"I feel sick every time I think about it," says Paul Toplass.
"I've been in business for over 25 years. We've never experienced anything like this."
Mr Toplass, who runs a pest control firm, says he was misled into signing a business contract for three phones that he is now "powerless" to break free from.
It has left him "being asked to pay over £10,000" for the phones he believes are worth less than £200 each.
Secret filming of a pitch by a representative of Hii Communications Ltd showed them making verbal promises that did not accurately reflect the contract terms and failing to highlight clauses around third-party finance and extra charges.
The Lincoln-based firm, also known as Hii Com, said it worked within "guidelines and rules set out by our funders".