Nemo Personal Finance

bradders1964

Dear all,

I foolishly (last resort at the time) took out a secured loan on my property in December 2005 for £55,000 with Nemo Personal Finance.

I took out the PPI at the time but was not given the full details of its effect, value and impact and have never received any literature on it. I have been mis-sold the policy basically.

I have today received a settlement figure for the loan (as I am trying to remortgage and consolidate the loan amount into a new mortgage) for £73,000!! Nearly £20,000 more than I actually loaned only 26 months ago!

I have lodged a formal complaint with the company today over the phone and will be sending the PPI reclaiming letter to Nemo today. Are they just 'legal' loan sharks??

This company are regulated by the FSA or so it says on their letterhead.

Should I contact the FSA as well and lodge my complaint with them also? Nemo have told me that they perform an internal investigation first so I should wait to contact the FSA? Is this just a smokescreen?

If anyone has any thoughts on this; please let me know and if anyone has been through or is going through a similar situation, please let me know also.

Please don't take out PPI with a secured loan if you are considering this route and don't use Nemo!

Thanks in advance.

Bradders

fightthemback

Hey Bradders,

Welcome to the twilight world of the secured lenders, where extortionate rates and predatory lending appear normal!

It is the single premium PPI which has sent your settlement figure through the roof.

To prove you are serious about the return of your money go after everyone with guns blazing. Get an accurate plan of attack from the resources on this site. Find out all your rights and how quickly Nemo need to respond to your letters. Research both the consequences, and courses of action you can take if they dont.

This mob are proper sharks and you need to be aggressive but you will win if the policy was missold.

Good Luck.

di3004

Hi Bradders.

I have just sent you a PM and have left you my email contact, as I would like to help you out here.
We were also mis sold by Nemo and have recently been paid back all our PPI premiums which was quite hefty like yours.

It was taken to the FOS in the end and has been a long battle, but I do think yours maybe possibly dealt with a lot quicker now as these seem to be suddenly known to mis sell over the last few months.

We were in the same position as yourself.

Please email me if you can that would be great.
Thanks and I look forward to hearing from you.;)

Di.

toomanyshoes

I have no more advice than above but just wanted to say how outrageous that is.

I recently applied to the Alliance & Leicester for a loan, they refused but apparently passed my details on and I had a call from a company called Freedom Finance as a result.

I made it clear on the phone that I did not want a secured loan but would consider a good deal on an unsecured one. A few days later I get a letter from the dreaded Welcome Finance saying my loan has been approved. I check my credit record and see that Welcome have done a search for a secured loan application.

Bloody cheek!

As it turned out Egg, of all people, came to the rescue with a 0% balance transfer offer out of the blue.

ncsmummy

Good luck with your complaint! I made the exact same complaint over a year ago, which after Nemo had dragged their heels for as long as legally possible, I have ended up lodging a complaint with the FSA last February. Which to this day has not been resolved! as the FSA are "Very busy at the moment, due to an increased number of complaints"

It would be interesting to hear any other feedback from people in the same situation, or that have had a positive or negative result!

Worryingly the FSA are due to take on the regulation of Current account as well later this year, on top of their current workload that they clearly are already struggling with!

stelly

Hi
Just thought i would join this thread. Me and oh took out a loan for £30000 in 2007 with nemo. We also wanted to remortgage recently and asked for settlement figure - came back at just slightly over original amount which is when i noticed that we had the lovely single premium ppi of just over £5000. Annoyed that weve been paying interest on something we were told we had to take in first place liars! I have just cancelled my ppi and have sent my sar letter to them. So would love to hear others stories of reclaiming from nemo so far the ones ive seen tell me its going to take a while but hopefully worth in the long run.

Robert_Sterling_3

fightthemback wrote: »

Hey Bradders,
This mob are proper sharks and you need to be aggressive but you will win if the policy was missold.
Good Luck.

Good luck with your claim.:T :T :T

di3004

stelly wrote: »

Hi
Just thought i would join this thread. Me and oh took out a loan for £30000 in 2007 with nemo. We also wanted to remortgage recently and asked for settlement figure - came back at just slightly over original amount which is when i noticed that we had the lovely single premium ppi of just over £5000. Annoyed that weve been paying interest on something we were told we had to take in first place liars! I have just cancelled my ppi and have sent my sar letter to them. So would love to hear others stories of reclaiming from nemo so far the ones ive seen tell me its going to take a while but hopefully worth in the long run.

You go for it hun, I finally won mine back after 14 months, Nemo are not easy to play ball with but eventually through the FOS it was a success, good luck.

Di