{"id":74061,"date":"2017-08-17T10:30:57","date_gmt":"2017-08-17T14:30:57","guid":{"rendered":"http:\/\/valorguardians.com\/blog\/?p=74061"},"modified":"2017-08-17T09:33:31","modified_gmt":"2017-08-17T13:33:31","slug":"mn-ag-files-lawsuit-against-future-income-payments","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=74061","title":{"rendered":"MN AG files lawsuit against Future Income Payments"},"content":{"rendered":"

MCPO Ret. In TN sends us a link<\/a> which reports that the Attorney General of Minnesota has filed a lawsuit against Future Income Payments, of Delaware, and FIP, of Nevada which share an address. The company is not licensed to issue loans in Minnesota, but they’ve bilked two veterans and Minnesotans out of thousands of dollars in their business dealing there, according to the AG;<\/p>\n

The companies, which are the target of multiple state and federal investigations, issued the loans to veterans who receive pensions or disability benefits and to senior citizens with private-sector pensions. They are part of an industry that has been criticized for a lack of transparency and questionable business practices.<\/p>\n

\u201cBy signing away your pension rights for years to come, you often end up making a bad financial situation far worse because you are forfeiting the right to have hundreds of dollars of future financial payments,\u201d Minnesota Attorney General Lori Swanson said.<\/p>\n

About 55 percent of the companies\u2019 business targeted military pensions.<\/p><\/blockquote>\n

Apparently, the AG charges that the companies are guilty of evading the law by getting licensed in the state and by calling the loans \u201cpurchase agreements\u201d of a pension. That’s why I avoid doing business with people who “target” veterans – they’re likely to use our ignorance of dealings to wipe us out of our life savings.<\/p>\n

The two examples they provide; <\/p>\n

Gulf War veteran Stephen Schmelz told of getting a $2,700 loan that would cost $27,000 of his pension payments.<\/p>\n

[…]<\/p>\n

\u201cYou\u2019re desperate. You trust them,\u201d said 68-year-old military widow Cecelia Gleb, who borrowed $2,249 and discovered she would be required to pay back $18,000. \u201cYou need it and no one else will help you.\u201d<\/p><\/blockquote>\n

Do the math before you sign.<\/p>\n","protected":false},"excerpt":{"rendered":"

MCPO Ret. In TN sends us a link which reports that the Attorney General of Minnesota … MN AG files lawsuit against Future Income Payments<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[226],"tags":[],"class_list":["post-74061","post","type-post","status-publish","format-standard","hentry","category-veterans-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/74061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74061"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/74061\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}