Consumer complaint received 2024-12-03 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Getting the loan — 
Company: Aqua Finance, Inc.
State: TX

Complaint narrative:
I am currently making monthly payments on a loan acquired through deceptive sales practices facilitated by Aqua Finance and XXXX XXXX XXXX. Despite my attempts to address the fraudulent nature of this transaction, I feel trapped in a system that penalizes me for non-payment, even though the water treatment system has proven to be entirely defective and unusable. 

This loan was obtained under the pretense that the water treatment system would significantly enhance the quality of water in my home. However, I have discovered that not only was I misled during the sales process, but I was also never properly informed about critical maintenance requirements, such as the need for salt to operate the system effectively. As a result, the system has not functioned correctly since its installation, rendering it useless. To make matters worse, unauthorized third-party technicians sent by XXXX have caused additional damage to my homes plumbing, further compounding the issue and disrupting my household water supply. 

Each month, I continue to make payments on this loan, not because the system is functional or because the loan terms are fair, but to avoid the unjust accumulation of unexplained interest charges and to prevent harm to my credit score. I should not be forced into a situation where I am paying for a product that does not work, all because of deceptive practices by both Aqua Finance and XXXX XXXX XXXX. 

In XX/XX/XXXX, I entered into a financing agreement with Aqua Finance to fund a water treatment system sold by XXXX XXXX XXXX. The total contract amount was {$7400.00}. I was not provided with clear, comprehensive information regarding the loan terms, interest rates, or ongoing maintenance requirements by the sales person who came to my house. This lack of transparency has caused severe financial and personal stress. 

Timeline of Events : XX/XX/XXXX : I signed a financing agreement with Aqua Finance for {$7400.00} to purchase a water filtration system. This was done online after weeks of aggressive calls and emails from XXXX XXXX XXXX pressuring me to sign, I got emails every 23 days. No in-person explanation of the terms occurred, and I felt coerced into signing due to constant communication and implied deadlines they were stating on the emails. The only in person explanation was when the sales person went to my house and made me and my brother XXXX XXXX to sign many documents with the proper explanation. 

XXXX XX/XX/XXXX : I began experiencing issues with the water system, including low water pressure, unexplained drainage problems, and improper functionality of the filtration system. These issues worsened over time, despite regular payments. 
XX/XX/XXXX : A third-party technician was dispatched by XXXX XXXX XXXX to address a water leakage issue. The technician determined that the leak was caused by a loose fitting. No damage to the foundation was identified at this time. However, this technician 's visit was unplanned, and I was not notified beforehand. I had to leave work to attend to the matter. 

XX/XX/XXXX : Another technician visited to address low water pressure issues. This technician claimed that dirt had entered the water lines during the initial service visit, which caused blockages throughout my home. The technician reportedly flushed the system, restoring pressure, but issues with appliances like the washer and air washer persist. 

Ongoing : I learned only recently that the water filtration system requires regular salt maintenance for effective operation, which was never disclosed to me at the time of purchase or installation. For months, my family unknowingly drank and used improperly filtered water, potentially risking health complications. 

Financial Concerns : Aqua Finance has allegedly been charging me {$2.00} per day in additional interest for late payments, despite this not being explicitly mentioned in the signed documents. I have consistently made monthly payments, yet these extra fees have compounded without adequate explanation or clarity. 
Issues with the Contract and Practices : Lack of Disclosure : Neither Aqua Finance nor XXXX XXXX XXXX adequately disclosed critical details about the financing terms, such as daily interest charges or maintenance responsibilities for the system. This lack of transparency misled me into agreeing to a contract without understanding its full implications. 
Failure to Properly Install : The system 's installation was flawed, leading to water drainage issues, low pressure, and ineffective filtration. These issues have caused significant disruptions to my household, as appliances like the washer and air washer no longer function properly due to low water pressure. 

Inappropriate and Unapproved Visits : XXXX sent technicians to my property without prior notification or approval. These visits caused further damage to the water system and did not resolve the underlying issues. 
Health and Safety Risks : The failure to inform me about salt maintenance for the water system led to months of unfiltered water usage. This lapse raises serious concerns about the health and safety of my family. Connection to FTC Settlement : Aqua Finance was implicated in the FTCs XX/XX/XXXX settlement for deceptive financing practices in the water treatment industry, resulting in a {$430.00} million financial relief fund. This precedent demonstrates systemic issues within their practices, similar to the concerns in my case. I believe I am a victim of the same deceptive tactics and urge the CFPB to investigate further. 

These deceptive practices and the financial burden placed on me are unacceptable. I am requesting swift action from the CFPB to address these grievances and hold both companies accountable for their actions.

Company response to consumer: Closed with explanation