Beware dealing with a funding/finance organisation.
In a classic case of buyer beware, I was convinced by a clever salesperson from Classic Energy Financing Group. Of course in the end I paid probably twice as much as I would have if buying direct, and more when I sold my house and exited the contract early. They are the middle person between you and the supplier, but impossible to get any follow up or support for the system if there are any problems. They pretty much abandon you after that, and the accounting/reasoning behind the early exit fees are fairly dodgy. Lesson is go to a solar company direct. don't have anything to do with financing companies, this one in particular.
They don't provide Statements
If you get a Loan from Classic they will, not provide you bank Details unless you request it, and then you will find out it's an account with another bank. They don't have their own money or account management systems, they just open an account with St Georges.
Arrogant customer service who don’t care about consumer
I have just closed an account with classic funding. Over the time it started well but as I contacted them and asked about certain charges and payouts classic funding were not able to give me factual reasons for overcharging me and double dipping on a payout figure break fee. Would not recommend this company to anyone
Lying company who will try to overcharge the contracted amount
After getting funding through classic funding in 2017 it started off ok until I wanted a payout figure 24 months after in 2019 where they couldn’t five me any factual evidence as to why I needed to pay near 30% over the actual borrow amount to finalise the contract. Even with paying 24 months of payments. Classic finance could never produce factual documents stating this. They are crooks
Legal criminals - ZERO stars
We also took out a loan with classic funding group for solar panels in 2015 and the same problem. We can NEVER get a statement from them, we can NEVER get a payout figure, the only figure they give is always bigger than the original balance. The contract says interest charged daily on the balance however they added all of our interest on to the initial balance so we not only pay that massive amount of interest no matter what, but we also have to pay MASSIVE early repayment costs. Is it a coincidence that the company we bought our solar panels f...rom disappeared after we purchased?? Seriously dodgy. I’m taking this to the ombudsman. EDIT: JUNE 2020 - I paid my finance out in April 2020 after 5 years. Despite having paid off $8,800 (of a total of $9000 from the initial purchase), my payout figure was STILL $4500. I strongly recommend NOT going through classic finance. I was slugged with an early repayment fee AND a break fee. Aren't they the same thing? Please avoid using this company for a finance agreement. If any company offers you finance through Classic, ALWAYS ask about other options as it is your choice which company you use, NOT theirs. If they only offer Classic, then they are most likely affiliated with them.
- Verified customer
rude, no transparency, on the edge of dodgyness
They are expensive, charge large amounts for exceptional fees like failed payments $30 and they leave a lot of unascertainable fees in their contract which means you can be hit with large fees without seeing it coming. If you want your loan to be discharged you pay early repayment fees as well as break fees. The amount of the early repayment fees are set in writing (as huge as 50% of the money loaned!) but the break fees stays a mystery: "There are a number of ways we may calculate break costs. The method of calculation is not ascertainable at ...the disclosure date in your loan agreement", "Break costs could be substantial". They don't tell you when they'll start to take the money out. Loan doc says "One month from the Loan Date" but when it's for solar panels it start after the installation but your guess to know which day... Never sent a statement. Rude when you contact them. Update: When you ask for a payout figure, the outstanding principal suddenly becomes 20% higher than it was 3 months ago and early repayment fees 33% higher than the one stated in the contract. Waiting to see what they when I mentioned there might be a mistake... PURE SCAM!
- Verified customer
Rude and Expensive - buyer beware
We got our loan 3 years ago and are being charged double the rate that is currently available for other green loans for solar. They are being very rude and difficult in letting us repay early. They are trying to charge me break fees on the original credit amount and not the outstanding balance. Shonky!!
Questions & Answers
I've seen from earlier comments how hard it is to get a basic Statement. I've rang a few times now and I'm still waiting and wondering. Am I to believe the reviews are true??
Very much. Unfortunately when I did receive the statement for a payout they were expecting $5,000 on top of the payout and break fees for a reason they could not explain
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