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First Plus PPI

If you have ever taken out any form of significant borrowing you have probably worried about what you would do if you lost your job or were unable to work due to illness. These fears are often significantly increased when you have taken out a secured form of borrowing as it means failure to keep up with repayments could result in your losing your home. It is likely these type of fears went through the minds of customers prior to taking out First Plus PPI cover.

First Plus was formally the UK’s largest provider of secured loans and many of the customers who took out these loans also purchased Payment Protection Insurance or PPI. PPI is designed to cover a borrower in the event they cannot work due to sickness, accident or involuntary unemployment. It steps in to cover repayments until the policyholder is able to return to work. Unfortunately, First Plus PPI and other similar types of protection cover are not suitable for all borrowers and have been frequently mis-sold. The degree of mis-selling can range from a customer being sold a policy that is not wholly suitable for their needs to one that they are ineligible to use.

In 2006 an FSA investigation revealed significant issues with the way PPI was sold. It found that many lenders were failing to put in place processes to prevent mis-selling. As a result of the FSA investigation, the number of customers making complaints regarding mis sold PPI increased significantly and sales of the cover began to fall. First Plus PPI sales dropped as a consequence and the loss of revenue from the sale of the policies was blamed, in part, for the company’s decision to stop providing loans in 2008. Although the company no longer sells the cover if you have been mis-sold a policy you can still seek PPI refunds.

Take a look at our checklist below to see whether you may have been mis-sold First Plus PPI.

Were you told the wrong thing?

Were you told you had to have the cover?
Were you told taking out the cover would improve your chance of being given the loan or credit?

Were you sold a policy even though your circumstances made you unsuitable?

Were you over the age of 65?
Did you have a pre-existing medical condition?
Did you have cover in place elsewhere?
Were you retired, unemployed or in full time education?

Were you sold a policy without being given full information regarding the cover?

Did the sales person fail to explain the full costs?
Did the sales person fail to explain the full terms and conditions?
Did the lender fail to provide you with policy documentation?

Were you placed under undue to take up the policy?

Were you pressured into buying the policy?
Were you hurried into making a decision?

If you think you were mis-sold a payment protection insurance policy call our team today on 0207 471 2000. We have already helped more than 60,000 customers to make claims and work on a no win no fee* basis.

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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.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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