (the first ever!)but not a word since. Not my idea of 'shortly'! Anyway - has anyone had any problems getting their cashback from Nemo? It must be coming up to the fifth anniversary shortly, I have no arrears on this loan and I have made no claim, and as yet, no word from them about it. Surely they will contact me at the appropriate time and I don't have to chase them.
Anyone else's experiences with this company would be interesting.

If you are not sure because you have lost the paperwork, would it not make sense to contact them and ask if you are entitled to a rebate?

mo2lly

Thanks zppp.
I don't doubt that I am entitled to cashback, and I am pretty sure that it is 50% of the original ppa (£3000) - unless there was any small print of which I am unaware. eg; relating to remortgages.
I am however interested to find out others' experiences of this lender, including the shortage of after care, eg; annual statements. Why for instance has it taken so long for them to even mention a statement? Surely all lenders should be required to issue at least a yearly statement of borrowers' accounts. In their letter they talked about some recent legislation requiring them to issue annual statements. Is this true and if so when did this legislation come into force?
I have read very few posts on any consumer forum about this type of cashback loan from Nemo (this might be good news, eg; they pay out promptly and efficiently or it might just mean that very few people took out this loan product) and just want to know what other people think of it.