p.p.i nemo personal finance

[michlahey1978]

just over 2 years ago we took out a secured loan with nemo personal finance for £23,500 we were paying back £286 a month and last july decided to remortgage our home and pay the nemo loan off as we were saving £80 a month doing this!!!!but when we received our settlement figure we paid back just over £30.000 and £6,000 of that was our p.p.i so we have now gone to investor compensation to try and claim this back and also my husband is in a sick pay scheme at work and he would get 18 weeks full pay and up to 140 weeks s.s.p and nemo's cover only lasted for 60 months so i feel we have paid this p.p.i for nothing please help!!!!do we have a good case.many thanks for your replies in advance michelle

[di30]

Re: p.p.i nemo personal finance

just over 2 years ago we took out a secured loan with nemo personal finance for £23,500 we were paying back £286 a month and last july decided to remortgage our home and pay the nemo loan off as we were saving £80 a month doing this!!!!but when we received our settlement figure we paid back just over £30.000 and £6,000 of that was our p.p.i so we have now gone to investor compensation to try and claim this back and also my husband is in a sick pay scheme at work and he would get 18 weeks full pay and up to 140 weeks s.s.p and nemo's cover only lasted for 60 months so i feel we have paid this p.p.i for nothing please help!!!!do we have a good case.many thanks for your replies in advance michelle

Hi there

We were successful with reclaiming against Nemo, although it was resolved by the FOS.
With my experience of these, they are not the easiest to deal with but keep at them.

May I ask if this was actually set up by Nemo as well, or did you use a broker?
It will have to be the broker you pursue this with, but if set up and arranged by Nemo you have done the correct thing in writing to reclaim from these.

Ours was a loan of £55K, and with settling this by remortgaging we had to pay out almost £67K this included the PPI, so of course the mortgage payments are now higher due to this, but our deal ended with the previous mortgage lender, but as soon as we realised we were mis sold the PPI, after learning of this from the media, we just wanted to get on with the reclaiming of this.

I would also suggest you request for a copy of the telephone recordings, I take it this was sold to you over the phone.
To be honest it was the actual recordings that helped our case, especially as soon as it was heard by the FOS, as they did pressurise the insurance on to us, although it did not protect me at all being the 2nd account holder, my hubby although he was the first holder, did not hold much hope either, due to his pre existing med conditions.

However, these costly policies are frowned upon anyway, and they only cover for 5 yrs of the loan, where you would still be paying the PPI out for the life of the loan. A total rip off, so you do have a good chance here, hopefully Nemo will resolve this for you, but if not then I'm sure the FOS will.

Good luck with this.

[forwardflow]

Re: p.p.i nemo personal finance

Hi there

We were successful with reclaiming against Nemo, although it was resolved by the FOS.
With my experience of these, they are not the easiest to deal with but keep at them.

May I ask if this was actually set up by Nemo as well, or did you use a broker?
It will have to be the broker you pursue this with, but if set up and arranged by Nemo you have done the correct thing in writing to reclaim from these.

Ours was a loan of £55K, and with settling this by remortgaging we had to pay out almost £67K this included the PPI, so of course the mortgage payments are now higher due to this, but our deal ended with the previous mortgage lender, but as soon as we realised we were mis sold the PPI, after learning of this from the media, we just wanted to get on with the reclaiming of this.

I would also suggest you request for a copy of the telephone recordings, I take it this was sold to you over the phone.
To be honest it was the actual recordings that helped our case, especially as soon as it was heard by the FOS, as they did pressurise the insurance on to us, although it did not protect me at all being the 2nd account holder, my hubby although he was the first holder, did not hold much hope either, due to his pre existing med conditions.

However, these costly policies are frowned upon anyway, and they only cover for 5 yrs of the loan, where you would still be paying the PPI out for the life of the loan. A total rip off, so you do have a good chance here, hopefully Nemo will resolve this for you, but if not then I'm sure the FOS will.

Good luck with this.

Hi can you share your experience via the FOS please?

[di30]

Re: p.p.i nemo personal finance

Hi can you share your experience via the FOS please?

Hiya

This was my very first reclaim made in about 2006, and it taken about 15 months in total including being paid out.

This did however go as far as the Ombudsman because Nemo did not agree with the Adjudicators decision.

We forwarded a disc recording and all evidence of us being pressurised into buying the policy was on there.

We did find the FOS very good and always kept us up to date on this one, letters, phone calls and emails.

However, when we were paid out it seems Nemo had underpaid, the FOS got back in touch with them and a further cheque was sent out just a few short weeks afterwards.

May I ask if you have a case with these?
Cheers.