Nemo advice needed please

[jotty]

sounds ok

 

what figures are you getting

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

 

dx

 

Loan started 07/09/07 so I calculate

 

Amount paid so far £867.84 plus 8% £93.88 = £961.72.

 

Am I right in thinking they should also refund the remaining amount to my loan account.

 

If this is right what shall I do next ?

[jotty]

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

 

Thanks Andy,

 

As it appears the DN is invalid, should I write to them now bearing in mind they could always amend prior to the court hearing in May or should I tell them to wait for the FOS result which could be 2-3 months away yet.

[dx100uk]

you charge 8% from when EACH payment was made at each monthly date.

not 8% on top of your total paid to date.

 

and yes the 'unpaid' PPI get removed from the loan total but does not inc 8%

 

dx

Edited April 1, 2010 by dx100uk
who me?

[jotty]

Ok re done

 

Loan started 07/09/07 so I calculate

 

Amount paid so far £964.63 plus interest per month 8% £96.08 = £1060.71

 

Is this correct?

[dx100uk]

nope

 

you charge the 8% for EACH MONTH from its date of payment!

 

 

i'll post bobbydog post #71 here:

 

launch the calculator here: Compound interest calculator

 

in the principal box type in 27.12

in the rate of int box type 8

 

number of years is comp monthly.

 

start date -

is the date of your payment..

 

..so the first one will be date 07-09-07 [your first payment]

 

end date

will be the date of when you are going to post the claim

[i'd say use 4th april 2010.]

 

then

 

hit the calculate button.

 

get a bit of paper

or

use excel

and

 

maker three vertical columns

 

write down the two figures it gives you for

2.total due

and

3.interest accured

and

note the

1.date you used for the payment.

 

THATS IT!.

 

now all you do is change the START DATE for one month later.[07/10/07]

and change nothing else.

 

hit calc again..

write down the two figures and the date again

 

{thus you are making three columns

1 date of charge

2 tot due

3 interest

 

when you have done that all the way through until this months payment.

 

add up the total amount column.

 

that will give you the total of you claim

 

 

 

 

please pay attention at the back........

 

dx

[dx100uk]

i make it £957.45

 

if you use 07/04/10 as your claim date.

 

if you need the spreadsheet i did

i'll need an email via PM

 

dx

[jotty]

Yes I did it for each month and got my figure, anyway I'm sure it will form part of the ongoing battle I see having with Nemo.

 

What would you suggest I do next.

[dx100uk]

adapt this :

 

I demand you refund all PPI premiums i have paid (ie, 39 x £94.54 = £3687.06) plus 8% statutory interest on each individual monthly PPI payment from the date it was paid to the date of this claim, total £4164.83.

The remaining yet to be paid PPI monthly premiums (my loan was for 120 months, out of which i have paid 39 - leaving 81 still to pay) should be refunded back to the loan balance - £94.54 x 81 = £7657.74.

 

and do a spreadsheet and fwd that off to them too.

 

dx

[jotty]

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.

[jotty]

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

[dx100uk]

how much is your ppi claim for:

 

have you done a spreadsheet?

 

dx

[jotty]

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.

[dx100uk]

your PPI reclaim should be in the £1000's minus any payments the were made during your claim.

you also say you have charges too that can be reclaimed

so's i don't think they will stand a chance in court or go anywhere near a court, the judge will laugh them out the door!

 

pers i'd ring or email the FOS, as this 'sounds' like you have beem compensated but not had the reclaim paid?

 

if you have a case number with the FOS use that too.

 

i eouldn't worry too much about the tame solicitors threat-o-gram

 

just contact the FOS and findout what you should have been refunded.

 

dx

[jotty]

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 ?

[dx100uk]

no you wait for the ombudsman

 

his decision is legally binding

let them do the work

 

dx

[papadak]

Did anyone have success reclaiming from Nemo?

[jotty]

Looks like Nemo and co are on the run after todays announcement, for info my complaint with the FOS is to be finalised shortly so the next round begins although after today I think they should be making me an offer.

 

The next question now is that if the front loaded PPI policy is found to be unlawful does that not put the entire loan agreement into question as the policy obviously forms a part of it.

[papadak]

Hi there ... re Nemo .. does anyone has any success reclaiming ppi to report pls?

[jotty]

Update, after 2 years of letting the OFT deal Nemo have finally concieded defeat and have made me an offer which basically refunds the PPI and will remove over £3000 from the loan. I will have a think over the weekend but am now thinking about the interest I have been charged by them whilst it has been going on.

During the 2 years I suspended payments as they couldn't give me a correct monthly figure. Since then they have allowed the arrears to build and are now charging me interest on the arrears.

 

Does anyone have any thoughts on this please.

[ims21]

Hi

 

They should be offering you back the interest that has been charged on the PPI payments you have made and that should be calculated right up to the date of settlement.

 

ims

[jotty]

Bit of a long story but briefly :-

We took a loan out with Nemo via Ocean Finance in 2007, it included a PPI policy which was added to the loan as a lump sum £3000. Just before the PPI scandal I noted a few issues with the policy so made a complaint to the FOS which was upheld although it took nearly 3yrs, in that time I constantly asked Nemo to provide a revised monthly amount less the PPI which they refused to do. Stupidly at the time I stopped paying them as I was so annoyed with their lack of response.

Last October they finally agreed to the refund of the PPI, but before I would agree to the offer I again asked them for a breakdown and a revised monthly payment amount. They again became vague to it all dragged on till last month when I just got tired of the whole thing and signed the offer doc which seemed to be ok and returned it to them again asking for a firm revised monthly figure.

Within a day of them receiving the offer back, they decided to seek possesion of the property due tothe arrears which where now £7000, I managed to repay £4500 immediately and got the case adjourned for 56 days to try and resolve.

 

This morning I have received a letter from their solicitors which indicates that they intend to continue with the application as we still owe £2500 (having repaid the £4500).

 

Now looking at the docs sent by the solicitor and statement of account which is the basis of their application, it still includes the PPI refund amount of £3500 which they have already agreed is unlawful and should be refunded, and it also includes around £1600 of various fees inc late payment and arrears letters which have accrued over the period of the dispute.

 

So should I remind them of the mistakes on the statement, and is it the case that they have tried to mislead the court with the incorrect amounts owed, and also can I use the various charges and fees as a way to get them to suspend the action for good.

 

I have until December to respond btw.

 

Many thanks

[jotty]

Little bump, anyone help please ?

[lesterlass]

Take a look at this, Nemo lost.

 

http://www.oft.gov.uk/shared_oft/unfair-relationships/yates-lorenzelli-nemo.pdf

 

LL

[lesterlass]

Sorry also found this

 

http://www.eversheds.com/global/en/what/articles/index.page?ArticleID=en/Financial_institutions/financial_institutions_harrison_131011

[jotty]

Thanks Lesterlass, it makes good reading but I am a bit confused how I can use this in my arguments. From memory what happened was that I took out the loan and PPI with Nemo via Ocean but within a couple of weeks Nemo had rung me and talked me into increasing the loan which was a stupid thing to do. By doing this Ocean cancelled the PPI and I paid nothing to them but Nemo then issued a new one for the revised amount which formed part of the overall balance.

 

On reading the paperwork sent by their solicitors, the amount they are claiming includes the PPI even though they have been told to remove it by the FOS. Does this not make their claim invalid in some way ?