In 2014, I originally applied for a $3000 loan so that I could fly to the Eastern States to undertake a course. My credit was poor due to having survived on pay day loans during my cancer treatment.
I was talked in a car loan, with intention that the buy back of my current car, giving me the cash needed to attend the training. It did not.
My complaint is this.
When being past to the main person I dealt with through the loan, he asked me how high I could go, I said $400 fort night for everything including running costs etc. this I'm sure is in a recorded message. I was approved for the loan at $416 a fortnight. I was now too excited about getting a new car and really not in the right state of mind being 2months post cancer treatment to understand the implications and read through the actual contract. What I know now is that I have a car loan for 7 yrs at 23%!!! I am stuck! I can't even down grade the car, due to there being no equity and never really being able to get equity until the final year. The high costs of the loan repayments plus running costs has be trapped financially as well! I contacted the person I dealt within a a couple of months to say this isn't working, can't afford this only for my messages to be ignored!
I feel I was 100% taken advantage of in my poor state of mind, was sold a product at a much higher interest rate that I can not afford, which is crippling me! As if having gone through cancer, subsequent divorce and mental health issues as a result of the cancer and divorce (myself and children) as some a company that sells themselves as helping people, it is actually a down right criminal!
I'm now wanting to return home to USA and can't even do so without being a little over $17,000 in debt IF I were to get the top resale value of the car!
I want a resolution that works for me, before I look to publish this and see if there are others that have been taken advantage of and going in for a class action!
This should be illegal!