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First Plus Loan Insurance

Up until 2008, First Plus was one of the UK’s major suppliers of secured loans. Secured loans are loans that are secured to some kind of collateral, usually a house or vehicle. The loans are often heavily criticised because the borrower potentially risks losing their home if they are unable to keep up with repayments. For this reason many people view secured loans as a last resort form of borrowing.

Because the borrower risks losing their home or vehicle, many people who take out secured loans opt to take out some form of loan or payment protection insurance. Often known simply as PPI, this kind of cover insures the borrower against involuntary unemployment. It works by stepping in and take over repayments. The issue with this type of insurance is that it has been frequently mis-sold and, as a consequence, many customers have been left paying for expensive cover they do not want or need or that they cannot use.

If you think your First Plus loan insurance policy may have been mis-sold, but you are unsure. You should start by thinking about the information you were given at the point of sale. Before you were sold the policy your lender should have explained the terms and conditions as well as the full costs to you – if this did not happen your policy may be considered mis-sold. It is also important that all the information you were given was accurate. If you were told, for example, that taking out the cover would improve your chances of being given the loan this information was incorrect and you were mislead.

The other distinct type of mis-selling is when a customer is sold loan insurance who never should have been offered it in the first place. If you were in full time education or retired, for example, and not in employment you would have no need for this type of protection. Another good example is customers over the age of sixty-five. Most PPI policies do not people in this age group, but many were still sold the cover.

To find out more about the PPI reclaim process or to start your First Plus loan insurance mis-selling claim today call 0207 471 2000.

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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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