Why complicate things with lots of jargon?

We believe in simple and straightforward communication. That’s why we’ve listed some questions and answers which may help you when you’re considering a Nemo loan, or if you’re an existing customer.

New Customers

What information do I need to provide to apply for a Nemo loan?
When applying for a Nemo Loan your loan officer will require additional information from you such as proof of income or proof of address. Every application is different so to see a list of the most commonly requested information when applying for a Nemo loan please click here.

What can Nemo offer me?
Nemo loans are only for Homeowners. That’s because we offer secured loans. A secured loan is a loan that uses your home as security against the loan. So, if you’re unable to keep up with your secured loan repayment, then your home is at risk of being repossessed.

How much time will it take to process my loan?
It can vary from loan to loan, but at Nemo we’ll always keep you informed throughout the process. Under the Consumer Credit Act, which will regulate your Nemo loan, we are required to give you a period of time to consider your loan. This period of up to 16 days will begin when we send an Advance Copy of your credit agreement for you to read. During this time we are not able to contact you, although you are able to contact us. After 8 days you will receive the credit agreement for your signature. The consideration period will end either 16 days after we sent the Advance Copy of the credit agreement to you or when we receive your signed credit agreement, whichever happens first.

How much can I borrow, and how long would I have to repay it?
With Nemo, you could borrow any amount between £10,000 and £100,000, subject to your circumstances, and repay it over a term from 5 to 25 years.*

What can I use a Nemo loan for?
You might want to consolidate existing debts, or need some extra cash for the home improvements you’ve always wanted to do. Perhaps you’d like to help your kids on their way with their university fees or weddings. You might even want to treat yourselves to that holiday of a lifetime. Whatever you’re looking for, Nemo will try and do our best to help.

From applying, how long will it take to receive the funds?
At Nemo, we like to keep things simple. We will strive to process your loan application as swiftly and efficiently as we possibly can. Under the Consumer Credit Act, which will regulate your Nemo loan, we are required to give you a period of time to consider your loan. This period will begin when we send you an advance copy of your credit agreement. During this time we are not able to contact you, although you are able to contact us. As soon as you decide to proceed with your Nemo loan, following the expiry of the consideration period, we will send you the credit agreement to sign and when you return your signed credit agreement we will process your loan. In most cases, once the documentation has been received, we can pay out your loan in 10 working days.

I’d like to do some home improvements, can Nemo help me?
If you’re thinking about extending, adding a conservatory or generally carrying out some home improvements, then you can apply to Nemo for a secured home improvement loan. To find out more about our home improvement loans, click here.

I’d like to consolidate my existing debts, can I apply for a loan with Nemo?
If you’re juggling multiple store or credit cards, and have a personal loan that you’d like to pay off too, then you could wrap all those multiple monthly repayments into one with a secured loan with Nemo. It is important to remember that repaying your borrowing over a longer term may increase your overall interest charges. To find out more about a debt consolidation loan with Nemo, click here.

Who can apply for a loan with Nemo?
As long as you’re a homeowner with a mortgage, you can apply for a loan with Nemo.
For more information who can apply for a loan with Nemo, click here.

When applying for a loan with Nemo, are there any restrictions on age?
The minimum age for applicants is 21. If Nemo is basing your affordability to borrow on your income from paid employment, you must be aged below 60 at the time your application is loaded and not older than 70 at the expiry of your loan. If we are not using paid employment as the basis of affordability then you must be below 60 at the time the application is loaded, but can be no greater than age 75 at expiry of the loan. Nemo requires any applicant who will be over the age of 65 before the expiry of their loan to confirm in writing how they will be able to maintain repayments after this time.

How do I apply for a loan with Nemo?
If you’d like to apply for a loan with Nemo, then you can do this by applying online here alternatively, call us on 0800 019 8448 and we’ll talk through your enquiry.

I’m married, do I need to make a joint application?
Yes, if you’re married then you will need to make a joint application. Both applicants will need to complete and sign the application, the authorities and legal documents.

I jointly own my property with my partner, do they need to apply for a Nemo loan with me?
Yes, if you jointly own your property then you will need to make a joint application. You’ll both need to complete and sign the application, the authorities and legal documents.

I’d like to speak to you, how do I get in touch?
If you’d like to speak to us, then you can find all our contact details here.

Does Nemo advertise anywhere which involves paying an upfront fee to consider my application?
No - Nemo advertises on the internet and also receives applications via our network of brokers, however neither Nemo nor its partners will ever ask you to pay an upfront fee to consider your application. If you have been asked to pay a fee before your application is made, please contact us on 0845 371 0461.

