Nemo secured loan

[surrey_36]

Hello to anyone that might be abel to help.

 

I am in arrears of around £597 with Nemo Personal Finance (balance on the loan is currently £9000).

They were very hot on calling the minute anything went late and i started to feel like i was on the phone to them everyday confirming my name, date of birth, post code everytime and was driving me insane

 

i asked them to put everything in writing and told them i no longer had a mobile!

They ignored me and carried on calling

 

i wrote to them recorded delivery and asked them to write only.

The calls then stopped

 

instead they wrote to me and said they HAD to speak to me and that it could not be dealt with by letter I had to call them again.

They are wanting to discus arrears

I have given them income/expenditre and monthy arranegement offer etc

posted off to them 1st class last week!

I have not been ignoring them by any means.

 

Today i have another letter from them saying

'according to our record we have made numerous attempts to contact you by telephone and letter - with messages being left for your requesting that you contact us. However at the time of writing you have not contacted us et ect...'

 

THEN -

'As such i would advise that we will instruct our agents to make contact with you and arrange a visit to you which may cost up to £90'

Call us on 0800 0214 441 withint the next 72 hours to discuss your circumstances.

Having this conversation will allow us to cancel the proposed home visit and not charge the visit fee.'

 

They are stating that they have tied to call me by phone and left messgaes, they haven't..

even if they had they shouldnt have done

- and also saying they have written alot and ive not replied

- I have replied withint 1-2 days to every letter they have sent me.

 

I wondered if anyone might be able to just check the agreement I have with them

- here is the link

- and also should i send a harrasment letter

or am i in risk of making them get meaner with me with regards to the arrears

- maybe if i send a harrasment letter they wont accept an arrangement amount

and go for my house (the loan is secured)

 

THANK YOU FOR ANY HELP!

 

agreement.pdf

[chattanooga]

Ok, lots of help will be forthcoming I'm sure, in the meantime...don't panic.

 

You are quite right not to call them and not to speak to them if they call you. Is that the correct interest figure...94%????? I feel they would be pretty nervous about taking the legal action route with that sort of loansharkesque interest.

 

As far as 'getting meaner' with the arrears is concerned, I think you should pay them what you can afford and not a penny more, they won't like it but...tough. This is a very low priority debt.

[surrey_36]

Thank you chattanooga - the scan seems to have not shown up the dot between the 9 and the 4! it is 9.4%.

This loan is secured on my little teeny weeny house - as it secured i thought that meant it was a priority debt?

 

Also I sent them an official harrasment letter and they came back to me and said - long letter with lots of legal quotes and at the end "I would advise that we have followed all procedures correctly and not breached any acts. I am therefore unable to uphold your complaint" - i thought that if i had written and requested them to contact me in writing only and then they continue to call then thats not following the rules is it?!

[chattanooga]

Ah, my mistake...

 

Harrassment depends on how it's perceived by the victim, not the perpetrator.

 

As for the secured loan, I would say you're right does make it more of a priority. Can't really help I'm afraid but hold tight...lots of help will be on it's way, guaranteed.

[PGH7447]

send the stop phoning me letter and the dont visit me at home letter, I will have a look at the agreements tonite

[PGH7447]

Afraid the agreement looks sound, however I cant see any reference to allowing fees to be added for home visits etc.

 

My best advice is to try and come to some arrangement, usually if you show willing then they maybe accomodating, I mean what have you to lose

[surrey_36]

Thanks PGH - appreciate your advice,

I already sent them the letters as you suggested and did by recorded delivery but they continued to call.

 

They have said in the letter they wont call again

 

I guess i leave it at that

- what annoyed me was that they said in the recent letter they had not broke any rules by calling again after i had sent the 'write only don't call letter'.

 

thanks so much for checking over the agreement

 

just wanted to make sure there wasnt any hidden ppi or anything in there

 

- I will go ahead and make an arrangement with them!

 

Cheers.v. much for your help!

