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“Nemo - Still Trading in Misery?”

written by Captivated501 on 27/04/2015

I had some dealings with Nemo which eventually concluded a couple of years ago. I found them particularly driven to be self-serving (not a problem with that after all they are reportedly in business). However everything seems to be in their favour, take for example when globabl interest rates rose the apr on the loans also rose...(yes I was dealing with them for some time before the global financial meltdown) BUT when interest rates fell (crashed to below 0.5%) Nemo argued that they got their monet from a different source and would you believe it that interest rate hadn't fallen. So Nemo loan rates %apr continued to increase (as did monthly installment demands).

If you ever fell into arrears (for whatever reason) you could expect daily (and sometimes more than daily) telephone calls at quite the most inopportune moments, letters which could be perceived to be of a threatening nature. 3 months worth of hassle and stress before accounts are shifted to recoveries and thence quite quickly to legal action often attempting to take ownership of property (usually way in excess of the value of any outstanding loan) PLUS full repayment of the balance PLUS undeclared and uncosted adminstration and legal fees.

I think an approach to the financial ombudsman might be worthwhile - if nothing other that to alert other potential 'targets' of the treatment to be expected.

If there were sufficient interest and potential support (from all of those unhappy customers) it might be worthwhile embarking on some form of 'class action' but then again we probably don't have the capital to risk on a venture that could be long and drawn out.