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Firstplus Loan "Top-up" false advertising?

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I have recieved several letters from Firstplus in recent months telling me about their existing customers Loan "Top-up Hotline".

The pack even includes post it notes to put on the fridge should you want to call at a later date.


To cut a long story short, I thought I'd give them a call, could do with some extra cash... I was extremely dissapointed to find out that my understanding of the phrase "top-up" is completely different to theirs!

To me top up means adding to something that already exists.

Infact the mailing clearly says "to top up your EXISTING loan".


Now am I stupid because what actually happened when I phoned was I was told that how the "top up" works is I have to pay all the existing loan back with a huge early settlement fee, then take out a new loan for the the amount I have just settled (with the settlement fee) plus the extra I wanted to top up with.


Surely this is false advertising? Or is my take on "Top up your existing loan" different to everyone elses?

24 hours in a day... 24 in a case... co-incidence???

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It's not defined anywhere - but finance companies like working this way as it is very profitible for them. Thewre is no way they want anyone having 2 accounts, so will renegotiate the loan on new terms (which usually are more onerous than the one you just finished). As you noted, it isn't a 'top up' fromn the consumers point of view, but from theirs, it is!


I wouldn't touch anything Carol Voderman advertises with a barge pole. Someone as clever as that must think we're daft to take her recommendation. Would she take a FP loan? I doubt it!

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I've always commented to my OH when seeing those adverts with the Vorderman in them...they always make me uncomfortable, I think there's a clash of ethic going on there. Carol Vorderman = known, trusted even, for her excellent mathematical skills. Finance companies = motherless loan sharks out to take your firstborn. Put the two together... well, it makes me very uncomfortable, as I said.


Click the scales if I've been useful! :)

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  • 1 month later...

I think it's the same as Lloyds TSBs "You First" totally false, surely they are misselling and therefore breaking advertising codes of pratice.


And what's with the SALES how can a bank/ building society or any other finance house have a sale for goodness sake??

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