[downwithnemo]

I DO NOT HAVE WORDS TO SAY ABOUT NEMO . MISLEADING . DAYLIGHT ROBBERS .CONNED BANK IN LAW

 

JUST THROW THEY PAPER WORK IN THE BIN

 

THEY ARE RIPPED OFF (after discount period of fixed term) 13%

 

THEY ARE JUST AWFUL

 

I WOUND N'T RECOMMEND ANYONE TO GO TO NEMO

[surrey_36]

Ive got a secured loan with Nemo, Ive read quite a few stories of nemo making unlawful charges and so just wanted to check they havent done the same with me. Im looking at an old statement going back to 2005 when the loan started and it shows payments and interest as below;

 

17th May 2005 Advance £20,000.00 Balance £20,000.00

16th June 2005 Diret Debit -£293.63 Balance £19706.37

16th June 2005 Interest £153.82 Balance £19860.19

16th July 2005 Direct Debit -£293.63 Balance £19566.56

16th July 2005 Interest £147.82 Balance £19714.38

16th August 2005 Direct Debit -£293.63 Balance £19566.56

16th August 2005 Interest £151.63 Balance £19572.38

 

These payments continue in this pattern for around 6 years, is the interest for the loan not included in the monthly repayment? There are also lots of smaller charges for 'simple interest'.

 

On the CCA it says that the repayments will be £293.63 for 96 months at an APR of 9.4 and with a monthly interest rate of 0.755.

 

I dont understand how they can include interest in the monthly payment and then charge it as a seperate item as well - is this right?

 

Very gratefyl for any help!

[ims21]

Looks fine to me.

 

Your monthly repayment is part capital and part interest.

 

The statement simply shows how much interest is being charged each month, what the repayments you have made and the balance reducing.

[surrey_36]

Thanks ims21 appreciate your help

[surrey_36]

Had a letter from nemo saying they failed to send notice of sums of arrears letters and therefore reimbursing interest for a set period.

 

 

They have not played fairly and so I'm keen to find out if they are reimbursing correct amount like they say,

can anyone help me out with checking?

Thank you CAG:)

[filrobbo]

If they have not complied with the consumer credit act then the whole debt is unenforceable I would of thought, let's see what the others have to say on the matter

[surrey_36]

Hi filrobbo thank you any further info on this would be appreciated , they say I still have contractual payments to make so not sure what to do about them , if I should cancel the dd payments

[citizenB]

You shouldn't cancel your DD - that will be the quickest way to receive a default !!

 

They should provide you with a breakdown of the figures when they make the refund.

[filrobbo]

If you look at the consumer credit act the loan company as to send you a statement of account, is it a secured loan or a unsecured

loan.

[theoldrouge]

the provision-s86(B)

 

Notice of sums in arrears under fixed-sum credit agreements etc.(1)This section applies where at any time the following conditions are satisfied—

(a)that the debtor or hirer under an applicable agreement is required to have made at least two payments under the agreement before that time;

(b)that the total sum paid under the agreement by him is less than the total sum which he is required to have paid before that time;

©that the amount of the shortfall is no less than the sum of the last two payments which he is required to have made before that time;

(d)that the creditor or owner is not already under a duty to give him notices under this section in relation to the agreement; and

(e)if a judgment has been given in relation to the agreement before that time, that there is no sum still to be paid under the judgment by the debtor or hirer.

(2)The creditor or owner—

(a)shall, within the period of 14 days beginning with the day on which the conditions mentioned in subsection (1) are satisfied, give the debtor or hirer a notice under this section; and

(b)after the giving of that notice, shall give him further notices under this section at intervals of not more than six months.

(3)The duty of the creditor or owner to give the debtor or hirer notices under this section shall cease when either of the conditions mentioned in subsection (4) is satisfied; but if either of those conditions is satisfied before the notice required by subsection (2)(a) is given, the duty shall not cease until that notice is given.

(4)The conditions referred to in subsection (3) are—

(a)that the debtor or hirer ceases to be in arrears;

(b)that a judgment is given in relation to the agreement under which a sum is required to be paid by the debtor or hirer.

