PPI Reclaiming discussion Part II

di3004

Will get on with my letters then.

kazc_2

Last February we took a secured loan out for £25100.00 with Nemo Finance.On the original agreement no ppi had been added but the amounts it would cost had been filled in with a blue pen the boxes. No boxes had been ticked for single cover or joint life either yet on a further two photocopies we received the single life box had bee ticked.

My husband does recall them saying that after five years we would get some money back so that must have been referring to the ppi after reading the posts on this website !!

The figures were as follows :
Amount of advance £25100.00
Payment protection premium £5074.76
Broker fee £595.00
Total £30769.76

It also says the interest on the ppi would be £2901.04 assuming the interest rate didn't vary making the total cost £7975.80.

We were advised in June this year to re mortgage and get rid of the Nemo loan as it was expensive which is what we should have done in the first place as it was running for the same term as our mortgage-but we were very naive !!
We requested a settlement figure which was as follows:
Total amount payable under the agreement £30144.58
Plus security release fee £175.00
Total £30319.58 (to be paid by18/8/08

It's only when everything was settled in August this year that we realise we had been paying interest on the full amount since last February which doesn't seem right. As you can probably tell, we aren't very educated in this field even though I worked for a bank for five years !.
Any help or advise would be gratefully received.
Thankyou in advance

di3004

kazc wrote: »

Last February we took a secured loan out for £25100.00 with Nemo Finance.On the original agreement no ppi had been added but the amounts it would cost had been filled in with a blue pen the boxes. No boxes had been ticked for single cover or joint life either yet on a further two photocopies we received it had.

My husband does recall them saying that after five years we would get some money back so that must have been referring to the ppi after reading the posts on this website !!

The figures were as follows :
Amount of advance £25100.00
Payment protection premium £5074.76
Broker fee £595.00
Total £30769.76

It also says the interest on the ppi would be £2901.04 assuming the interest rate didn't vary making the total cost £7975.80.

We were advised in June this year to re mortgage and get rid of the Nemo loan as it was expensive which is what we should have done in the first place as it was running for the same term as our mortgage-but we were very naive !!
We requested a settlement figure which was as follows:
Total amount payable under the agreement £30144.58
Plus security release fee £175.00
Total £30319.58 (to be paid by18/8/08

It's only when everything was settled that we realise we had been paying interest on the full amount since last February which doesn't seem right. As you can probably tell, we aren't very educated in this field even though I worked for a bank for five years !.
Any help or advise would be graetfully received.
Thankyou in advance

Hi there hun
We were also mis sold by these and it went as far as the Financial ombudsman service to resolve our case with these, also Laini another member on here is awaiting outcome of this from the FOS, which I'm sure she will win this.

Now then, write a letter to nemo and explain as fully as you can, here is the link to check out some of the mis selling reasons and a template to help you along, but if you can try to write this in your own words as much as possible, they have 8 weeks to respond as your your letter.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hopefully you will get luck with these straight away, but if not post back and we will move on to the next step.;)

Good luck and please also send the letter by recorded post so you know they have received this and to keep an eye on the timescales.

Di.
x

kazc_2

Thanks for that Di. Why would the single life box have been ticked when it was a joint application ? I really don't understand all of this ! Do you think we were mis sold this and if so on what grounds ?
k

di3004

kazc wrote: »

Thanks for that Di. Why would the single life box have been ticked when it was a joint application ? I really don't understand all of this ! Do you think we were mis sold this and if so on what grounds ?
k

Hi there hun, something has just come to mind, now this loan you had with nemo, did you have a broker that arranged this for you ?
If so hun it would be them to contact and complain to.;)

I would check out that link and on there - there should be a list that should help you through but basically going by what you said they did not explain the full cost of the cover to you which was extortionate.

Did they tell you it was optional explain that you did not have to have their cover ?

I was pressurised to take mine hun, but check out the list on that link and see if there is anything on there that rings any bells.;)

The box was single cover for us too hun so it did not cover me, only hubby yet we both had to sign - its so wrong I know !
Yet he was not eligible anyway for most of the cover due to his pre med history.

If it was a broker who arranged this - who was it hun? thanks. For example, Eloan arranged ours at the start and the lender Nemo but we had a loan advance then it was Nemo who sold us the 2nd one.

Di.
x

marshallka

kazc wrote: »

Last February we took a secured loan out for £25100.00 with Nemo Finance.On the original agreement no ppi had been added but the amounts it would cost had been filled in with a blue pen the boxes. No boxes had been ticked for single cover or joint life either yet on a further two photocopies we received it had.

My husband does recall them saying that after five years we would get some money back so that must have been referring to the ppi after reading the posts on this website !!

The figures were as follows :
Amount of advance £25100.00
Payment protection premium £5074.76
Broker fee £595.00
Total £30769.76

It also says the interest on the ppi would be £2901.04 assuming the interest rate didn't vary making the total cost £7975.80.

We were advised in June this year to re mortgage and get rid of the Nemo loan as it was expensive which is what we should have done in the first place as it was running for the same term as our mortgage-but we were very naive !!
We requested a settlement figure which was as follows:
Total amount payable under the agreement £30144.58
Plus security release fee £175.00
Total £30319.58 (to be paid by18/8/08

It's only when everything was settled that we realise we had been paying interest on the full amount since last February which doesn't seem right. As you can probably tell, we aren't very educated in this field even though I worked for a bank for five years !.
Any help or advise would be graetfully received.
Thankyou in advance

How long was your loan over and also what were the repayments??

kazc_2

The loan was over 15 years and the payments started at £268.71 but have gradually gone up to £285.54 with the interest variation.
Thanks.

Di,
This wasn't done through a broker, we stupidly did it ourselves.

di3004

Marshallka read this, I think I will contact the FSCS who have my details under Twopart -eloan because the liquidator told me yesterday that these had taken over the above until liquidation what do you think because the guy from the liquidators did say the business was passed onto them.
Have a read hun thanks. They ARE in default.

Firms declared in default

You can search our database to see if the firm you are making enquiries about has already been declared in default by FSCS. This means that FSCS is satisfied that it is unable, or likely to be unable, to pay claims against it. A declaration of default opens the way for the firm's customers to make a claim for compensation to us.
Firm Name:

1. Essex & Sussex Financial Services Limited
2. Essex County Insurance Services (Leigh-on-sea)
3. Essex Estate Agents And Mortgage Brokers Limited
4. J Shear & R Benjamin t/a London & Wessex Financial Services
5. Mid Essex Finance & Insurance
6. Southwest Essex Financial Consultants Limited formerly known as J L Manson Financial Consultants Limited
7. Wessex Asset Management Limited

If a firm is included in this database, it has been declared in default by us and you should contact us if you wish to make a claim.

FSCS will declare a firm in default if:

• it has received at least one eligible claim against it, and the customer has made a financial loss;
• we are satisfied that the firm is unable, or likely to be unable, to pay claims against it. We will investigate the firm's financial position to establish this.

Overview of the default process
Our rules and policy for default declarations

marshallka

kazc wrote: »

The loan was over 15 years and the payments started at £268.71 but have gradually gone up to £285.54 with the interest variation.
Thanks.

Di,
This wasn't done through a broker, we stupidly did it ourselves.

Have you now settled and also what month (ie how many repayments did you make?) did you settle?

kazc_2

Yes we settled on August 18th this year so we made 19 payments.