Do you ever feel really stupid for making a wrong move in life and wonder how could I have been so gullible. Then you realize you got taken.
Gulf Pacific Inc. Came in and assured us that they could turn our company around to the tune of 30,000! Although the price was very steep, they promised us that they would be able to help us, give us advice, write out a business plan to consolidate our debt and that there would be no problem in consolidating. Even if we could not obtain a consolidation loan they would make it so our debt was manageable. We were skeptical about the consolidation advice since banks are so tight right now, but they were the experts, and we believed them. They went ahead and started working on our business. We maxed out our credit cards to pay them half of the amount and they told us "do not worry about the balance we will work it out". Work it out? Yeah, they insisted we sign a note that was due and payable within 30 days. Didn't know how this was going to be possible since I had to finish my accounting and turn it into my accountant (we're not his only client). I kept in touch with our advisor and told him it is in the process. I also was out of town for a few weeks, but in the meantime the paperwork was at the bank for consideration. Low and behold they turned us down.
I tried explaining to Gulf Pacific that we are still trying to get a consolidation loan with different banks and to please be patient, and that I would be willing to send in some type of payment in good faith while we were in the process of searching for a bank that would lend us the money. Well, I was told that unless I sent in $1000 a week, our account was being charged 18% interest and they were going to send it to collection. I spoke with Dan Helm to see if we could resolve something more reasonable since business has slowed down even more, and he said, "Unless you send me something substantial like $500.00 a week it will go to collection".
What we got for 30,000? We recieved a business plan, had our quickbooks cleaned up, an employee handbook, advice on adding a day to our workweek and some other small additional suggestions.
We are now in a worse situtation than before Gulf Pacific came in to improve our business. We have tapped out our credit cards, now our minimum payments are more. Business is in no better condition than before and we still owe half of the amount at 18% interest.
Now you tell me, do you think Gulf Pacific has your company's best interest in mind? Hardly, it's all about the money. They make empty promises, charge you crazy money, then threaten you with pay up in 30 days or collection at 18% and are not nice or understanding about it.
Please, please be very careful with Gulf Pacific Inc. I don't want to see another company being taken advantage of as we were.
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