First Plus Loans Review

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

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A Bradley's Review of First Plus Loans

15th Mar 2008

Overall Rating

0 stars
  • Value for money
    0 stars
  • Speed of Application
    4 stars
  • Loan Rate
    7%
  • Customer Service
    0 stars
Good Points

None


Bad Points

Inticing low interest rate which then increases dramatically.
Variable rate not linked to any base rates.
High resettlement figures.
Carol Voorderman!


General Comments

First Plus' own advisor stated that their interest rates are not linked to either the BoE base rate or the FHBR and that they can set them at whatever they like. I saw four interest rate rises on my loan in just 8 months. I went from an APR of 7 % to 9.3% !!! The BoE and FHBR interest rates hadn't increased by more than 1% ?? When I asked for a resettlement figure my interest rate miraculously dropped a full 1%, however despite making £6500 of payments in 18 months my resettlement figure was only £2400 less than my original loan?? You can get fixed rate deals with APR's close to First Plus' VARIABLE (and boy does it like to vary!!) RATE without the fear of unquantifiable interest rate increases.

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