Nemo advice needed please

[jotty]

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]

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.

 

I would think you would have a fight on your hands.

 

read through these links and you should get more information on this issue.

 

sorry for the short post this was just to let you know you would not be ignored on the forum.

 

PPI - Some Notes for Claimants..

 

Mis-sold PPI? Want your money back? use these links to help

 

in the second link are tons more some will be of use others not.

 

here are a couple that could help

 

For claims before 2005 and the FSA ruling from which campaign

How to tell if you’ve been mis-sold PPI

 

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

 

aa

[jotty]

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.

[alanalana]

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.

 

This is a very good point Jotty you have claimed but the six month delay means you could have been in serious trouble keeping up with the PPI payments. So as you say the six month delay was unacceptable, You will have to come up with the small print in the terms and conditions on this one IMO. If you made an immediate claim and they failed to honour the cover for six months that is fine you would have a strong case for mis-selling a product that clearly did not as you say do what it said on the tin. If however your claim was delayed then they may fight back.

 

Get evidence on the terms and conditions, unless you have the original copy attached to the consumer credit agreement and take it from there.

 

aa

[jotty]

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.

[jotty]

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.

[jotty]

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.

[pompeyfaith]

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

[jotty]

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).

[jotty]

We are currently fighting off Nemo finance over £1400 arrears, so far I have been able to get the matter adjourned by questioning what I suspect is a missold PPI.

The PPI was taken out at the start as an up front fee attatched to the loan, as usual it was suggested to us over the phone that we might be better taking it out without any further questions. When the loan agreement came the PPI bit was right next to the loan bit which indicated to us that it it was a condition of the loan so we signed it. At the time we received no Insurnace docs or name of who the policy was with. Back in August 08 we claimed as my wife was off work for 2 months and recieved claim forms from London & Edinburgh which we submitted staright away. Until this point we had no idea it was them and because of previous poor service from L&E we would have refused the PPI at the start had we known. It took them until January 09 to pay the claim and in the meantime the loan fell into arrears etc. due to the delay.

 

I have complained to Nemo and they sent me a lengthy response basically saying I had agreed to everything, however in the response they claim to have notified us in writing that the Policy was with Norwich Union which its wasn't, and that they had proof of my knowledge of this.

Now someone seems to be telling porkies here and it aint me, so I have complained to the FOS which has delayed the latest proceedings.

 

Do I have a case for mis representation and how does this affect the repossesion case.

[jotty]

Can some please let me know if this notice is correct, I didnt keep the envelope so think I may be struggling.

 

Edited March 31, 2010 by jotty

[jotty]

Any advice please

[dx100uk]

yes obvious claim

matters not who its with nemo is your target

 

have a look at bobbydogs ppi thread

 

should give you everything you need

 

1st port of call is to knock up a spreadsheet

 

dx

[jotty]

Thanks for the info, I have done an SAR and will send today for updated details.

 

Looking at my agreement it started in August 2007 for 300 months and includes the following PPI stuff

 

Optional PPI loan £3,219.25 at apr of 9.4%, so I presume I am asking for a refund of the amount paid plus interest based on the fact that the PPI is not valid as it is not with the company, Norwich Union, outlined on the letter I got back from Nemo in October 09 when they claimed to have given me details at the commencement of the loan even though I have no knowledge.

 

Hope that makes sense.

[dx100uk]

matters not who the ppi is with its nemos problem.

 

 

workout what you paid monthly for ppi

 

from the date of each monthly ppi payment, take that figure and calc 8% stat int [compounded monthly] to the date of your claim.

 

if you scan up your agreement leaving out pers info but leave in figure

i'll try and have a look see.

 

the info and the links are in the bobbydog thread.

 

dx

[dx100uk]

post 71 here will help

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/250474-ppi-cancelled-but-paying-2.html#post2849876

 

dx

[jotty]

DX thanks for the info, I have calculated what I have paid plus 8% based on the £27 per month I am paying.

I am asking for a refund of the payments made and then the balance of the PPI loan to be credited from the main loan account is this correct, all based on the mis representation of the PPI due to full details not be supplied at the start.

 

On the agreement posted below the PPI is clearly next to the loan sig box and was even highlighted by Nemo for signing, the impression given throughout was that if we didn't have PPI then the loan might not be granted.

 

[jotty]

I have posted this on another thread but cant get a reply (mods please delete if app)

 

Can someone have a look at this notice and tell me if its correct, it was served back in October pending hearing which has been adjourned due to PPI issues but I just want to make sure I haven't missed anything. We dont have the envelope it came in so cant check date of postage.

 

Edited March 31, 2010 by jotty

[AndyOrch]

You have left a name on the DN Jotty.The only error I can see is the by date must be dated ie not 19 days.

 

 

 

Regards

 

Andy

[dx100uk]

sounds ok

 

what figures are you getting

post them up and i'll do a quick check later.

 

dx

[jotty]

Thanks Andy, name deleted,

 

Any advice on what to do next, as stated I am pursuing via the FOS re the PPI but am not sure if this will prevent the hearing in May.

 

We have continued to pay each month and am willing to pay arrears but not in one lump so any advice would be great.

[AndyOrch]

If the case involves mis sold PPI then that is enough to render the agreement invalid in its self.Unless they are to refund and redraw the agreement with your agreement then as said the claim is invalid and in dispute.

 

Regards

 

Andy

[livingdeadguy]

My god! looking at your agreement you are paying them for 25 years and will cost you a total of £49335.00!!!!!!!!!!!!!!!!!!!!!!!

Thats for borrowing £16000.

Its a complete outrage!

I would seriously look into transferring this loan somewhere else and over a shorter period of time.

[rhos123]

My god! looking at your agreement you are paying them for 25 years and will cost you a total of £49335.00!!!!!!!!!!!!!!!!!!!!!!!

Thats for borrowing £16000.

Its a complete outrage!

I would seriously look into transferring this loan somewhere else and over a shorter period of time.

BLOODY HELL what a rip off £ 164.45p X 300 is indeed £49335.00:eek:. i would sugest as ldg says look into getting this loan on a shorter period.

[jotty]

That's the totally unethical sub prime Market that the govt can't seem to do anything about cos when your down there is a long queue of firms waiting to keep you there

 

no chance with the arrears of getting a better deal which is why I need help!