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I'd give this company Zero stars if I could. Don't do it! IF you can avoid dealing with this corrupt organization please go elsewhere. This is outrageous!!! Every Second payment - they steal money from my payments (not accounted for at all - not directed towards interest, charges or balance just mysteriously vanishes over 1K has gone missing from my records, guess it's a nice way for them to line their pockets). I've made over 10K in payments and my balance has only gone done by 2K. At this rate, I will be paying this off after I'm dead. They promise you assistance which it is short-term, but nothing but long-term pain.
Went into my branch to ask about the online portal and tried to set it up there. Received an error message and to call 866 466 0307, the lady at my branch said there isn't anything she could do. I left it for a few days however when I tried to create an account a few days later I receive an error message and to call 866 466 0307. When I called I was advised for this issue I needed to call back the next day and ask to speak with IT between 8 am and 5pm, bc the lady couldn't help with that, the next day I called a lady took down my information, placed me on hold and said I needed to contact my branch bc they are the ones who have my information and they would not be able to help.
On top of that no written statements have been provided to show where your money is being allocated. I hope that is actually done correctly but who knows. Additionally when I took the loan although it states insurance is option I was advised that I needed to sign up for that and then request that it be cancelled. Keep in mind you are charged interest on this insurance and increases your Minimum payments moreover, when you go to cancel this insurance your minimum payment doesnt change only the length of your loan.
The way they operate as FRFI is unacceptable. They are simply taking advantage of people... by stating that you have optional insurance and make people sign up then cancel is also false and misleading to a consumer. The language used is not correct at all as an FRFI have agreed to a voluntary code of conduct that obliges them to provide clear and understandable language in their documents related to insurance and that responsible for ensuring that its representatives implement, understand and follow this voluntary code, this company has failed to do this. This company need to get their process in order and comply with certain regulations that apply to FRFI
Second issue it is very misleading if you provide a contact number to contact and in fact that number they can provide no service at all this is a very simple task and they can't ever figure it out makes you wonder what other items they are messing up I will be going to my branch and making note of everything that happens and I will be filing a complaint with the FCAC in regards to my issues as it seems this company is just jerking people around and trying to make extra money.
This company is a scam. They use illegitimate practice, offering you 12 month without interest but do not send you your first bill so they can cancel your 'interest free plan' and automatically charge you 29.99% interest rate on your total bill. The customer service is useless to solve your issues because they have been trained to say 'we cannot do anything, let us call you back in 48 hours blah blah'. All reviews sites have similar issues with them. And the good reviews seems to be fake reviews bought from fake review companies. Even their own employees on Glassdoor complain about how Fairstone love to destroy people's lives and credit scores. DO NOT USE THEM, THEY WILL STEAL YOUR HARD EARNED MONEY.
My wife, who has excellent credit, was refused a 12,000 loan from Fairstone in Kemptville Ontario even though she owns her own home. The reason was because she is in a bitter battle with her ex over the sale of the home. $400,000 home with less than $80,000 owing. How is this possible?... So I went out and asked for a $12000.00 loan online from the same company in Kemptville and they approved it immediately after giving them all my info and allowing them to actually check my credit report. A call came in within 15 minutes of application. He said I can't lend you because of something showing up on my report that shouldn't be there at all. Those bills were paid 12 years ago.
A credit collection strong arm company had bought out the report and ran with it even though it had been paid. It was a $1200.00 Capital One credit card that was paid off and the collection thugs accumulated interest to the sum of $12800.00 over 12 years. How does this system work to help the people that need it. Pulling teeth is easier. Wow! Fairstone/Citi Financial should not be allowed to offer an applicant an approval with our credentials and valuable information given and then in turn call and harass you by saying they won't lend to you. 50-60% interest is what we pay these thieves annually. Do not forget this when you borrow from these people. It's tough enough with these legal thieves.
FYI Did you know that the Government of Ontario and maybe even Canada allows a maximum annual interest rate of 60%. Can you believe this....I'm pissed that I even considered this avenue. The credit system sucks and the rich get richer and the working class are going to stay poor because we pay for the rich. I've had enough. We need to fight back and tell everyone that will listen to never borrow from these institutions. It isn't worth it. Read and investigate your options always before you get on board with these thugs! Cheers.
My stepdaughter need a $5,000 loan so she went to CitiFinancial and was approved for $5,000 but needed a co-signer. So I went with her to the Calgary office at 4916 - 130 Ave SE and once there was told that in order to get the $5,000 loan she needed to pay off some creditors on her credit report. She told them that it is paid in full and that those debts are 0 owing on it. She needed the $5,000 so she complied and really believed that she owed those debts and had 4 cheques issued plus added disability insurance, unemployment and life insurance.
So with one cheque written out to the bank for $3,454.14 to pay off her student loan, went to the bank to pay off and was told by the bank that the balance was ZERO. So went back to CitiFinancial and gave back the cheque and requested that the contract be amended but never did. There were 2 other cheques issued to 2 other supposedly creditors and after contacting those 2 was told that there was no balance owing and the account was ZERO, and apologized for late reporting on credit. So 2 cheques marked voided were returned to CitiFinancial at the Calgary office and since 2015 she has been fighting with CitiFinancial to correct/amend the contract reflecting those 3 cheques returned to them. Plus gave them the information as she was on LTD and Citi had pressured her to get the insurance which was over $2,700.
