Useful information

Interest Incurred on Arrears

Whilst your Nemo second charge mortgage account is in arrears, additional interest is incurred. This is because your balance is higher than it should have been at this point of your mortgage had you made your payments in full and on time.

Arrears interest is added to the loan balance, and if it is not paid off when the arrears are cleared, the arrears interest will itself continue to incur interest until the end of the loan. This means that there may be an outstanding balance remaining at the end of the mortgage term as a result of this.

You can speak to one of our helpful agents on 0800 612 9982 to arrange to pay the outstanding interest incurred on arrears, or ensure that any arrangement that you make is sufficient to pay your mortgage in full, and within the number of months or years you have remaining.

Changing your Contractual Payment Date

If you move your payment date forward (and therefore delay your payment), you will accrue interest for each day – the accrued interest will be added to the next payment you make (or can be spread over the next three months upon request). If the payment date is moved backwards (and therefore sooner in the month), your monthly payment will remain unchanged.

Fees and Charges

If your Nemo mortgage falls into arrears, you may incur additional fees and charges including:

Service Fees	Cost
Returned Direct Debit payment	£20
Field Agent visit (please see subsequent section for more information)	up to £90
Default notice (please see subsequent section for more information)	£50

Should we need to take you to court as a result of your arrears , all solicitors and court fees will also be payable by you. These are added to your mortgage balance.

Please note that all fees and charges will be added to your mortgage balance under the terms and conditions of your Nemo Mortgage Agreement. This means that there may be an outstanding balance remaining at the end of the mortgage term as a result of this. You may repay these fees and charges any time. If you require further information with regards to fees and charges, please contact us or for further information please click here.

Credit File

Please note that missed and late Nemo mortgage payments can adversely affect your credit rating and your ability to obtain credit in the future.

This can still apply even if you make small monthly or irregular payments to your account if those payments are not equivalent to your contractual payment.

Default

If your account is in arrears, we may register a Default with the credit reference agencies. You will be given notice of our intent to do so, and provided with the opportunity to avoid the Default by clearing your arrears or entering into an acceptable arrangement. The Default will appear on your credit file for six years even if you pay off the debt in full. Any creditor who checks your credit file in this time will see the Default, which could have an adverse effect if you apply for other credit.

Field Representatives

It is extremely important that we stay in touch with each other, particularly if your Nemo mortgage account is in arrears.

However, if all of our efforts to engage with you have failed, we would consider sending our Field Agents out to visit you at your home address. This is simply with the aim of establishing contact with you. Field Agents are not bailiffs and are not instructed to collect payments on our behalf.