Reclaim Mis Sold PPI Against First Plus
There was a time when ads for First Plus seemed to be on our TV screens every few minutes or so, such was the prominence of this credit provider. The company became the biggest player in the UK’s burgeoning sub-prime, secured loan market, offering what were sold as golden opportunities for customers to consolidate their debts in order to put all their credit into one basket.
While they spoke to the public in a way that made complete financial sense, many of the loans included PPI policies that offered little or no use, but cost a small fortune in monthly premiums. For First Plus, just like the rest of the credit providers in the UK, it brought in substantial profits for very little work. Looking back now, it seems like a gravy train that should never have been allowed to leave the station.
If you were persuaded by First Plus and its slick marketing campaigns at the time, you may well have had PPI as an add-on to your loan. This was a product that we all know now was mis-sold on an industrial scale during the lending boom of the late 1980s, throughout the 1990s and into the 2000s. Many lenders made very big money on the backs of an unwitting and unsuspecting public.
Beat the Banks can help you to find out if you had PPI with First Plus, and if that was the case we can also mount a robust compensation claim. To hear more about what we may be able to help you with, just speak to our friendly specialists on 0800 193 1234 – it really is as simple as that. Just give us the details that you can remember and we’ll take things from there.
We conduct thorough searches in our quest for the truth
The First Plus brand has changed hands since the early days, and both the Woolwich and Barclays have taken over at some point. The fact that it has been sold on doesn’t make it any more difficult for us to mount a claim. We always go the extra mile in our investigations. Some claims companies will only seek the scantest information in order to make their jobs easier, but we look for in-depth records, often resulting in files of paperwork that are several inches thick.
One of the reasons for the public to have been so easily persuaded about the benefits of PPI is that they often thought their expensive premiums would cover them for the duration of the loan. Despite costing an arm and a leg to have this cover in place, in many instances it only applied for the first five years of the agreement. If and when they needed to claim after that, they found they weren’t covered at all.
If you’re one of those people who think it might somehow be ‘wrong’ to seek compensation for mis-selling PPI, it’s worth considering just how underhand the financial sector became at that time. Sales teams were heavily rewarded for selling policies, so in many cases the concept of fairness soon went right out of the window.
It seems unbelievable now, but we have come across many, many cases in which the customer was given PPI despite never asking for it. They were saddled with expensive policies that they often didn’t even know they had. How unfair was that?
If you suspect you had a PPI policy through First Direct, please get in touch today. A quick, easy phone call to 0800 193 1234 is all that’s needed to start what for you will be a very simple, very stress-free process. We look forward to having a chat with you soon.