Thread: Nemo PPI

We have a secured loan with Nemo Finance which started in August 07, at the time I recall explaining to the staff member that I was covered for sickness at work but she made it clear that because of my credit rating (yes why give me a loan then), that it was better we took out PPI.

Last summer my wife had a brief illness and was off work for 3 months so I submitted a claim, which wasn't the easiest thing I have ever done, which was agreed as valid a month later. It took them,being the underwriters, until the following January pay out and then direct to my account.

Does anyone think I have a valid argument for refund even if they have paid on one claim.

alanalana thanks, I have been giving this some thought and I still think the misselling is in my favour.
However even though I have claimed, they intimated at the time that the insurance would cover payments if we fell ill. Now as it took them 6 months to pay out for 1 months illness, I dont see that as being in the meaning of the product they are selling ie monthly payments being coverered. And not doing "what is said on the tin".

I am determined to progress this but would welcome any alternative thoughts.

Can anyone give me advice about how to word my letter,

I have checked my records and loan was taken out on 10/8/07 for £16,000. Having now checked the agreement I note that I also have an extra loan for PPI for £3220.

Now as mentioned, I did atthe time explain that I had adequate insurance but like most just presumed it was a condition of the loan and was told that in as many words. My wife made a claim in August 2008 when she was off work for 2 months. Nemo's insurers didin't pay out until January 2009 through no fault of ours as all requests where dealt with immediatly to try and ensure we didn't fall into arrears. In the months between claim and payout we continued to make payments but I now see that they charged us default and arrears fees for the 2 months missed through illness.

So my point is this, a) I believe we where mis sold the PPI as we didn't actually need it at the time, b) The PPI did not as claimed ensure our payments where kept up to date and as a result we hav incurred charges.

I intend to claim back the PPI loan amount and also request the charges be refunded even though the loan is still in force.

Am I right and does anyone have any ideas about wording of the letters please.

Just received a letter from Nemo stating they intend to go for repossesion as I owe £800 in arrears on my loan even though we have been able to keep up payments over last 3 months.
The letter came the same day as a reply from them re my SAR, which they declined to give because my wife hadn't also signed the request letter as the loan is in joint names. Now me being cynical and bearing in mind Nemo are losing a lot of staff does this mean they are trying to clear the decks and get rid of us horrible arrears people quickly.

I am even more determined to slow things up with them so would welcome any tips on the wording of my letter re PPI when I get the SAR from them.

I seem to be having a conversation alone here everyone, can anyone please give me info on how I try and recalim, I have sent a SAR and await to see whats in it but as stated Nemo seem intent on repossesion so anything to prevent this is helpful.

Hiya Jotty,

Soon as you get the S.A.R information let us know and will will make comment on that.

As for the Repo you should make a thread in the forum below as it will result in a more targeted response.

Repossessions - The Consumer Forums

Regards

PF

Just an update, I have sent a letter to Nemo requesting refund of the PPI, based on the fact we where not given the details of the insurance company used or allowed to seek another quote.
Also as it took them 6 months to pay out for a claim covering 1 month thus incurring arrears charges I have stated that the policy was not fit for purpose.

Lets see what happens. (oh and the possesion issue is also being dealt with).

Sorry for not posting sooner on this but the fos have taken an age to deal with my complaint, anyway this morning received a letter from Nemo's solicitors which I found a bit worrying. In it they say that the FOS have informed them that the complaint I made has been upheld however they go on to say that I have been awarded £200 compensation by them. The letter then says that they now intend to reinstate the possesion hearing and I have 15 days to clear the arrears.

But, I am yet to hear from the FOS so why have Nemo been told about my complaint result before me ?, and should I now force the issue for a full refund of the PPI which runs into thousands added to loan or do I have to accept the £200 if the FOS say that.

Hope this makes sense and advice please.

Still not heard from the fos, any advice please folks.

The PPI part of the loan is £3220 which was added to the loan at the start, I am trying to get a refund especially as the fos now seem to agree but until I get notification from them I am a bit stuck

Not done a spreadsheet yet.

Spoke with the fos re this and they confirm that they found in my favour and stated

" they should put you back into the position you would have been in had you not taken the PPI, and we attached guidelines for them to adhere too. With regards the £200, this is what we requested they should pay in addition for distress and inconvenience."

However it has now gone to the ombudsman because Nemo failed to acknowledge the ajudication, should I therfore go for a full refund via the courts and does this mean that the entire loan agreement may be flawed ?