First Plus Loans Review

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sprostonl's Review of First Plus Loans

7th Jan 2008

Overall Rating

0 stars
  • Value for money
    0 stars
  • Speed of Application
    2.5 stars
  • Loan Rate
    .8%
  • Customer Service
    0 stars
Good Points

None


Bad Points

Everything about First Plus


General Comments

We took out a loan with first plus to consolidated existing debt, The loan included a payment protection plan, i found myself out of work for a short period of time and unable to meet payments, i did find alternative work,but with a lower salary i was in constant contact with First plus to see if i could reduce payments nothing was offered except that i cancelled my payment protection plan which i could not claim as i missed payments, we did and after receiving a settlement figure we still owe as much as we borrowed, the figure still includes the payment protection plan, which they say is correct. I have asked for clarity as i thought that it was separate as shown on the break down of the loan, i am still waiting to hear from them and still struggling to hold my head above water.
i have wrote and spoke direct to customer service and had the pleasure of speaking to every department bar the cleaning team.

Tony. Cheshire

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Members' Comments onsprostonl's Review

  • chunkeyleadley Rank: Corporal on 8th Mar 2008

    I'm in the same position! The payment protection is paid by first plus to the insurance company at the start of the loan and the full amount (£7347.00 in our case) is the added to your loan and then you are charged interest on the full amount! If you settle early you still pay the full insurance payment! I have just written to BBC watch dog and would beg everyone to do the same.

NameCredit RatingAPRTypical APRMin Loan AmountMax Loan AmountHome Owner  
Alliance & LeicesterGood8.00%8.00%£7,500.00£14,950.00No
Sainsbury's LoansGood8.00%8.00%£7,500.00£15,000.00No
Nationwide LoansBad7.90%7.90%£7,500.00£14,999.00No