If youíre looking to make a PPI claim against First Plust the following page tells you all you need to know. Aside from explaining all the info you need in order to pursue your claim, we also explain exactly how to go about making your First Plus PPI claim. Of course, weíd love you to use us to help you with the process, but unless you have all facts first, how you can you decide the best way to proceed?
A bit of backgound on First Plus...
First Plus is perhaps the best known name of a number of lenders who offered second charge mortgages, often known as ësecured loansí. It is part of the Barclays Bank group.
First Plus did not lend to borrowers with poor credit histories, but it did lend into negative equity, with customers allowed to have total secured borrowing (their main residential mortgage and their First Plus loan) up to 125% of the property value.
All policies sold by First Plus were single premium policies, with the premium added to the loan amount. Single premium insurance may have had a term of three to five years, yet the typical term for a secured loan is 15 to 25 years. However, the insurance premium, plus interest, was repaid over the full term. Those seeking to cancel single premium PPI early would still need to continue paying interest on the premium. Furthermore, the single premium nature of the PPI meant that some of its customers, with debts in excess of their property value secured on their home, were taking on even more debt
First Plus PPI Claims - were you mis-sold?
Was it made clear that your PPI involved payment of a single premium plus interest? Were you made aware of the unfavourable terms that applied in case of early cancellation? And was your PPI written over a different term to that of the loan? Issues such as these have given rise to many successful PPI claims.
Like many second charge lenders, First Plus ceased offering new loans in 2008, following the credit crunch of the year before, but still exists to service existing customers, and crucially for those who took out its PPI, it can still receive complaints.
Complaints regarding PPI sold by First Plus can be made:
- by calling 0845 650 6600;
- by writing to: Customer Relations, Firstplus Financial Group, The Avenue Business Park, Pentwyn, Cardiff CF23 8FF
How long will my First Plus PPI Claim take?
On its website, www.firstplus.co.uk, First Plus undertakes to resolve PPI complaints within 40 days in normal circumstances, and to pay any compensation within 28 days of acceptance of its offer.
However, if the complaint is rejected, or you are dissatisfied with the amount offered, you can refer the matter to the Financial Ombudsman Service (FOS) -
www.financial-ombudsman.org.uk. The FOS resolves most complaints within a few months, but in exceptional cases can take over a year.
First Plus is a member of the Finance and Leasing Association (FLA), and while you can go straight to the FOS if you wish should First Plus reject your complaint, you also have the option of using the FLAís conciliation scheme to try and resolve your complaint. Details of this scheme can be found at
http://www.fla.org.uk/consumers/complaints-process.
The FOS ruled in favour of the customer in 74% of the First Plus PPI cases it closed in the six months to June 30 2012 ñ slightly above the industry average of 71%. This suggests that First Plus is not too keen to pay out compensation itself, and suggests you may need to be patient when making a claim with this organisation.
One thing to bear in mind before making your claim either through us or direct with First Plus is whether you were sold PPI by First Plus or an intermediary. If itís the latter, then youíll need to make the claim against them, rather than First Plus.
Next steps to making your First Plus PPI Claim...
Now you know all about First Plus PPI claims, let us take all the stress and hassle out of your hands. Simply fill in the form on the right and weíll crack on and get your claim processed straight away.
All information presented in this article is accurate as of December 2012