FIRSTPLUS INVESTMENT CORP
8-K, 1998-03-11
ASSET-BACKED SECURITIES
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                      SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C.  20549

                                   FORM 8-K

                                CURRENT REPORT

                    PURSUANT TO SECTION 13 OR 15(d) OF THE
                     SECURITIES AND EXCHANGE ACT OF 1934


               Date of Report (Date of earliest event reported)
                                March 5, 1998


                       FIRSTPLUS Investment Corporation           
            (Exact Name of Registrant as Specified in its Charter)



            Nevada                  333-26527                 75-2596063
     (State or Other Jurisdiction  (Commission           (I.R.S. Employer
          of Incorporation)        File Number)        Identification No.)


     3773 Howard Hughes Parkway
              Suite 300N
            Las Vegas, Nevada                                 89109   
         (Address of Principal                              (Zip Code)
           Executive Offices)

     Registrant's telephone number, including area code:  (702) 866-2236


                                   No Change                                

- --------------------

     /F1/  Capitalized terms used but not otherwise defined herein shall have
the same meanings ascribed to them in the Prospectus.
 
        (Former Name or Former Address, if Changed Since Last Report)

     Item 5.  Other Events./F1/

     Filed  concurrently herewith  under Form  SE are certain  materials (the
"Computational   Materials")  furnished  to  the  Registrant  by  PaineWebber
Incorporated, as representative of the underwriters (the "Representative") in
respect  of FIRSTPLUS Home  Loan Owner  Trust 1998-2,  Class A-1,  Class A-2,
Class A-3, Class A-4, Class A-5, Class A-6, Class A-7,  Class A-8, Class M-1,
Class M-2, Class B-1 and Class B-2 Notes (the "Notes").  The  Notes are being
offered pursuant  to a  Prospectus Supplement,  dated March  5,  1998, and  a
Prospectus, dated September 10, 1997 (together, the  "Prospectus"), which are
being filed with the Commission pursuant to  Rule 424(b) under the Securities
Act of  1933, as amended  (the "Act").   The Securities have  been registered
pursuant  to  the  Act  under  a  Registration  Statement  on  Form  S-3 (No.
333-26527) (the "Registration  Statement").  The Computational  Materials are
incorporated by reference in the Registration Statement.

     The Computational Materials  were prepared solely by  the Representative
and the  Registrant did not prepare or  participate (other than providing the
background  information concerning the  underlying pool of  assets upon which
the  Computational  Materials   are  based  to  the  Representative)  in  the
preparation of the Computational Materials.

     Any statements or  information contained in the  Computational Materials
shall be deemed to be modified  or superseded for purposes of the  Prospectus
and the Registration Statement by  statements or information contained in the
Prospectus.

     Item 7.    Financial Statements;  Pro  Forma Financial  Information  and
Exhibits.

     (a)  Not applicable.

     (b)  Not applicable.

     (c)  Exhibits:

               99.1      Computational Materials. (P)


                                  SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly  caused this  report to be  signed on its  behalf by  the
undersigned hereunto duly authorized.

                              FIRSTPLUS Investment Corporation



                              By:  /s/ Lee F. Reddin                         
    
                                   Name:   Lee F. Reddin
                                   Title:  Vice President




Dated:  March 11, 1998



                                EXHIBIT INDEX



Exhibit No.                   Description                   Page No.


99.1                     Computational Materials            P




                 EXHIBIT 99.1     COMPUTATIONAL MATERIALS (P)












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