Problem with Nemo

Patricia82

Not sure whether anyone can help or offer a solution. About 6 years ago my ex partner and I took out a Nemo secured loan for £25 000. We have since split up. He was in prison for nearly 3 years, came out in December and has just been charged again for a similar offence and will serve another two and a half years. During this time I have with the help of family managed to pay my mortgage and mothly payments of £290 to Nemo (I am hasseld by them each month on the telephone and via texts until I pay). I have explained my situation to them but was told there was nothing that could be done to ease my monthly burden. We also had PPI on the loan which I am currently in the process of trying to recoup. I considered selling my property to pay the loan off and use the remainder for a deposit. However, when I enquired what the outstanding balance was on the loan I was told it stands at over 30 000. How can this be after paying for 6 years? This would leave me nothing to start over again. My bank will not renegotiate the mortgage for me and my new partner without us putting down a 10% deposit, even though I own the house, and which clearly we don't have.I am at a loss what to do and would welcome any helpful suggestions.

Thanks

Tixy

Hi

If the balance has increased it either sounds like your payments are less than the monthly interest or that at some point you have missed payments (if they are hassling you does that mean you are in arrears or at least pay late each month).

If your interest (or interest & charges) is more than the monthly repayment then the balance you owe will just keep growing. You either need to pay more off each month so that the balance starts to reduce or need to sell up and clear the mortgage and loan and then start again, maybe consider renting?

Patricia82

Thanks for that.

Nemo sent the Baliff round, even though payment up to date, due at end of month. Handed letter to my 10 year old son!

Appreciate your comments. Do you think it is worth going through Financial Ombudsmen as they are clearly not helping me in my situation, even though they claim to on their web site?

RichGold

Patricia82 wrote: »

This would leave me nothing to start over again.

You say you own your house, but really between your mortgage company and nemo they own it. You may want to reconsider selling your house if it would clear your debts despite it leaving you nothing to start again with, before your debts rise further as it sounds like that is what is happening.

Starting again with nothing is better than starting again with a negative balance.

Tixy

I cannot see how your payments are up to date compared to your original agreement if they were then there would be no problem on the account and the balance would not be more than you borrowed..

Have you had a recent statement of account from them?
Have you missed payments or made late payments at any point during the life of the loan?

Are you certain it was a bailiff that was sent round not a debt collection agent? What was the name of the bailiff company?
What did the letter they passed to your son say?

KingElvis

Just keep swimming, just keep swimming swimming swimming