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    • mocoates
    • By mocoates 12th Sep 18, 11:08 AM
    • 5Posts
    • 1Thanks
    Crippling Nemo Loan desperate for help
    • #1
    • 12th Sep 18, 11:08 AM
    Crippling Nemo Loan desperate for help 12th Sep 18 at 11:08 AM
    Hi all, my wife and I stupidly took some advice from a financial consultant 8 years ago to help consolidate our credit card debts in to one easily manageable loan. Which was fine and we got the paperwork and it all sounded ok. It was a secured loan with Nemo personal finance. How sick do we feel now? We borrowed 35k and where set up with a payment of 300 per month for 25 years.

    We really didn't think about it at the the time, but now looking back at the paperwork, we can see that the consultant got paid over 3000 just for signing us up (so no question about where his loyalties where). On top or that, we are paying back over 3 times the amount we borrowed. We have pretty much paid back the initial amount borrowed, but now we still ow them over 70k.

    We have missed payments in the past but have managed to keep up with them despite problems along the way, all the time they are charging us an extra 45 for the phone call consultation each time we miss a payment and adding it to our loan, I dread to think how many thousands extra that is costing us.

    We feel really sick that we still owe twice what we have borrowed, something doesn't feel right, we have 2 small children and we really are struggling to keep up with what is probably a comparatively small payment now to some people. But in the scheme of things its really crippling us.

    Can anybody give any advice or help please? I'm not getting any younger and I will be over 65 years old by the time this is finished.

    Thanks in advance if there is any any slim chance of getting some relief from this pressure.
Page 2
    • camelot1971
    • By camelot1971 15th Sep 18, 8:54 PM
    • 1,028 Posts
    • 1,575 Thanks
    Thank you for your concern, that's covered. I don't need to go in to details
    Originally posted by mocoates
    Translated: I have no idea
    • AstroTurtle
    • By AstroTurtle 17th Sep 18, 11:22 AM
    • 272 Posts
    • 737 Thanks
    Translated: I have no idea
    Originally posted by camelot1971
    Wrong... Another Nemo loan.
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