ISPC Security Lien on Residence after purchasing a Water System Tampa, Florida
Following is a correspondence with ISPC
Thank you for getting back with me ,however as I stated below I reviewed the paperwork and am left a little disturbed with your cavalier attitude.According to your paperwork the Security interest is on the "items purchased" not on my residence ,it seems you have made a giant leap in interpreting this and attaching the security interest in my residence.Which has caused me undue stress and aggravation and has interfered with my ability to secure my home and family.
I see there is a later explanation that would applying if there is a "Failure to Pay". but this doesn't apply in this case,I respectfully ask that you lift this lien from my residence ,since it does not apply in this case as there has never been an attitude of "Failure to Pay" leaving you in violation of your own contract ,I am still in possession of the Water System I purchased which is where you are entitled to a Secure Interest
Please advise to your position so that if necessary I can contact the State Attorney as well as my own council to pursue this further. Thank You RJW
On Feb 27, 2012, at 7:48 AM, Customer Service Website wrote:
Dear Mr. W
Thank you for your email. Please refer to the section marked "Security Interest" on Customer Copy of Disclosures Page 2 of 3, which explains our Security Interest. If you are refinancing and do not wish to pay the account in full, you may be eligible to subordinate the loan if you lender should approve. Please have your title company or lender contact our Subordination Department at 1-800-345-4772 x1831 for teh subordination guidelines.
Sincerely,
ISPC Customer Service Department
From: ContactUs@theispc.com [mailto:ContactUs@theispc.com]
Sent: February 24, 2012 5:46 PM
To: Contact Us
Subject: Contact Us Request
Contact Us Request sent from website at: 2/24/2012 5:46:15 PM
Comments: I spoke to some one the other day about a security lien against my property,and was told that this was just to secure against the water system i purchased,I was told that this was allowed per the paperwork I sign at the time of the purchase,after reviewing the forms ,I see where the loan is secured on the items purchased but that a security lien would only be sought for a failure to pay which has not been the case you are automatically paid each month via my checking account.
I am in the process of modifying my mortgage and am being denied because of this lien you are holding against my home and in violation of your own forms. I would really like to get this resolved as it would reduce my mortgage payments ,I would refinance for the amount I owe you however am already upside down on the mortgage as it is , Please advise so I know how to pursue this . Thank you RJW
1 Updates & Rebuttals
Pennance
USAISPC, The Independent Savings Plan Company, I.S.P.C., SunWise financing Solar Hot Water Pool Water Treatment
#2Consumer Comment
Thu, December 27, 2012
Concerning the retail finance company:
ISPC, The Independent Savings Plan Company, I.S.P.C., SunWise financing Solar Hot Water Pool Water Treatment,
This company finances revolving retail installment contracts that are represented at the time of purchase as a loan for a single purchase. Under Federal and State laws governing finance contracts a revolving line of credit should be used when the purchaser will make "repeat" purchases. This company knowingly finances "single purchase" items. This is a violation of lending laws.
Additionally, the selling "dealer" of the equipment (in the state of Florida) is required to have this license: Retail Installment Seller License
http://www.flofr.com/StaticPages/RetailInstallmentSales.htm
and
Home Improvement Retail Installment Seller
http://www.flofr.com/StaticPages/HomeImprovementSeller.htm
If the selling dealer was not properly licensed to sell you a product financed by a retail installment contract, that contract is void under the Holder Rule (Hold in Due Course)
Also the company was operating for over a year without License. If you have a loan from the period when they were unlicensed, you can invoke the "Holder Rule" (google it) which means you can legally stop paying until the lender satisfies you. If the products do not perform to the standards represented, you do not have to pay. If the loan is not what you were told it was, you do not have to pay.
Expired License
License Search Results
Website: https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=CL100000218&licDesc=CL
License Name: THE INDEPENDENT SAVINGS PLAN COMPANY
DBA Name: ISPC
License Type: Correspondent Mortgage Lender
Status: Expired
Status Effective Date: 1/5/2011
Original Date of License: 4/14/2009
License Number: CL100000218
License Expiration Date: 12/31/2010
Here is where they renewed their license (they did not have this for over one year)
https://real.flofr.com/ConsumerServices/SearchLicensingRecords/SearchDetail.aspx?licNum=RS0901261&licDesc=RS
on: 11/1/2012
INDEPENDENT SAVINGS PLAN COMPANY THE
DBA Name:
License Type: Retail Installment Seller
Status: Approved
Status Effective Date: 11/1/2012
Original Date of License: 6/25/1992
License Number: RS0901261
License Expiration Date: 12/31/2014
This company is also being legally pursued for Class Action Status by this law firm:
http://www.varnellandwarwick.com/practice_areas.php
There are so many violations from this company and their selling dealers they will end up under bankruptcy "protection". At least they can not file currently or it would be a blatant criminal act.
Use the United States consumer protection laws to your advantage. There are so many available to get you out of your loan obligation, all you have to do is look:)