Secured loan with Nemo Finance

[pickaxejack]

Ive got a secured loan with Nemo personal finance that my brother has been trying to help me with,

theres about £7500 outstanding from a £20k loan.

 

My borhter offered them £1500.00 in full/final settlement but they have not accepted,

he explained i could not make the repayments and that i was considering bankruprcy

but that he was trying to work out a fair repayment to all debtors to save me from going bankrupt.

 

They have now sent a letter to me saying that If I do not pay up they will issue proceedings.

 

What im wondering is if i can bargain with them to reduce the debt to about £4000 and let me repay over 4 years.

 

Do you think they are likely to accept or even consider such an offer or are they likely to tell me to get lost and come after my tiny little house!

 

Im not trying to get out of the debt,

I understand ive taken a loan out and following loss of my long term job

together with arrival of baby am following hardship trying to keep head above water

but with the repayment of £300 a month i just cant afford it.

 

I can afford about £50 !

 

Any advice here would be greatly apprecited!

[pickaxejack]

Bump

[havinastella]

Hi, sorry your first post was missed!

 

Do you have PPI on the loan? Are there any charges on the loan? When was the loan taken out?

[pickaxejack]

Hi havinastella thanks for the reply

 

I've been awake for about an hour and can't back to sleep for worrying

so thought I'd login to see if any replies so pleased to see reply from you:)

 

-no ppi on the loan,

it was taken out in 2005.

 

Just found a statement and there seems to be a few 'unpaid direct debit fee' charges of £30.00,

although not many and a home visit fee of £90.00 and a default notice fee of £40.00.

 

I've not heard from them since their last letter

so panicking they are busy getting court possession order.

 

Do you think this might be what's happening?

Edited November 2, 2012 by pickaxejack

[pickaxejack]

:sad:I have just donated to thsi site so any help would be greatly appreciated, im paniking that nemo are getting their court head on!

[ims21]

I have moved your thread to the "Mortgages and Secured Loans" forum where you may get more replies as opposed to the general banking forum.

[rdm2006]

You can claim those charges back see this link

 

Also rather than going bankrupt see if you qualify for a Debt Relief Order

[dx100uk]

hi

 

have you got al the statement from birth?

 

if not

 

sar them

 

have you a copy of the original agreement too?

 

tell us the circumstances of how you got this loan

 

have you also a runing mortgage that was in place when you got it?

 

dx

[pickaxejack]

Hi dx100 thank you for your reply!

 

Ive attached latest copy statement and also copy of the agreement.

 

I applied for the loan through a website,

if i remember rightly it something like 'yes finance'.

 

The documents etc came through the post and I had to post wages slips etc.

 

I received all docs to sign by post

 

then i signed the agrrement at work and then posted the docs back.

 

Yes my mortgage was in place when i got the loan

 

Thank you very very much for your help

 

[ATTACH]39125[/ATTACH]

[dx100uk]

ok

 

reclaim all these

 

unpaid dd fees

home visit fees

default notice fee

 

use

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

nice to see no MIF fee

 

and no other fees either at least.

 

dx

[pickaxejack]

Thanks DX this comes to arond £474 with interest! Is there any chance you could let me know what letter I need to send them?

Also - im really worried as their recent letter said they were going to issue court proceedings for repossession as I havenot paid anything towards this loan since last year.

If youve got a chance to read my fist post on this thread would be very very grateful im really really worried

ok

 

reclaim all these

 

unpaid dd fees

home visit fees

default notice fee

 

use

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

nice to see no MIF fee

 

and no other fees either at least.

 

dx

[rdm2006]

Mortgage fees letter

 

Just amend as required

[pickaxejack]

Thank you rdm and dx I will get this off tomorrow

can anyone help me with regards to the repossesion they are threatening me with and basically what ive said in the firstpost on this thread? Thank you to anyone that can help im worried sick:???:

Mortgage fees letter

 

Just amend as required

[dx100uk]

can you scan up the letter please i bet it does not say will

 

but may.might if, instructed, minded etc etc

 

can the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all figures and dates. {DO NOT USE A BIRO OR PEN]

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites [http://docupub.com/pdfconvert/]

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[pickaxejack]

[ATTACH]39168[/ATTACH]

 

Thank you DX!

 

Attached are the 2 most recent letters

 

im extremey grateful for your help

[dx100uk]

they say should we instruct not will.

 

clever play on words.

 

now your SOC , what was the total

 

can you post that up too

 

should cover the PENALTY charges arrears thats for sure

 

dx

[Lea_HTH]

That's a standard pre-action protocol letter

- it gives you the required 15 days notice that they will be taking action.

 

Not 'might', not 'if', but 'will'.

 

If you do not resolve this issue by contacting them and discussing a reasonable repayment plan, they will proceed to court action,

 

what happens at that point will depend on whether you are able to pay the remainder of the loan and clear the arrears before the end of the term of the loan 4

(6 months - not likely, or you'd probably have been paying it already).

 

You are not really in a position to negotiate with them to accept a reduced amount,

or to ask them to accept a reduced amount over a longer period of time than is left on the loan term.

 

There is no benefit to them to do that.

 

They will also not be particularly interested in whether you go bankrupt or not as that won't affect them, their loan to you is secured on the property.

 

So, what can you do?

 

Well, that depends on how much the loan was for in the first place (if I recall correctly it was around 20k?).

If it was below 25k then it may be covered by the Consumer Credit Act (check the loan agreement),

and if it is, then you can apply to the court for a time order.

 

The judge will have discretion to extend the term of the loan and allow you additional time to pay.

 

This is an APPLICATION - you cannot ask for a time order at a possession hearing, so you will have to take this action yourself.

 

Otherwise, it is all going to be about negotiating with the loan company and explaining that you can and will repay the money,

but only if they can extend the period of the loan allowing you more time to get it cleared.

[pickaxejack]

Thanks DX - what does SOC mean?

they say should we instruct not will.

 

clever play on words.

 

now your SOC , what was the total

 

can you post that up too

 

should cover the PENALTY charges arrears thats for sure

 

dx

[dx100uk]

sorry your spreadsheet of charges

 

take heed of lea, he is well versed in this matters too.

 

dx

[pickaxejack]

Thanks Lea - Im evr so grateful for this advice, I know what I need to do now and will update this thread with my outcome - thanks again

That's a standard pre-action protocol letter

- it gives you the required 15 days notice that they will be taking action.

 

Not 'might', not 'if', but 'will'.

 

If you do not resolve this issue by contacting them and discussing a reasonable repayment plan, they will proceed to court action,

 

what happens at that point will depend on whether you are able to pay the remainder of the loan and clear the arrears before the end of the term of the loan 4

(6 months - not likely, or you'd probably have been paying it already).

 

You are not really in a position to negotiate with them to accept a reduced amount,

or to ask them to accept a reduced amount over a longer period of time than is left on the loan term.

 

There is no benefit to them to do that.

 

They will also not be particularly interested in whether you go bankrupt or not as that won't affect them, their loan to you is secured on the property.

 

So, what can you do?

 

Well, that depends on how much the loan was for in the first place (if I recall correctly it was around 20k?).

If it was below 25k then it may be covered by the Consumer Credit Act (check the loan agreement),

and if it is, then you can apply to the court for a time order.

 

The judge will have discretion to extend the term of the loan and allow you additional time to pay.

 

This is an APPLICATION - you cannot ask for a time order at a possession hearing, so you will have to take this action yourself.

 

Otherwise, it is all going to be about negotiating with the loan company and explaining that you can and will repay the money,

but only if they can extend the period of the loan allowing you more time to get it cleared.