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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vickib's Review of First Plus Loans

15th Nov 2007

Overall Rating

0.5 stars
  • Value for money
    0 stars
  • Speed of Application
    3.5 stars
  • Loan Rate
    12.9%
  • Customer Service
    0 stars
Good Points

Gave me a loan of £65000.00 when I only asked for a loan of £25000.00, paid out very quickly, encouraged me to take out loan protection, as full refund would be given in 5 years of premiums if no claims had been made.


Bad Points

Gave me way more money than I asked for, high interest rates, extortionate early settlement, very unhelpful.


General Comments

I took out a loan for 65k, 3 years ago, we were advised to take out the loan protection and told that in 5 years we would receive a refund of the premiums, which in our case is nearly 15k. Since taking out the loan our payments have gone up by £160.00 per month, so we phoned up for a settlement figure, thinking we would re mortgage instead to pay off this extortionate loan, only to be told we now owe £14000.00 more than we originally borrowed!! Despite the fact that over the last 3 years we have repaid over £30000.00. So we are now stuck with this loan for a further 12 years.
Very unhelpful staff, one big rip off.
My advice to anyone thinking about taking out a loan with First Plus loans, DONT!

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