Due diligence of course is wonderful with hindsight. We trusted the slick salesperson Benjamin Sowden; confident personable and reassuring. We were desperate; my wife and her small business had zero credit history. She needed finance and after being turned away by bank after bank despite continuing to report solid turnover. The result was a $34000 loan with Finance One at insane interest rates. Nice fat 10% commission for Ben that we are still paying for. He assured us that within six months of reporting the same income that the business had been operating at for three years he could get the loan refinanced at a much more affordable interest rate.
Well, lesson learned. Ben became less personable and more elusive, my wife couldn’t keep up the repayments when the refinancing proved to be illusory. She still owes over $13000 after almost three years of paying $1565 per month. Sadly her business has folded as a result. We are both devastated.
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