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First Plus mis sold PPI

Between June and December 2010 the Financial Ombudsman Service received 400 new complaints relating to First Plus payment protection insurance policies. Of the cases reviewed during this same period, 86% found in favour of the customer. This means that First Plus had to pay compensation to these customers. The number of First Plus mis sold PPI complaints received is significant, particularly as First Plus stopped providing new loans in 2008, while the high resolution in favour of the customer suggests there may have been real issues with the way the lender was selling the cover.

First Plus specialised in providing secured loans, these are loans that are secured to some form of collateral, usually a house or vehicle. Given the nature of the secured loan and the risk of the customer potentially losing their home if they failed to keep up repayments, First Plus also sold a large number of payment protection policies. Payment protection covers a borrower if they are unable to work due to involuntary unemployment by stepping in to take over repayments. For anyone potentially risking their home on a secured loan, this type of insurance was naturally a very attractive option.

The issue with payment protection insurance is that it has been widely mis-sold. Since 2005, the Financial Service Authority has received in excess of 1.5 million complaints and thousands of dissatisfied customers have received PPI refunds. The grounds upon which customers make payment protection insurance claims can vary, but, in the main, they tend to involve either a failure in terms of the information given to the customer at the point of sale or a failure by the lender to adequately assess the suitability of the customer for the cover.

If you believe you have a First Plus mis sold PPI policy, you can start your claim today by calling 0207 471 2000.


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