Loans Borrowed Against Pensions Squeeze Retirees
To retirees, the offers can sound like the answer to every money worry: convert tomorrow’s pension checks into today’s hard cash.
But these offers, known as pension advances, are having devastating financial consequences for a growing number of older Americans, threatening their retirement savings and plunging them further into debt. The advances, federal and state authorities say, are not advances at all, but carefully disguised loans that require borrowers to sign over all or part of their monthly pension checks. They carry interest rates that are often many times higher than those on credit cards.
In lean economic times, people with public pensions — military veterans, teachers, firefighters, police officers and others — are being courted particularly aggressively by pension-advance companies, which operate largely outside of state and federal banking regulations, but are now drawing scrutiny from Congress and the Consumer Financial Protection Bureau.
The pitches come mostly via the Web or ads in local circulars.
“Convert your pension into CASH,” LumpSum Pension Advance, of Irvine, Calif., says on its Web site. “Banks are hiding,” says Pension Funding L.L.C., of Huntington Beach, Calif., on its Web site, signaling the paucity of credit. “But you do have your pension benefits.”
Another ad on that Web site is directed at military veterans: “You’ve put your life on the line for Americans to protect our way of life. You deserve to do something important for yourself.”
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They’ll set up a scam when desperation points to an opportunity. Who is going to stop theft? The Gov’mint? Get real.
Living on fixed income? Sign here, we’ll take your house and your retirement.
I’m very confused too much hits home
Now I need to meet with someone I honestly can trust. My son for what ever can’t talk to me he can’t lift carry his baby as I can’t life too
The pain is more then and this phone keeps dining press this that I have no idea I hate computers and don’t know how to set up my passwords were changed more then making my head spin
Now I read stuff make me think that my storage was gone through
I’m unsure. This Boston stuff hits home back to 2006 I’m not crazy others saw my phone do things I couldn’t believe and said no your not crazy
I don’t feel safe read possible court grand jour.
Not been sopina yet
I’m so tired and focus is off can’t I side track
Sounds as if they are after me or someone I may know even like someone close screwed me long ago to cover up their own selfs
Discrimination is ca they steel are not right
I need lawyer help to work with me on question and papers that will be needed to prove this wrongs
No help for older adult disabled extremely low limited income SSI disability put on late 90’s. judge ordered clerk of court to sign off ex granting exclusive grant deed sole owner 1998 this happened 2006 march. Only today did someone screw me or was it as I think clerk of court I have notes that said bring your own notary then no I have someone who can do it. This I believe is where it started court house San Bernardino ca
Plus HUD approved program NHSIE had my case to save home only they did many errors and if they knew they would of found and honestly called me in to talk at least let me know that I have a right after unlawful detainer
Banks who tried to say they owned my house note had no standing they lost Mers sub of trustee they did wrong I have the original but who can I trust why won’t anyone contact me at least send someone who is on my side I don’t trust
My youngest something’s not right even my family. Sister did what unsure if at all
My oldest I want him home to know what’s what I deserve to know the dam truth. No matter what it may be. Honestly. Why keep me out in the streets all alone stressing me out more someone hacked my phone plus computer to sync behind moving things telling me to click this that I don’t understand what why where and all I been
Receiving is spam ding ding all day long people on sights I talk to tell me you have a lot to handle deal with just try. Try what?
And to be honest I’m too upset its making me a stresses case big time ready to toss this phone away. Run to I have no place no help feel unsafe my phone showed me contact areas in area to dump tanted things but is my car full of germs am I dying sick yes I am from no one talking to me its as if I have some disease contagious. Hearing about too much that I know is part of my past too close to home. Help me please send someone to sit beside and help me to set up my phone or computer. Who’s real who’s not to trust where when will I be called to testify ? Or am I looking at federal Prision for how I word things I can’t help it that I’m ignorant to knowledge of words articulate my words right discriminated against
See my son and both me may be considered criminals ? Why we did no harm we need to get the United States government not calif federal state. They discriminate against people its as if we are steal back in times where equal justice is not today in calif. disability disabled get no help I’m
Not trying to harm anyone I been harmed by left out here two years. This is wrong very very wrong
Someone thing needs to start justice served not giving to the ones who have more then over and over
I’m sick I want to get this fixed and as I was told my phone is tracked why? What is it and I need to know I’m safe stop stressing me so out that my stomic pain bones mobility issues worse. What is San Bernardino ca ? I think there’s more corruption then ever thought heard that government employees get free medical due to some kind of waist or bigger problem then people honestly may even know. I’m
Scared dam it. Why won’t any one from Washington, D.C. Contact me and not get my head played with its more hell confusion.
They let it go longer then needed god help us today
Please no harm violence fighting I’m too old for this and two years homeless changes one to see learn know life’s too short lets get along. Stop fighting harming people who are low income poor stop changing consatution in federal and state of calif America needs to get involved to help this so many wrongs unfair practices
It’s hard scary confusion I’m not my boys are not criminals nor want to cause destruction harm to anyone ! I think we want justice served and I feel that Washington, D.C. Was not notified on what’s really going on in California
My thoughts only my feelings. I’m not a bad person nor want pain caused to others. Only when the system does others wrong honestly some bigger government officials need to fix help us lower class Americans. Disabled to get help not be put down as were stupid made fun of we can’t help our disability maybe someone better go back to 2010 then to now cause someone just got things very wrong I want to know about my oldest son I have every thing that is needed so they did go into my storage why not just come and speak to me?? Many know about the wrongs
Not made right. Please help me get to a safe place to give the info so it goes to the right people not the criminals