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A couple have been successful in their bid to secure compensation from a firm which provided them with payment protection insurance (PPI).

The pair were offered a high-value loan by First Plus and were told that they would have to take out PPI costing £25,000 if they wanted to borrow the full amount.

This contradicted a previous statement by the firm that the product was optional.

According to the couple, they were not informed that they were entitled to shop around for other deals.

They said that they only discovered that cheaper products were on offer after searching other deals when they began experiencing repayment problems.

Recently, the Financial Ombudsman Service ruled that First Plus should issue compensation to the pair totalling £27,000.

A spokesperson from the firm said: "First Plus fully respects the findings of the Financial Ombudsman Service in this case."

The service exists to settle individual complaints between consumers and firms which provide financial services.

17/06/2009 16:35