Please note, some of Nemo's brokers may charge you a fee to search for a product which is suitable for you. If this is the case, the fee is added to the loan amount you borrow which you then pay interest on. Payment of any broker fee would not be requested before your loan application is processed.

What should I do if I think I have received a scam e mail?
If you think you have received a scam e mail, don’t click on any links or pictures and don’t open any attachments. Nemo will never send you an e mail asking you for personal information. Such e mails are referred to as ‘phishing’ e mails, and are named as such because fraudsters are attempting to ‘fish’ for your personal security details.

If you receive an e mail asking you to reply with your personal details please forward it to phishing@nemoloans.co.uk in order to help us combat online fraud. Nemo does not guarantee a response to every e mail but you can be assured we will investigate every report received.

What should I do if I think I’m on a fake website?
Fraudsters may set up spoof websites which are made to look like the real thing. This is known as typo squatting or cyber squatting and such sites are usually accessed by users mistyping a website address. In order to avoid this type of scam, you should always type in website addresses carefully and check them before entering any personal information.

How do I know that Nemo’s site is secure if I am submitting my personal information?
There are only 2 places on Nemo’s website where you would need to submit personal information to apply for a Nemo loan. These are our application page and our Call Back Service page. You can make sure these pages are secure by clicking on the yellow pad lock icon which appears in the status bar. This locked padlock shows that Nemo uses encryption to protect the personal details that you enter. You can double click the lock to display Nemo’s Security Certificate. The ‘Issued to’ name should match www.nemo-loans.co.uk.

Existing Customers

Can I have a Payment Holiday?
At Nemo we do not offer payment holidays on our loans. If you are concerned about making a payment or are experiencing difficulties please contact our Collections department on 0800 019 7410 to discuss your account

Can I make a Lump Sum Payment?
Lump Sum Repayments (also known as Capital Repayments) can be made on most Nemo loans. If you took a fixed rate on your loan from inception, however, you will not be able to make lump sum repayments during the fixed period nor are capital repayments permitted under the terms and conditions of some variable rate Nemo loans entered into before 2005. Some of our customers have transferred from a variable to a fixed rate – if this is the case then capital repayments can be made. We have a copy of your credit agreement so if you are not sure if you are able to make lump sum repayments we can advise you on the capital repayment provisions that apply to your loan. Please call 0845 371 0461 to discuss your options with a member of Customer Services.

If you have a variable rate loan then the implications of making a lump sum repayment are determined by whether you have a regulated or non regulated loan.

For Regulated Loans:

Issued after 2005 but before 1 March 2008, the terms and conditions provide for capital repayments under the following conditions:

• Minimum Lump Sum payment is 10% (of the balance of the loan) or £1000, whichever is the greater
• Maximum Lump Sum payment is 90% of the balance of the loan
• 1 Capital Repayment permitted every 12 months
• No administration fee & No interest charges
  

For regulated loans issued after 1 March 2008, the terms and conditions provide for capital repayments under the following conditions:

• Minimum Lump Sum payment of £1,000
• No administration fee but a charge will be applied in the same way as if you had settled the loan early, but pro rata to the amount repaid early. An illustration will be provided on request.

For Non-Regulated Loans:

• Minimum Lump Sum payment is 10% (of the balance of the loan) or £1000, whichever is the greater
• Maximum Lump Sum payment is 90% of the balance of the loan
• Administration fee of £100
• 1 Capital Repayment permitted every 12 months
• No early repayment charge will be applied on the first 10% of the Capital Repayment
• If the Lump Sum Repayment is more than 10% of the outstanding balance there is up to six months interest charge

If you would like to discuss making a lump sum repayment or would like any clarification on the information provided please call our Customer Services Department on 0845 371 0461.

How do I change a monthly repayment date?
Simply call Customer Services on 0845 371 0461 who can change the date of your repayment over the phone with no additional paperwork.

You need to bear in mind when looking to change your payment date that unless you change the date before you make your first payment you will be charged £25 to amend the date.

If you move your payment forward you will accrue interest for each day – the accrued interest will be added to the first new payment you make. If the payment date is moved backwards, your monthly payment will remain unchanged.

Your payment date can be moved a maximum of 15 days forward from your due date. For example, if your next payment is due on 1st July - you could move the payment to the 15th July and the 15th of each month thereafter.

Who can correspond with Nemo regarding my Loan?
In order to protect your information we will require your written and signed permission to speak with anyone who is not you, about your account. If you do require a third party to speak to Nemo about your Loan then please send a letter to Customer Services, Nemo Personal Finance Ltd, Trafalgar House, 5 Fitzalan Place, Cardiff, CF24 0ED stating clearly the nominated person(s) or company you give permission to speak to us and provide your account number, signed and dated with your name(s) printed clearly. If there is more than one person on the account we will require all customers to sign the letter. If you have any questions about nominating third parties please call Customer Services on 0845 371 0461.

