First Plus Insurance

[ordinary77]

Hi all
Great site very useful and interesting reading great to see someone taking action, nice one.
I have just registered here after searching for people who have had problems with First Plus. I Myself have had no end of problems with this company, I was missold insurance cover around two years ago. I was won over by the clever way that the sales person gains your confidence and when she told me that after five years if we don't miss any payments we will get the whole amount of the insuance money paid back to us to do as we wish with it, this amounting to something like £11000.00 sounded very attractive so i decided to take out the insurance with the loan. It wasn't until we decided to remorgage the the problems started, we thought it would be cheaper to put the First Plus loan on the morgage so I asked First Plus for a settlement figure, when it arrived I noticed that the amount of loan had gone up by £9000.00 I phoned them to be told that this is the insurance added on because they pay the insurers up front, I said why was I not told this at the time of me taking out the loan I was told it is in the terms and conditions (small print) and of course it is but it is not writen in laymens terms. I am now stuck with this huge insurance stuck on the loan, does anyone Know or can give me any advice or even if they have been through or are in a simular situation.

Many thanks Ordinary77

[livelylad]

Originally Posted by ordinary77

Hi all
Great site very useful and interesting reading great to see someone taking action, nice one.
I have just registered here after searching for people who have had problems with First Plus. I Myself have had no end of problems with this company, I was missold insurance cover around two years ago. I was won over by the clever way that the sales person gains your confidence and when she told me that after five years if we don't miss any payments we will get the whole amount of the insuance money paid back to us to do as we wish with it, this amounting to something like £11000.00 sounded very attractive so i decided to take out the insurance with the loan. It wasn't until we decided to remorgage the the problems started, we thought it would be cheaper to put the First Plus loan on the morgage so I asked First Plus for a settlement figure, when it arrived I noticed that the amount of loan had gone up by £9000.00 I phoned them to be told that this is the insurance added on because they pay the insurers up front, I said why was I not told this at the time of me taking out the loan I was told it is in the terms and conditions (small print) and of course it is but it is not writen in laymens terms. I am now stuck with this huge insurance stuck on the loan, does anyone Know or can give me any advice or even if they have been through or are in a simular situation.

Many thanks Ordinary77

I would read through the terms and conditions, I find it very strange that you cant cancel the insurance. This sounds like a form of PPi so I have enclosed teh PPi link for you.

http://www.consumeractiongroup.co.uk/forum/ppi/

[ordinary77]

Thanks very much for the link it was very helpful.

[Niklowe]

Did they tell you that the mortgage was conditional on taking out the insurance?

If that is what you were told then you have a very, very, good case.

[Sooze]

Hi Ordinary 77,

How did you get on with your claim? I am in a similar situation and my PPI mis-selling amounts to (approx) £44,000 - £52,000 with interest. I agree they are very persuasive and when prey on those with financial difficulty.

Kind regards,
Sooze

PS: I have started my own thread.

[MARTIN3030]

Ordinary has not had any activity here for over 6 months...maybe it would give you more pointers to look in the ppi threads.