Reclaim PPI From First Plus
First Plus And PPI
If you have ever had a secured loan with First Plus, then there is a considerable chance that you have been mis-sold PPI. When it closed its doors to new applications way back in July 2008, it was by some distance, the biggest player in the mostly sub prime, secured loan market.
First Plus was all about wrapping all your expensive debt into one affordable monthly payment. There were however some major snags. Firstly, the rates on these secured loans, were often very high themselves and secondly, they were often sold with huge PPI premiums on top. Add to that loan terms of up to 25 years, then, the cost of the borrowing with with the PPI and the rate of interest and the charges, all meant the final borrowing figure to be repaid, was often completely eye watering.
People were also often under the impression, that any PPI sold along with the loan, meant that they were then covered for the whole duration of the loan. Unfortunately, this was far from the case and normally the cover, despite the astronomical cost, only protected payments for the initial five year period of the loan term.
Beat the Banks team have had some major successes against PPI policies mis-sold by First Plus. The cost of the policy and the interest rate applied to the borrowing has meant substantial compensation for these former secured loan holders. Importantly, before complaining for mis-sold PPI on these First Plus secured loans, we first of all recovered all the paperwork from the lender. Something that is absolutely vital, if you want to be 100% accurate with your claim. This is far removed from around 99% of other claims companies who simply request the very, very basic account information. We often recover inches deep in paperwork unlike the industry standard, that sees our competitors provided with typically one or two sheets of paper. Unlike the rest we don't take chances with your claim.
If you think you might have had a secured loan with First Plus, here is a little reminder of how they came about and their demise. First established in 1997, it was then acquired by Woolwich in 1998, which in turn was gobbled up by Barclays in 2004.
Famous for it's advertising campaign with celebrity Carol Vorderman, it boasted a massive customer base of circa 130,000 when it finally closed. A closure that also saw 300 people made redundant.
if you think that you might have been mis-sold PPI on a First Plus secured loan, then the team at Beat the Banks are here to help.
All our claims experts are former bank lending managers and our team has hundreds of years of banking, insurance and legal experience. To find out more please call 01382 200474 or for free on 0800 193 1234.
Beat The Banks Are Different
Find out why by watching our videos. We care, we fight your fight, and, we go back further and work harder to make sure you get more. Give your one chance your best chance with Beat the Banks.