First Plus Question

dandy27

Hi There

Im sure you have answered this question many times, but there are only bits of my answer on here, and wanted to be sure before I submit my case.

I took out a 5K loan with First Plus around 4 years ago. I was sold an insurance policy worth £1500 in total, but told I was able to claim this back if I did not use it. Well only 8 months to go until this deadline.

Am I expected to come up against problems? I read on here about people who have had to go to the omburdsman to complain about mis sold policies.

Is there a guide i should be following to ensure i get my refund.

Thanks

Simon

_Andy_

I think you've been mis-informed about getting it back.

dandy27

thanks for the bringing the bad news Andy. Do you want to eloborate on what you mean, or do I just accept that and move on ?

Rafter

dandy,

Don't think there are any issues about the refund - if you haven't made a claim - the issue has more been about whether the insurance has been missold in the first place because they indicated it was somehow compulsory or you have a pre existing medical condition that makes you ineligible to claim.

FP will probably give you a call and try to sell you another insurance policy before refunding you - DON'T accept.

Although your premium will be refunded you have paid a huge amount of interest on this insurance for the last 4 years and as your payments mainly go against interest in the early years of a loan so taking the insurance has prevented you making a big dent in your loan repayment - particularly if you go and take out another insurance policy.

If you do want payment protection, look online or through moneysupermarket. It will cost you a fraction of the First Plus cost.

Good luck

R.