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Like many, I have been caught up in a Legal Commercial Loan Scam, where the Introducer shows you a website offering loans from as little as 3%, decision with in hours etc., then you are passed on to the main Commercial Loan Supplier, whose paperwork does not have to show the interest rate, in my case, the Introducer told me the loan would be 4.9 and promptly took a 15% commission from the Commercial Loan Supplier. (Not known to me at the time).
The Loan was supposed to be able to be repaid within a short time, with no penalties added, but ALL the penalties were added on day one, it was a loan of last resort, for people of poor credit, and even though they were told, I planned to settle within a year, the fees and penalties made the loan hugely more expensive than I was led to believe, with all seven years interest added on, and the interest rate was several times more than I had been told by their sales rep, posing as a Financial Adviser, who was going to get me ' the best loan for my needs'. Even a costly lawsuit alleging misrepresentation failed to get me out of it, as - if there was any misrep - it was conducted by the Introducer, not the Loan Supplier. The Judge must have sympathised, because there was no order for costs against them, and they are still trying to add these costs to the ongoing loan.
The only way to stop this sort of scam is by getting the Law changed, the Loan Company should have to state the interest rate on the paperwork, and if an Introducer is getting a fat commission for selling an allegedly 'cheap' loan, they should have to declare their interest. Lots of people who have been sucked into these sort of schemes have lost their businesses and homes, as the loans are secured against them. I am sure there has to be such a large number of people with this sort of grievance, and the two companies in my case, are both worth MILLIONS!. At this stage, I am just seeing what appetite there is for making improvements that might help stamp this sort of thing out once and for all.
The Loan was supposed to be able to be repaid within a short time, with no penalties added, but ALL the penalties were added on day one, it was a loan of last resort, for people of poor credit, and even though they were told, I planned to settle within a year, the fees and penalties made the loan hugely more expensive than I was led to believe, with all seven years interest added on, and the interest rate was several times more than I had been told by their sales rep, posing as a Financial Adviser, who was going to get me ' the best loan for my needs'. Even a costly lawsuit alleging misrepresentation failed to get me out of it, as - if there was any misrep - it was conducted by the Introducer, not the Loan Supplier. The Judge must have sympathised, because there was no order for costs against them, and they are still trying to add these costs to the ongoing loan.
The only way to stop this sort of scam is by getting the Law changed, the Loan Company should have to state the interest rate on the paperwork, and if an Introducer is getting a fat commission for selling an allegedly 'cheap' loan, they should have to declare their interest. Lots of people who have been sucked into these sort of schemes have lost their businesses and homes, as the loans are secured against them. I am sure there has to be such a large number of people with this sort of grievance, and the two companies in my case, are both worth MILLIONS!. At this stage, I am just seeing what appetite there is for making improvements that might help stamp this sort of thing out once and for all.
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