(5)For the purposes of subsection (4)(a) the debtor or hirer ceases to be in arrears when—

(a)no [F2payments] , which he has ever failed to [F3make] under the agreement when required, [F4are] still owing;

(b)no default sum, which has ever become payable under the agreement in connection with his failure to pay any sum under the agreement when required, is still owing;

©no sum of interest, which has ever become payable under the agreement in connection with such a default sum, is still owing; and

(d)no other sum of interest, which has ever become payable under the agreement in connection with his failure to pay any sum under the agreement when required, is still owing.

(6)A notice under this section shall include a copy of the current arrears information sheet under section 86A.

(7)The debtor or hirer shall have no liability to pay any sum in connection with the preparation or the giving to him of a notice under this section.

(8)Regulations may make provision about the form and content of notices under this section.

(9)In the case of an applicable agreement under which the debtor or hirer must make all payments he is required to make at intervals of one week or less, this section shall have effect as if in subsection (1)(a) and © for ‘two’ there were substituted ‘four’.

(10)If an agreement mentioned in subsection (9) was made before the beginning of the relevant period, only amounts resulting from failures by the debtor or hirer to make payments he is required to have made during that period shall be taken into account in determining any shortfall for the purposes of subsection (1)©.

(11)In subsection (10) ‘relevant period’ means the period of 20 weeks ending with the day on which the debtor or hirer is required to have made the most recent payment under the agreement.

(12)In this section ‘applicable agreement’ means an agreement which—

(a)is a regulated agreement for fixed-sum credit or a regulated consumer hire agreement; and

(b)is neither a non-commercial agreement nor a small agreement.

[F5(13)In this section—

(a)“payments” in relation to an applicable agreement which is a regulated agreement for fixed-sum credit means payments to be made at predetermined intervals provided for under the terms of the agreement; and

(b)“payments” in relation to an applicable agreement which is a regulated consumer hire agreement means any payments to be made by the hirer in relation to any period in consideration of the bailment or hiring to him of goods under the agreement.]]

 

The provisions for non compliance-

 

86DFailure to give notice of sums in arrears(1)This section applies where the creditor or owner under an agreement is under a duty to give the debtor or hirer notices under section 86B but fails to give him such a notice—

(a)within the period mentioned in subsection (2)(a) of that section; or

(b)within the period of six months beginning with the day after the day on which such a notice was last given to him.

(2)This section also applies where the creditor under an agreement is under a duty to give the debtor a notice under section 86C but fails to do so before the end of the period mentioned in subsection (2) of that section.

(3)The creditor or owner shall not be entitled to enforce the agreement during the period of non-compliance.

(4)The debtor or hirer shall have no liability to pay—

(a)any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; or

(b)any default sum which (apart from this paragraph)—

(i)would have become payable during the period of non-compliance; or

(ii)would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

(5)In this section ‘the period of non-compliance’ means, in relation to a failure to give a notice under section 86B or 86C to the debtor or hirer, the period which—

(a)begins immediately after the end of the period mentioned in (as the case may be) subsection (1)(a) or (b) or (2); and

(b)ends at the end of the day mentioned in subsection (6).

(6)That day is—

(a)in the case of a failure to give a notice under section 86B as mentioned in subsection (1)(a) of this section, the day on which the notice is given to the debtor or hirer;

(b)in the case of a failure to give a notice under that section as mentioned in subsection (1)(b) of this section, the earlier of the following—

(i)the day on which the notice is given to the debtor or hirer;

(ii)the day on which the condition mentioned in subsection (4)(a) of that section is satisfied;

©in the case of a failure to give a notice under section 86C, the day on which the notice is given to the debtor.]]

 

So to sum up the consequences,

If the credito fails to provide a notice of sums in arrears when required to do so,

 

then during the period of his failure to provide the notice (i.e. from the date that it was required to be given until the end of the day on which it is eventually provided),

 

he is not entitled to enforce the agreement.

 

In addition,

 

 

The debtor is not liable to pay any interest that relates to the period of the creditors failure to supply

[theoldrouge]

as CitizenB has said, now that they have complied the agreement is once again enforceable,

 

and it would be extremely unwise to stop your payments

[dx100uk]

have you all you statements...

 

 

tell us about the loan please

 

 

dx