An #Ottawa couple is sharing their #BuyerBeware story & importance of reading the fine print in contracts, following a shocking #PriceHike & #InterestRate adjustment for their home furnace financing.

In 2018, Sonya Rawlings and her husband, James, replaced their furnace, hot water tank & air conditioner, spending $17,000, financed through a company called #ProvincialHomeAssistance.

The trouble began in June 2024, when the #loan was renewed by a third company, #Financeit.

"Our interest rate jumped from 2.99% to 14.99% & our payment went from $60 a month to $136 a month," says Rawlings. "It's a shock. It's kind of like robbery. It's more than double the amount we were paying before."

Closer examination of the #financing details revealed the loan's original 10-year #amortization had been extended to 20 years by the second lender.

https://ottawa.ctvnews.ca/ottawa-couple-s-loan-payments-more-than-double-after-new-company-takes-over-financing-1.6930372