it is a warning to read the fine print in a contract an Ottawa couple purchasing a new furnace system for their home shocked to see what they thought was a low interest rate loan balloon to costs more than double the original price here’s ctv’s Tyler Fleming it was up to be changed at that point in time cuz it was 25 years old in 2018 Sonia rowlings replaced her furnace hot water tank and air conditioner it cost $117,000 bought and financed through a business named provincial home assistance $60.95 a month for 10 years and we agreed to that at the time the interest rate was 2.99% everything was good including the new equipment then the finance company switched hands in 2022 it was acquired by simply group the loan renewed payments and interest remain the same fast forward to June and another renewal notice from a third company and now it’s Finance it and it says our interest rate went from 2.99% to 14.99% so our payments went from $60 a month $36 a month like this is a shock stunned by the price hike Rawlings took a closer look at the financing details to see the interest rate can increase and she’s been paying interest first we have paid only $800 on the principal on top of that the loan was also extended we’re going to have to pay for another 20 years that’s going to cost me over $40,000 the company who did this they’re probably within their legal right but the question becomes you know are they in their are they within their moral right to do this retail analysts stress the importance of research to read the fine print and if you have questions ask your bank there’s a lot of Clauses in there that sort of give companies the right to do many things that allow them to make more money CTV News reached out to finance it the company which currently holds Rawlings loan but did not receive a response when we called them they said there’s nothing you can do about it Rawlings has the option to pay back the entire loan penalty free but for now she’s paying interest at nearly five times the original rate it’s kind of like robbery it’s like more than double the amount that we were paying before Tyler Fleming CTV News
An Ottawa couple is sharing their buyer beware story and the importance of reading the fine print in contracts, following a shocking price hike and interest rate adjustment for their home furnace financing.
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She sounds drunk
$60.95 per month for 10 years doesn't even come close to paying half the principal. Wake up and smell the numbers.
Read that small print like a sharingan user
Theres a reason they have a small fine print. It works everytime. Its genius. Person is legally screwed. ?
So they intentionally signed a contract….10 year loan at a variable rate…Whos fault is this other than their own? They even say in the story she can pay if off….so go get a loan form the bank for ~11% on a personal loan or many other options. Or sell the house if you cant afford to live there
17k loan. 60.95 monthly payment on a 10 year term, so $7,314 total repayment. Where did they think the remaining 10k to pay the loan in full is coming from? Basic math isn't mathing.