Nemo ppi

rowls

Hi there,


Wondering if anybody out there is good with figures. I took out a loan with nemo 22/10/07 . This is what the agreement looks like

cash loan amount £48.000

optional payment protection loan amount £11.880.00

Total loan £59.880.00

Monthly interest rate 0.7240%

apr 9.0%

Total price for ppi cover is £29.151.00

cover is for 60 months [unbeknown to me] . Number of monthly payments is 300 and my payments are £489.78 per month.
I am going through the process of reclaiming my ppi. Could anybody tell me what my loan would reduce by per month if i am successful in my reclaim. If they were to repay this money to me can you work out how much it would be?

Thanks very much

amersall

Hi there, the maths wizards have not been on site for a couple of days,but i am sure someone will help you with this.
I know that if you win,the total ppi will come off your loan balance,the ppi monthly payments you have made to date will be given back to you with interest and your monthly loan payment will reduce by the monthly ppi amount.

You need to find out how much the ppi was a month and you can work that part out,and what ever the ppi monthly amount was then that is what your loan monthly payment should reduce by a month.

amersall

Was it nemo who sold you the loan or a broker?.

rowls

Hi amersall,

Yes it was nemo that sold me the loan. On my agreement it doesnt tell me how much i am paying a month for my ppi which is why i am unable to work out how much my my payments will reduce by.

Thanks for replying

di3004

Hi there

I also had 2 loans with Nemo.

The first one was brokered by Eloan, a broker, so when I made a reclaim for the mis selling of ppi, it was the broker Eloan responsible, and then I made a reclaim directly with Nemo on the loan advance (2nd loan) as this was directly arranged by them.

Even if a broker arranges the loan, its still that of the lender's paperwork, such as the loan agreement etc.

I see you had yours sold directly by Nemo then?
Good luck with this.

If the loan is still active, and if you make a reclaim, then successful, they should refund you all PPI you have paid into the account, plus interest on each payment and to date, the monthly repayments should therefore be reduced as if no ppi was added.
You can ask Nemo for the calculation of the breakdown.

Good luck.