Lending system designed to let you borrow and still reduce your monthly outgoings.

• Go now - http://www.firstplus.co.uk/
  

Posted on 11 / 02 / 2006

I found out about First Plus long before any of their TV advertisements. Avoid this company at all costs, they create extortionate early settlement clauses in their contract, and I found their agent provided me with poor advice right from the beginning. I had to borrow a large amount, around £15,000 to help reduce my monthly debts, and I spread this amount over a 13 year period. The adviser warned not to settle before a minimum of 5 years had passed, so I started by paying £190 a month. After over five year of paying around £11,000 I asked to settle early and for them to provide me a figure, they quoted £14,800, so after all the money I had paid only around £200 of the loan had been paid off. Borrow from a reliable source like your bank.

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Posted on 13 / 05 / 2006

The first lie this company shows on it's website is the typical apr amount, I wonder how many people ever get the typical rate. None of us would be my guess, an certainly not my friend and his wife who took out a £30 thousand loan with this company. From reading the small print of my friend's loan I guess over the next 20 years he will have paid £40 - 60 thousand back to them, so did First Plus save you him any money in the longrun? They may take away the financial strain and give you extra money to spend each month. But in the longway you are giving away a large sum of money. And finally all their loans all secured on your actually property, this means that in the next twenty years if you hit the rocks again and fall behind in your payments you may lose your home. Look around for another company or for another to raise some money, this company isn't worth the risk of signing up with.

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First Plus carefully consider their customers' credit profile and ability to repay. They place short-term credit with a single, more affordable monthly repayments.

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