Nemo Loan

Gail_Hawkes

Hi
I took out a Nemo loan 8 years ago, i went though a broker and filled the forms in on line asking for the loan to be taken over 10 years, however when the broker phoned me he told me that it had to be taken over 13 years, the payment on line was a lot less than am paying now, I have never missed a payment, however would I have any grounds to complain as I did ask the broker why I have to take the loan over 13 years, he said 13 years or you cant have it, at the time I needed the money. I have phoned Nemo to ask and they said they would send my complaint on to the broker, that was about 4 months ago and I have not heard from them. I understand that the longer the broker can get you to take the loan the more commission they earn. Is this mi selling.I would be very great full for any advice. Regards
Gail

Richey_

It’s sounds like you have a case of mis buying not mis selling.

You have paid less monthly for all these years, you have paid a different interest rate and spent their money. You were offered a different product and freely accepted. You could have walked away from the broker and gone elsewhere, you chose to stay. In my opinion you have no case but others may have a different opinion.

-taff

You could have overpaid the loan to bring the term down.

jonesMUFCforever

Gail,
Just repay the outstanding amount now, then you save all future interest.

You have no case for compo - you accepted the deal - move on.
(Now if you were sold PPI on it jump up and down now and claim all your money back LOL)

PeacefulWaters

You're complaining about the term?

Yet they'd have declined you, presumably on affordability grounds, if they hadn't found the 13 year term for you.

They helped you get the money that you obviously wanted. And took.