I live in Scotland – how does this affect me?
Due to the land registration process in Scotland Nemo needs more correspondence and a larger involvement of our solicitors. As a result administration during the set up of your loan and things further down the line like transferring your finance from property to property can take slightly longer.

The main tasks affected include:

• The documents you receive when you first get your quote for a loan from us.
• Settlement figures
• Deed of Postponement – The document that allows a new first mortgagee to rank in priority to ours e.g. if you moved your mortgage from one lender to another.
• Transfer of Property – The transferring of your Nemo loan from property to property i.e. you move home and take your loan with you.
• Transfer of Equity – the addition to, or removal of a name from the loan

If you have any questions about secured loans and the property is in Scotland please call Customer Services on
0845 371 0461 to talk it through.

Why am I receiving a statement now when I’ve not had one in the past?
Recent changes to the Consumer Credit Act require that annual statements be provided to all customers with a fixed sum loan agreement that is regulated by the Consumer Credit Act.

The Act now requires lenders to issue a statement at least once a year.

Your statement will only contain information about your account for the last 12 months, even if you have had the loan for longer, as this is the most up to date information.

How often am I going to be sent a statement?
Each named person on the loan agreement will normally receive an annual statement from Nemo until the loan has been repaid.

There are fees on my statement – what fees do I need to pay?
Fees are payable under the terms of your Loan Agreement. There are two types of fees charged by Nemo Personal Finance:

• Service fees
• Default fees

Why have I paid a Broker Fee?
If you were introduced to Nemo through a Broker, they would have searched the market to find the best loan for you and your individual circumstances. Most brokers charge their clients a fee for this service, and they would have discussed this with you when you progressed with your loan. The broker fee forms part of the loan amount lent to you by us, and so appears on your statement. If you have any queries about the broker fee you were charged, please contact your Broker. Alternatively, if you have any queries about any other fees which appear on your statement, please contact our Customer Services team on 0845 371 0461 who will be happy to help.

When I make my monthly repayments, what exactly am I paying off?
Your Nemo loan is a repayment loan - it's designed to provide the reassurance of gradually clearing your loan each month. Each month, you pay back the interest that has accrued that month plus some of the loan capital. In the early years of your loan, when little capital has been repaid, the monthly repayment mix is mostly interest. As time goes on, and more capital has been repaid, so the interest element reduces. There is then more of the monthly repayment available to repay capital. So capital is repaid faster and faster until it is all repaid and that's the end of the loan term.

On a 25 year term loan it would not be unusual to still owe over 50% of the original debt after the first 15 years. Providing the correct monthly repayments are made on their due dates, together with any fees you've incurred, your total debt will be repaid by the end of the loan term.

Why are you charging me interest every month?
The terms and conditions for your Nemo loan state that interest is calculated each day on the outstanding loan balance - it is then debited to your account each month (monthly in arrears). This is a standard method used for repayment loans.

Why does my interest rate keep changing?
The interest rate applied to your loan is a “standard variable rate” – which means it can vary. Nemo can change the interest rate in accordance with the terms and conditions for your loan, and Nemo will usually change interest rates when lending rates or market conditions change. A variable rate fluctuates up and down to reflect the cost of borrowing to the lender.

Why does my statement show “Interest Adjustments” on my account?
Interest adjustments are applied to accounts where something has happened which affects your loan balance, but this has happened in the past so must be rectified. For example, if a cheque payment bounces 5 days after it is due, we need to record that the payment wasn’t made as first thought so a ‘reversal’ transaction needs to be entered to show that the payment bounced. The reversal transaction is back-dated to the day the payment was due and the interest adjustment therefore accounts for the additional interest due for this 5 day period.

Can I settle my loan by paying off the outstanding balance stated on my statement?
No, if you are thinking of paying off your Nemo loan you will need to request a settlement quotation. This can be done by phoning our Customer Service Team on 0845 371 0461 who will be happy to help.

Why is the interest rate on my statement different from my loan agreement?
Your loan agreement shows the Annual Percentage Rate (APR) at the time your loan was taken out. The APR is calculated according to a formula set by the government that’s intended to allow fair comparisons to be made between different lenders and loan products. As a result, the APR takes account of the entire cost of the loan and not just interest; for example, if you paid a broker fee, that’s included in the APR formula.

The interest rate shown on your statement is the rate currently used by Nemo to calculate the interest to add to your loan each month. It is normally lower than the APR unless we have increased your rate – please refer to the above section on ‘Why does my interest rate keep changing?’

Who should I contact if there’s something on my statement I don’t understand?
Please call our Customer Service Team on 0845 371 0461