Pennance
USA#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:)