First Plus Loans Review

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0.6 stars
Average rating for this product is: 0.6 out of 5

From 5 ratings and 32 reviews

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dkennedy's Review of First Plus Loans

26th Jun 2006

Overall Rating

0.5 stars
  • Value for money
    0.5 stars
Good Points

Will give you as much money as you want, regardless of your circumstances. They will even encourage you to take more money than you originally ask for...


Bad Points

They word their sales pitch so that the T's & C's are vague, and the loans negative aspects are disclosed with a misleading spin. If you take out a loan with First Plus, forget any possibility of re-mortgaging or early settlement before 5 years.


General Comments

I took out a loan with First Plus 5 months ago. I have paid £4315 in monthly repayments, and I am now £11500 worse off if I settle now.

I was given the impression that I would receive a refund of any unused portion of my loan protection minus interest on early settlement. In actual fact, no payment protection is refunded before 5 years, when the entire payment protection will be refunded. Meanwhile, my 8.9% interest rate continues. First Plus actually admitted to me that this was a common misunderstanding, and advised me to partly settle my initial loan amount, and continue the loan for the remaining early settlement costs, so that my payment protection reimbursement in 5 years would reduce the losses I have experienced with First Plus. Responsible lenders... I DO NOT think so. It has since even come to light that the valuation of my property was exaggerated so that they could give me more money. And I am now discovering that very few mortgage companies will consider remortgaging our home whilst I have a secured loan with First Plus.

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