Complaint Review: Aqua Finance - Wausau Wisconsin
- Aqua Finance PO Box 844 Wausau, Wisconsin United States
- Phone: 18002343663
- Web: www.aquafinance.com
- Category: Water filter systems
Aqua Finance Payment Scam Wausau Wisconsin
*Consumer Comment: You don't seem to understand loans
I purchased a water filtration system in September 2014 from Elite Water Systems and the account was originally financed through Connexus. They either changed their name or the account was taken over by Aqua Finance. I have been faithfully paying $150 dollars a month since approximately the first of October on an initial balance of $7500 dollars.
Since the initial payment all of the money that I had paid was being applied to interest and non to the principle. I have paid enough to pay off this account, I still currently have a balance of $5343.51. This finance company clearly have unscrupulous practices and is in the business of ripping people off.
This report was posted on Ripoff Report on 10/04/2018 10:11 AM and is a permanent record located here: https://www.ripoffreport.com/reports/aqua-finance/wausau-wisconsin-54402-0844/aqua-finance-payment-scam-wausau-wisconsin-1463506. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
If you would like to see more Rip-off Reports on this company/individual, search here:
#1 Consumer Comment
You don't seem to understand loans
AUTHOR: Robert - (United States)
SUBMITTED: Thursday, October 04, 2018
You received a loan for $7500. Every month you make a payment of $150 and a portion of that goes to Interest and a portion goes to the Principal. Now, unlike your assertion that "none" has been applied to principal you are mistaken. As by your own admission your balance is now about $5300, or about $2200 has been applied to principal.
How much goes to Principal and Interest depends on the terms of the loan such as Interest Rate and Length. But regardless of that there will ALWAYS be more of your payment in the beginning going toward Interest. In fact if this was a longer term, higher interest loan it would not be uncommon for only a few dollars to go towards the principal in the beginning. But as you continue to pay on the loan over time more and more will be applied to principal.
Also, unlike your assertion even if you had a 0% interest loan you would not have paid enough to pay it off. As over the 4 years that puts you at about $7200 in payments, still a tiny bit short.
Unfortunatly you left off two very important pieces of information. The Interest Rate and Length of your loan. So we have no idea if there may be something fishy or not. When you took out the loan you were informed of the Interest Rate and other terms as that is Federal Law. So you need to find that original contract, and then take that information and search for a loan calculator online with an Amortization table. That table SHOULD match what you have been paying...IF you have been on-time EVERY MONTH. If it doesn't match, then you may need to do some investigation as to why.
Other things to look out for is what was the original amount financed. If you think you financed $7500, make sure that is what the paperwork states.
Advertisers above have met our
strict standards for business conduct.