First Plus Loans Reviews

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☆☆☆☆☆

“We took out a loan with first plus to consolidated...”

Written on: 07/01/2008 by sprostonl (1 review written)

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… Read Full Review

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Chunkeyleadley's Response to sprostonl's Review

Written on: 08/03/2008

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.

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“We have taken out a secured loan for £65,000 to...”

Written on: 30/12/2007 by WJS (1 review written)

We have taken out a secured loan for £65,000 to consolidate our debts thinking that this would reduce our monthly outgoings. Our payments have steadily increased along with the interest rate but not reduced along with the interest rate!! We recently decided that enough was enough and that we would need to sell our family home to get rid of this noose which was around our neck, get straight, pay our debts and try and rebuild our lives to some fashion. We received our settlement figures on… Read Full Review

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“If you are thinking of obtaining a loan from First...”

Written on: 08/12/2007

If you are thinking of obtaining a loan from First Plus - don't! the customer service is poor unless they are trying to sell you a new product.

My experience was a nightmare. I signed up at a rate of 8.0%, within 3 months the rate had been increased 3 times despite the fact that the bank of england rates had remained constant. When the Bank of England rates went up 1/4%, I ended up paying interest of 11.3%. No explanation was provided. Luckily for me I was able to remortgage and get rid of… Read Full Review

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“I took out a loan for 65k, 3 years ago, we were...”

Written on: 15/11/2007 by vickib (1 review written)

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… Read Full Review

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“Seriously think very carefully before taking out a...”

Written on: 08/11/2007 by Mr Skyline (1 review written)

Seriously think very carefully before taking out a loan with First Plus and my advice is not to take out protection it doesn't work the same way it does with other loans and they hide that fact as best they can… Read Full Review

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“We took out a loan secured on our home with first plus...”

Written on: 15/04/2007 by olipho (1 review written)

We took out a loan secured on our home with first plus loans 2 years ago. We thought we were now in a situation to be able to settle the loan amount but after asking for a settlement figure we find we actually owe £10,000 more than the original loan itself despite paying off around £14,000 already… Read Full Review

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“We took out a secured loan on our house 10 months ago,...”

Written on: 06/10/2006 by cerruti (1 review written)

We took out a secured loan on our house 10 months ago, and we were encouraged to take the insurance plan with the loan. According to our agreement the insurance premium was £113.00 per month on top of our monthly payment. We were advised that if we didn't make a claim we would get £10,000 back at the end of 5 years (this is the amount of premiums we would pay over the 5 years). However, we had a rethink and decided to cancel the insurance premium thinking that we would be £113.00 better off… Read Full Review

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Chunkeyleadley's Response to cerruti's Review

Written on: 09/03/2008

I have telephone a few times to check about the cash back and I have been informed each time not too worry that the insurance company will contact me when the cash back is due!! WHen asked for this writing, they say that it is nothing to do with them but the insurance company.

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“I took out a loan with First Plus 5 months ago. I have...”

Written on: 26/06/2006 by dkennedy (1 review written)

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… Read Full Review

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“I borrowed £17,000 over a 15 year period from First...”

Written on: 21/02/2006 by The Hitman (1 review written)

I borrowed £17,000 over a 15 year period from First Plus Loans, and I was advised not to settle early until a minimum of 5 years had passed. I was paying £215 a month. On January of this year I asked for an early settlement figure, as that was 1 month passed the 5 years, and I was quoted a figure of £16,800; so for the 5 years in which I had paid a total of £13,115, I had only paid £200 of the loan.

Anyone who is reading this, my advice would be to borrow from a reputable… Read Full Review

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