Nemo Personal Finance Breach of Consumer Credit Law

Hi,

I have a secured loan with Nemo Personal Finance which I have had for 7 years. I received a letter from them yesterday stating that due to there been arrears on my account dating back a few years which was in fact a late payment fee I believe and the fact that they have not sent me any statements of arrears in the required period they have now refunded me £5794 to my account leaving me a balance of £7206. Now this is obviously excellent news as it means that if i continue to pay the same £209.20 monthly payment I will pay this loan off in theory in 4 years which will be reduced to 3 years as in 3 years i am entitled to over £4000 interest rebate as this loan is a quarter back loan which kicks in after 10 years so i will use that to settle the loan. I have been looking on the forum but cannot see any one posting similar stories regarding Nemo so would be interested to know if others have received anything, The letter I received yesterday was the first i knew of this rebate. Also i have not received anything with regards to amended terms which i would have thought would be a requirement.

Replies

  • dunstonhdunstonh Forumite
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    There are quite a few lenders falling foul of this recently. It is a very lucky situation to find yourself in as you are getting a refund of interest in an area that you didnt know was wrong and would never have known.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Hi i also have a loan with Nemo ..i received ppi back from them after my complaint but now this is the 10th anniversary for our quarterback payment but Nemo have said because at one point last year we were in arrears for 3 months we no longer qualify for the quarterback bonus .....can anyone help/advise please
  • [Deleted User][Deleted User] Forumite
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    Rowls1 wrote: »
    Hi i also have a loan with Nemo ..i received ppi back from them after my complaint but now this is the 10th anniversary for our quarterback payment but Nemo have said because at one point last year we were in arrears for 3 months we no longer qualify for the quarterback bonus .....can anyone help/advise please
    They've already told you the position; your period of arrears has disqualified you from receiving the bonus.
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