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Business Profile

Financing

Skymark Finance Corporation

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Financing.

Complaints

Customer Complaints Summary

  • 8 total complaints in the last 3 years.
  • 2 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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Complaint status

Complaint type

  • Initial Complaint

    Date:21/11/2023

    Type:Billing Issues
    Status:
    Resolved
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    An automatic payment was taken from my account twice with out my authorization

    Business Response

    Date: 22/11/2023

    Hello ****,

    We are aware of the double billing. You were one of many people who were double billed.

    As we are the new owners of Skymark, what unfortunately happened was that the old owners also ran the billing cycle, so you are one of many people who were double billed. 
    There are two options on how to proceed. Would you like us to reimburse you via e transfer within 5-7 business days to this email address? Or would you like us to hold the payment and then you do not have to make the December payment? You may contact us at *******************.ca


    Please let me know as soon as possible

    Customer Answer

    Date: 22/11/2023



    Better Business Bureau:



    I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.




    Sincerely,



    **** ******

  • Initial Complaint

    Date:21/08/2023

    Type:Order Issues
    Status:
    Answered
    Resolved:
    The complainant verified the issue was resolved to their satisfaction.
    Unresolved:
    The business responded to the dispute but failed to make a good faith effort to resolve it.
    Answered:
    The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
    Unanswered:
    The business failed to respond to the dispute.
    Unpursuable:
    BBB is unable to locate the business.
    July 28 2014 I purchased from a door to door salesman an ***** ***** ********* ****** as the salesman showed me evidence that the ****** water was not good due to too many minerals in the water. It was very hard. The purchase price was 8,357.42 including tax. Terms were 0 down, 0 interest for 6 months, interest at 13.95%. Financing was assigned to Skymark Finance.
    I paid Skymark through direct debit to my bank starting Feb 15, 2015 at 97.16 per month for 6 months. Then the Skymark debit increased to 138.94 every month starting Aug 15 2015 through to July 15 2023 which I assumed was payment on principal. For total payments of 14,018.36. During this period I never received one statement. After the July 15, 2023 debit I contacted Skymark for a statement of my account and they pointed out I had been making interest only payments and still owed the original balance of 8,357.42. And they would be willing to settle on 75% of that. I have correspondence and a statement of account from Skymark and the original purchase agreement.
    In July 2014 Canadian interest rates were approximately 3.00% and hovered between 2.85% and 3.95% through June 2022. Only rising above that starting in July 2022. At no time were they above the current rate of 7.20%.
    I placed a stop payment on the Skymark debit after the July 2023 payment until this is resolved.
    I am lodging this claim against Skymark (and ***** ***** ********* *******) for interest gouging and a possible ****. As I have paid approximately 4,000 in 'interest' payments over and above the originally quoted rate of 13.95% which was excessive to start I feel I don't owe Skymark any further money. I did offer to them that they could come and get the equipment but as I am no longer residing in ****** they need to make an appointment with me for equipment removal.

    Business Response

    Date: 22/08/2023

    Hello Sir,

    Thank you for reaching out to Skymark via the BBB website. The laws governing interest rates in consumer financing have been followed in the contracts. Secondly, the the contract clearly outlines all the terms and conditions. It specifically states on the front page (that you have even provided) that your minimum INTEREST payment was $97.16 AND that the interest rate jumps to 19.95% after the first 12 months. There is also a box RIGHT NEXT to your minimum payment that says REQUESTED PAP AMOUNT, which means that you can choose an amount above the minimum payment in order to pay down the principal total amount financed. Furthermore, this was fully explained to you the day you had the equipment installed via a confirmation call where you confirmed you understood these terms. Our management offered 25% as a gesture of goodwill, and with a request, we're certain that we could assist with a further reduction in price (in the range of 40-50% off). That being said, there has been no wrongdoing here, the terms and conditions have been clearly laid out within the agreement and as a matter of fact, Skymark is entitled if so inclined, to charge the full balance owing under the agreement. 

    Regards

Skymark Finance Corporation is NOT a BBB Accredited Business.

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