NOW! CitiFinancial has turned over to collection agencies, my step-daughter has 2 creditors for the same loan, one for $11,000 plus and another one for $22,000 plus, plus claiming from me $11,107 as I was the co signor. They are wanting to collect over $44,000 for a $5,083 loan that either was paid through insurance or should have been paid through their insurance as was forced to get the insurance and in 2015 I became ill and was on LTD. A $5,083.00 loan trying to collect $44K plus and seriously affecting my stepdaughter credit.
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We were 3/4 of the way through a huge renovation when we ran out of funds (mostly due to unforeseen structural issues) so we borrowed 20,000 from Fairstone.
We were told we could pay it back any time without penalty. When the reno was complete we had the house appraised and got a new mortgage to eliminate the debt we accrued.
Just wanting the account closed we grudgingly went into the branch and gave them the additional money.
Then, on the 15th of the month (even though they had the money to pay out the account for Mar 01,) they withdrew another $623 payment. When phoned about it we were told it was just timing, that they will mail us the money back. Should we not be able to charge them a per diem as well? Also they told us there was nothing they could do, it was “head office” that made the rules.
Try to phone head office! The customer care people (whose first language was definitely not English) made me repeat my tale many times before telling me that they would have to transfer me to the branch. I hung up. I had already been dealing with a very unhelpful branch. Borrower beware. They take advantage of people who have fallen on hard times or folks like us who just needed a leg up for a few months. As if paying 30% wasn’t ** us enough. Just adding insult to injury dealing with these loan sharks. There needs to be better monitoring and reporting processes for sharks like this. Never again.
I recently needed new appliances for a home we just built. The store said I could get financing for 12 months no interest no payments, great with the expense of a new home this would help in the meantime. Not realized I would need 7600$ in financing and they approve me for 7500$ this showed on my credit as an over limit for 6 months before I realized it. Going over a limit is one of the worse things you can do so I made an immediate payment to try and fix this. It's been 2 months and my statements show the payment but they are not reporting it to my bureau. I wonder if they do this so they can drop and average score to a below average score to gain a captive market. Knowing how no one else will loan you money because they have made it appear you are overdrawn for a year... Never again. These are crooks. I am paying off the financing this month and will never do business with them again.
I wish I had read these reviews before making a final decision. The company I am providing a review for is Fairstone Financial, which previously was known as CitiFinancial. The only reason I'm giving 2 Stars instead of 1 is due to the Customer Service... My experience was with people who were polite and sincere. I've taken out many loans on many different products including beds, stereos, computer systems, cars, and the biggest one, my home. All, with a clear understanding of when payments are due. I've never missed a payment or defaulted on a loan.
A little over 3 months ago I purchased a LG Flat Screen TV from Visions Electronics. They convinced me to purchase the higher priced model and use Fairstone to spread out the payments over a 3 month period. Based on the layout of their statements, it appears that 'Payment Due' on the upper right hand corner was the one to pay attention to. However, it was not. There is a date on the left that shows Next Plan Expiration Date. In this case, was 7 days prior to the date showing 'Payment due' on the last statement.
I called and received the explanation that the wording was there to show which date the final balance should be paid by (Is on the opposing page in very small print). This is a very dishonest/shady practice and I'm sure has caught many other people who pay the interest charge and don't submit a review/complain. I did mention to the customer service representative that I understand that I was caught by this technicality, but would appreciate an accommodation as I was interested in obtaining a loan to complete a home renovation project. The answer was not able to reverse/discount the interest charge as was over 8 days (by the time the payment was posted).
Additionally, this paying interest on the initial balance needs to stop. It's a huge money grab. I would also recommend (if FairStone executives read this and actually care, have 1 date showing when a payment is due... and that's it. All other credit card and loan companies I've dealt with have this.) I paid off the interest balance and closed the account. My resolve now is to tell as many people I know to be very wary of obtaining credit and will also be going back to Visions to tell them what happened. This might prompt a review of their business relationship with FairStone. Your move.
I bought my wife a diamond ring with the use of Fairstone that was offered to me at the jewelry store for 12 months no interest. Started January and I almost entirely paid the whole amount by November leaving $1,200 on the last month, and because I forgot the date contract expired on the first week of December and remitted the final payment a week after, Fairstone is charging interest from the very first day I borrowed the money from them. It is such a greedy strategy where they could charge interest only to the amount that I didn't pay on time which is $1,200, but instead, they charge me for the interest whole year for $970 from a $5,000 borrow.
Imagine for just one week difference, and it cost me $970? So injustice. I called and negotiated, and they gave me a 25% discount... Wow. I owe them big time. I canceled my account right away and will never use them again. Here in Canada, financial institutions are racing for the interest rates and making Canadians severely suffering while they are laughing at you from your back. Too much greediness and that is bad. Now I realized why Canadians severely stressed from interest rate coupled with government taxes... So greedy and that is a bad thing, bad for people and bad for the economy. Lesson learned a lot. Beware of what you sign and read fine prints carefully because this institution is sneaky.
Have a truck financed through Citi. You cannot understand the phone operators foreign. When payments are made it ends up on your credit. I have missed 6 payments they say I still have my vehicle. Funny. Will never deal with them again or family.
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