Nemo Personal Finance

di0430 · 10th February 2007, 19:13

Hi

Has anyone on these forums ever had a loan from Nemo Personal Finance ? (nemoloans).
I found their rate great for a secured loan, but when we had a new loan from them we were pressurised into keeping the ppi with them, so just wondered if anyone else has had these experiences with this company-thanks.

e28bigalbexley · 10th February 2007, 23:34

Hi
Welcome. No i have never personally heard of Nemo, try reading the small print they may well be a subsiduary of a major company.
Try posting here http://www.consumeractiongroup.co.uk.../general-debt/ someone there will point you in the right direction.
AL

peanutmuncher · 9th April 2008, 16:04

after learning that we can cut our monthly outgoings by moving our small mortgage to be with the same company as our big one we asked for a settlement quote..

we originally borrowed £25.500

we have been told to settle the account we will need to pay them..£26,658.19

we have paid Nemo £245 a month for the past 29 months, totalling £7105.

and they still want £26,658.19

where do we stand, please please help any advice gratefully recieved

jowalshy · 9th April 2008, 16:25

Do you still have all the original documentation from when you first took out the mortgage. if you do, have a check to see what it says in relation to Early Settlement Charges (ERC). You may find that you have to pay a percentge of the loan on top of what is outstanding.

peanutmuncher · 9th April 2008, 16:36

sorry it is actually called a secured personal finance loan, will this make a difference??

jowalshy · 9th April 2008, 16:39

No it shouldn't make any difference. If you take out one of these secured loans, there usually is an early settlement charge. It should be in the terms & conditions you got when you took out the loan

peanutmuncher · 9th April 2008, 16:43

yes they are on the back but we just wasnt aware when we originally took the loan, it just seems so wrong that they have had that much money from us already and that they still want more than we originally borrowed, is there any course of action we can take,?

i mean, we are perfectly to happy for them to have the money we have already paid against the loan and pay them the 25.000 we originally borrowed, but not a single penny more, ...is that legal??

jowalshy · 9th April 2008, 16:53

Unfortunately, if they gave you the terms and conditions when you signed up for the loan, I'm not to sure there is anything you can do. When you signed the agreement you were agreeing to their terms and conditions.

Did you take out PPI? If you did, there maybe something you can do about that, especially if it was missold to you.

sharon123 · 10th June 2008, 13:17

Hello

I am trying to get some back from nemo at the moment i think they are just awful.
We borrowed £37720 18 months ago our onthly payments were £433 pm, last aug i was going to remortgage so i phoned to have a redemtion figure which was just over £38000 fair enough but in the end didnt remortgage until now so ive paid another 9 payments and just had my redemption figure of £41751, how is that?
I told the agent at nemo when i was taking the loan that it would be paid off within 3 years he said thats fine, he said the shorter i have the loan the more id have to pay back, so when i asked for this redemption figure i expected to have to pay back what we borrowed not over £3000 more plus the additional monthly payments theyve had of almost £4000 so that mean by having the loan and extra 9 months has cost me approx £7000 more how does that work?

I woulodnt reccomend anyone to go to nemo. Ive wrote to them posted yesterday explaining my complaint can i take it further as i feel ive been conned and misled and robbed of my hard earned money.

sharkie · 10th June 2008, 17:20

Quote:

Originally Posted by di0430

Hi

Has anyone on these forums ever had a loan from Nemo Personal Finance ? (nemoloans).
I found their rate great for a secured loan, but when we had a new loan from them we were pressurised into keeping the ppi with them, so just wondered if anyone else has had these experiences with this company-thanks.

di0430

The PPI with these isn't the usual the insurance is generally in the form of a loan which they add to your borrowings, you do not have to take it.

sharkie · 10th June 2008, 17:24

Quote:

Originally Posted by peanutmuncher

after learning that we can cut our monthly outgoings by moving our small mortgage to be with the same company as our big one we asked for a settlement quote..

we originally borrowed £25.500

we have been told to settle the account we will need to pay them..£26,658.19

we have paid Nemo £245 a month for the past 29 months, totalling £7105.

and they still want £26,658.19

where do we stand, please please help any advice gratefully recieved

peanutmuncher

If this is nemo I believe the cutoff for early repayment charges is 36 months, it should be in your contract, in tiny, tiny, tiny, tiny, print.

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