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I have been the victim of a commercial loan scam, basically the Broker/Introducer advertised loans at 3.9 or 4.7 %, but then sell your application
to a commercial loan company with a spectacularly clever contract which hides the fact that the loan is calculated on Rule of 78 Loan calculator
basis, (the most aggressive form of interest charging) and a system abolished by the High Street Banks for personal loans in 2005. The broker
seems to be duplicit because it certainly appears as if their commission is a lot higher than they would have earned if they had indeed sold me
direct a loan at the attractive rate advertised, not the 30+ interest it has turned out to be.
Mine is a loan of last resort aimed at people with poor credit (mine is fine) the true rate of interest is not in the contract, and this type of loan
is not suited to anyone who wishes to clear it early, which I had told the sales representative was my intention. When I went back (after ten months)
to clear it, I learned the truth. I have found another victim, hers was supposed to be 4%, but was over 30%, she fell behind by three payments, the
court case to go after her flat is imminent. A financial expert saw my contract and said it was concealing and clever.
I would like to find others similarly duped, because I think this is a gross scam, it appears the commercial loan company are selling loans aiming
at getting their hands on your property. Because the rules and regulations for commercial loans are a lot more lax than for personal loans, and
misrepresentation is usually verbal and therefore very hard to prove. Any advice welcome.
to a commercial loan company with a spectacularly clever contract which hides the fact that the loan is calculated on Rule of 78 Loan calculator
basis, (the most aggressive form of interest charging) and a system abolished by the High Street Banks for personal loans in 2005. The broker
seems to be duplicit because it certainly appears as if their commission is a lot higher than they would have earned if they had indeed sold me
direct a loan at the attractive rate advertised, not the 30+ interest it has turned out to be.
Mine is a loan of last resort aimed at people with poor credit (mine is fine) the true rate of interest is not in the contract, and this type of loan
is not suited to anyone who wishes to clear it early, which I had told the sales representative was my intention. When I went back (after ten months)
to clear it, I learned the truth. I have found another victim, hers was supposed to be 4%, but was over 30%, she fell behind by three payments, the
court case to go after her flat is imminent. A financial expert saw my contract and said it was concealing and clever.
I would like to find others similarly duped, because I think this is a gross scam, it appears the commercial loan company are selling loans aiming
at getting their hands on your property. Because the rules and regulations for commercial loans are a lot more lax than for personal loans, and
misrepresentation is usually verbal and therefore very hard to prove. Any advice welcome.
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