I'm trying to help someone in a debt trap a year ago.They purchased a car from Aqua Cars and Finance at an eye-watering 30% rate of interest.
Apparently when they saw the contract they asked to take it away so someone could look at it before they signed but were told that if they did that the deal was off.They then coerced her into iniitialing a statement saying she had been given the opportunity to take legal advice.
Does anyone have - or know others that have had any similar experiences !
jason18,
Mar 18, 3:16am
I have seen there interest rates and was shocked. Thing is it will be there word against hers as being bullied into it. So Im not sure she has a leg to stand on. I would think her best course of action would be to get a lower interest loan and pay the remaining aqua loan off and use it as a life lesson!
supernova2,
Mar 18, 3:50am
Just check that there isn't an early repayment penalty if you are looking at trying to refinance it elsewhere.Have you obtained a settlement figure from Aqua!What's the car and is it worth anything like the settlement figure now!Is there any possibility that they might be able to get a debt consolidation loan from a bank to get themselves out of their mess!
IMHO finance coys that charge that sort of interest should all be shot at dawn by dawne.
kazbanz,
Mar 18, 4:20am
Short version-she should have walked out when they said that.
supernova2,
Mar 18, 4:24am
Oh so true!
meathead_timaru,
Mar 18, 4:31am
Financial illiteracy is the bane of this country.
daryl14,
Mar 18, 4:39am
I call it fiscal child abuse. Thanks baby boomers, not!
mantagsi,
Mar 18, 7:23am
How true, seen many get stung, not pleasant
kazbanz,
Mar 18, 8:02am
Please don't take this as -DON'T botherbutfrankly I don't think your freind has a leg to stand on. The problem really is that she diddn't get up and pull the pin when she had the chance.She now has the vehicle and sighned the finance agreement as well as the VOSA. She can say she was conned into sighning. I bet ya a hundred chockie fish that will be totally different from what the guys at Aqua cars/finance say. End of the day she DID sighn the docs which is indicitive she read and understood the document she was sighning. -I really hope you go out and prove me wrong.
dg-ebay,
Apr 1, 5:47am
Well, if the person I'm trying to help is the only one, then I agree, no leg to stand on - a you said, Kazbanz, its "he says/he says".My guess is if they did it to her, they did it to others as well, and if I can find others they did it to, then its a different story.( I'll be fighting Aqua Cars for a number of other breaches anyway - I wish we had usuary laws and a "hand back the keys and the debt is wiped" law like some other countries.)
dg-ebay,
Apr 1, 5:56am
I highly doubt she will get anything like the value of the car back - she was, I believe crewed by over $3000 on the purchase price.Of-course, Aqua cars are encouraging her to "voluntarily surrender" the car, but won't provide a worth until its been surrended - and definately don't want to consider handing the keys back in exchange for wiping the debt.
therafter1,
Apr 1, 5:58am
It does create nasty situations. Unfortunately the usual reason why people have to use sharky outfits like this is because they have bad credit all over the place because they have ticked stuff up all over the place and then promptly defaulted. The sharks know this full well and therefore know they have them over a barrel, and know that barrel or no barrel they need a car so they corner them into signing, and then like Kaz says, they have 2 shows of getting out of the deal, no show and sfa show !
therafter1,
Apr 1, 6:00am
They will take the car back then say you still owe us 3 grand (or whatever) at 30%, so they wind up as bad or worse off, cos they still have a difficult debt to attempt to control, and no car !
therafter1,
Apr 1, 6:06am
We now live in a difficult era where nobody seems to be content to have a $500,00 banger that gets you from a to b and back again, they gotta have some Gucci piece of crap otherwise what will their friends think !
You wanna see what I go back and forward to work in every day, it cost me a whole $1000.00 and it looks like it is worth less. People look at you as if to say "crikey, you would think a man of his age would be able to afford a better car than that", but I don't give a continental toss what they think, because I know otherwise, and I use a beat up piece of junk for practical reasons lol
joanie04,
Apr 1, 6:15am
I've got one of those therafter1.It was all I could afford at the time $1000 it is still going.But I now have the money to go a bit more upmarket lol.
therafter1,
Apr 1, 6:29am
Way to go Joanie, in my world that is how it is done. When I grew up we crawled walked then ran, the generation that we have now just seems to want to run, the crawling and walking bit is boring and demeaning lol
I see you already have it covered in your profile quote lol
xs1100,
Apr 1, 7:52am
same but then i use it to tow my boat and take the dog places and so long as it gets wofs i just consider i m not paying someone else interest and if i want to do flash have a company car anyway
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