Nemo Personal Finance - www.nemo-loans.co.uk – Questions & Answers

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Asked by Acmurray on 25th April 2015 Report this content
Has anyone got any information on settlements figures from Nemo, I have an outstanding balance and was just wandering what the settlement figure may be before I pay them for this information .

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Answers (1)
Report this content Captivated501 Written on: 27/04/2015
Hi there - there won't be much by way of freely available settlement figures, and if you check the terms of the original loan you may even find that there's a clause that retains 10% of the original loan as an ongoing agreement which Nemo would expect you to repay as a loan (they would recalculate a suitable - for Nemo - installment. It does all depend on the terms and what the current apr Nemo are using. I am intrigued that Nemo are looking to charge you for a settlement figure... which I thought you were able to get for free.. (although Nemo would of course factor in their 'admin' costs into any settlement figure anyway). A more drastic way of getting a settlement figure quickly, might be to withold installments for a period of time - Nemo may send you correspondence with the outstanding balance featuring large. Within 6 months you may be invited to repay the outstanding balance... Of course you'd have to deal with daily phone calls and 'overbearing' written communications - for which Nemo are likely to charge extra. I'm not advocating such a drastic course of action, as what would happen to Nemo if everybody decided to withhold their payments in some form of protest. In essence it is simplest just to request the settlement figure, and settle... the longer you take the more it will be costing you. Don't forget to have some fun though, by challenging any settlement figure - asking for the detailed calculations that they have invented... to arrive at a figure that may be more than you expect.make the assumption that Nemo will not be offering you a reasonable settlement figure - you could do the sums yourself to see how much your installments should have taken off.
Asked by lh1982 on 17th March 2015 Report this content
I'm just wondering if anyone can give me some advice. My uncle got a loan through Nemo of £20,000 about 10 years ago, he's been paying £310 per month for the last 10 years, he has now been made bankrupt. Now they have been granted a charging order on his property. Even though he is bankrupt they still want him to pay £180 per month for the next 17 years interest free, and charge remains on the property until the full amount is paid. Can anyone give us any advice on what we can do or where we can go now? total amount paid in 17 years time will be a grand total of approximately £60,000 on just a £20,000 loan.

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Report this content maqqie Written on: 19/03/2015
I dont know what the terms were on the loan ten years ago. They seem to have much more regulated terms now by the FCA. You can always write to the ombudsman if you suspect that tthey are charging you more than they should have. Its outrageous that the loan has not paid off by now.
Asked by padams on 4th February 2014 Report this content
I would like to know if Nemo is a legitimate company and if they can really help someone like me? I have started the process of applying for a like they say Non Collateral loan of which I paid R7250 to secure the loan and now need to pay R9500 for the transfer of the loan. Is that correct if you can help me with that? Why all this money? Why don't they tell you this upfront so that you can get the funds together? The reason you apply for the loan in the first place is because you don't have money now you must run around looking for money. I would like to know that Nemo is for real and that they can help me with this last process as they said of the transfer of the money.

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Answers (3)
Report this content Linda1212 Written on: 04/02/2014
Don't use this Loan Company, we took £20000 secured on our property 6 years ago, we got our PPI back £7500 which was paid back onto the loan, we sold our house which Nemo made very very hard for us and the profit of £9000 was paid direct to Nemo and we have made 6 years worth of payments totalling £14000 so all together we have paid Nemo about £30,000 and they are still saying we owe them around the £15,000 mark! STAY AWAY FROM NEMO that's my advise.....
Report this content jimmypunter Written on: 13/02/2014
Just don't touch them. Go to a bank or building society. Look at what others are saying about them as well
Report this content Captivated501 Written on: 18/03/2015
As a past customer of Nemo Finance, OK they appear legitimate and very nice - offering loans and support to 'hook' the unwary. There are instances of occasions when people in financial difficulties with nemo loans outstanding have been subject to litigation and Nemo have attempted to recover way more than could be reasonably expected. For example - for a 40K outstanding loan on a proprty worth 200,000 Nemo wanted the property and the 40K as well. There are other similar stories... Suffice to say there is what could be considered 'sharp practice' and all is well whilst making payments (payments fixed at the onset of the loan did seem to vary on occasion but always upwards, never reflecting bank lending rate reductions. Are they legal - yes probably, are they honourable... make up your own mind...
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