This page has been archived and commenting is disabled.
The Oligarch Recovery: US Military Veterans Are Selling Their Pensions In Order To Pay The Bills
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
Moore soon found himself two months behind on rent and at least 10 days from payday. In bed that night, he saw a TV ad for Future Income Payments, a company based in Irvine, Calif., that buys pensions in exchange for a lump sum. The company said it had worked with military personnel and government workers. Ten minutes later, he got up and made the call.
The next day, a company representative called Moore back and explained that he would receive a $5,000 cash advance for selling part of his pension. In exchange, Moore would have to pay the company $510 a month for five years — a total of $30,600.
If it were a typical loan, that would amount to $25,600 in interest — a rate of 512 percent.
Most of the companies advertise nationally on news sites and in military magazines, consumer advocates say. One ad highlighted in the recent congressional hearing on pension advances featured two smiling people in uniform below the words “This is our America.”
The effective interest rates charged by pension advance companies can be abusive, Cartwright said. But it is particularly “egregious” that the companies go after military retirees, targeting income streams that are backed by the federal government, he added.
– From the Washington Post article: Some Retirees are Making a Terrible Mistake with their Pensions
Welcome to the oligarch recovery. An economic rebound so robust that an ever increasing number of Americans are being forced to borrow money at usurious rates just to pay the bills. Today, I want to introduce you to the latest scheme to profit from poverty: Pension Advance Companies.
Here’s some of the Washington Post’s article on the subject from today:
Keith Moore, a 40-year-old military veteran recovering from post-traumatic stress disorder in Oklahoma, remembers the day last year when he sold off a chunk of his pension.
He had left the military after 21 years of service, because his disabilities — PTSD, arthritis and other injuries — made it difficult to work. But the transition to civilian life came with a different struggle: the need to provide for his family and pay the same bills with only half the paycheck.
Moore soon found himself two months behind on rent and at least 10 days from payday. In bed that night, he saw a TV ad for Future Income Payments, a company based in Irvine, Calif., that buys pensions in exchange for a lump sum. The company said it had worked with military personnel and government workers. Ten minutes later, he got up and made the call.
The next day, a company representative called Moore back and explained that he would receive a $5,000 cash advance for selling part of his pension. In exchange, Moore would have to pay the company $510 a month for five years — a total of $30,600.
If it were a typical loan, that would amount to $25,600 in interest — a rate of 512 percent.
Pension advances are complex products that offer retirees a lump-sum cash advance in exchange for all, or part, of their future pension payments. Consumer groups say they are pitched disproportionately to retired military members and federal retirees.
Future Income Payments is just one of the companies that offer such products. In a 2014 report, the Government Accountability Office identified 38 companies that had recently offered pension advances. At least 30 of the 38 companies were affiliated with one another in some way, sharing a parent company, a broker or another business relationship.
Future Income Payments did not return calls seeking comment.
Would you return a phone call when your business model consists of peddling 500% interest rate loans to broke U.S. military veterans?
Most of the companies advertise nationally on news sites and in military magazines, consumer advocates say. One ad highlighted in the recent congressional hearing on pension advances featured two smiling people in uniform below the words “This is our America.”
Because pension advance companies can describe their products as pension sales and not loans, they often avoid some of the stricter oversight required of lenders. That includes laws that protect consumers from high interest rates and regulations that require lenders to clearly disclose the interest rates consumers will face.
The effective interest rates charged by pension advance companies can be abusive, Cartwright said. But it is particularly “egregious” that the companies go after military retirees, targeting income streams that are backed by the federal government, he added.
Moore said that in hindsight he should have read the paperwork more closely. But at the time, he was worried about providing for his family.
His pension payments weren’t large enough to cover rent and electricity and other expenses for his wife and two children. Things piled on in the spring of 2014 when his car broke down.
Of course, this is just the latest example of average Americans being preyed upon as they descend further into inescapable poverty. Recall:
The Oligarch Recovery – 30 Million Americans Have Tapped Retirement Savings Early in Last 12 Months
Another Tale from the Oligarch Recovery – How a $1,500 Sofa Costs $4,150 When You’re Poor
Thanks for playing suckers:

- 29321 reads
- Printer-friendly version
- Send to friend
- advertisements -


They should go over and salvage that blimp.
Good article ahead of the observance of Veterans Day (banking holiday).
The Depreciation Lands were an area in Western Pennsylvania so named because the depreciation of the Continental Dollar led to Congress paying Revolutionary War veterans in land rather than money. Many veterans sold their options and they were traded by the elite of the day including Robert Morris and Ben Franklin. The Philadelphia hucksters would buy up options for pennies on the dollar, send an agent west to document improvements to the land made by actual settlers and then file claims for that land based on those improvements (which were necessary for taking title) before the actual occupants could find an opportunity to leave their homesteads and travel hundreds of miles back to Philadelphia to file their own legitimate claims. This led to multiple claims on land and considerable confusion about who owned what. That's why you'll see older tombstones in Ohio than you will in Western Pennsylvania. People learned to simply skip over the Depreciation Lands altogether.
sorry mike, big fan of yours, but this article is bullshit. If that guy got out after 21 years, he gets 52.5% of his base pay. If he has PTSD and various other problems, rendering him "disabled", I guaran-fucking-tee you he is also getting another 50% if not more of his pay, which I believe is tax free as well, since it is disability and he is a 'disabled veteran'. Plus, as a retiree, his family is no doubt enrolled in tricare for life, which means he pays very little for gold-plated health insurance for his entire family. Most military people depend on that pension and don't save jackshit themselves for retirement, since they have it in their heads that they will always have that income, but this guy is probably making plenty of money, enough to live on, anyway. If he is having that bad of money problems, its entirely his own fault, most likely. And I don't feel sorry for anyone dumb enough to sign up for a loan with those kind of conditions. This guy is a 40-something year old man, not some teenager, if he doesn't know any better, then thats his own fault. He has been making middle class income his entire life(and never had to worry about paying for healthcare). Any honest veteran will tell you - you aren't exactly paid handsomely, but its enough to live well on if your smart, and its certainly enough to allow you to save up so you don't have to do something stupid like this when lifes little emergencies happen. . But a lot of them aren't smart, which is why you will see some many 50k trucks and SUVs on and near military bases. And, apparently, so many people getting 500% loans.
It's nice to see the little people squabble over a few pennies! Well played.
Of course, the upside to this is that if Wall St has a stake in pension fund solvency they will never, ever go bankrupt. So there's at least that.
www.getoutofdebtfree.org/
So how come that about 1/3 of US homeless are US army veterans? First they get used in Washingtons fascist wars and then, when they're no longer usefull (PTSD, missing body parts, etc.) they're dumped onto the street (literally).
Those generous pensions, medical treatment and disability payments are just a myth. If not, I guaran-fucking-tee you that companies scavenging on veterans' pensions would not be mushrooming!
Most are not retired from the military but only served for a short time.
Carl is right about the smarts thing.
When I was in the army there were 2 Staff Sergeants in my unit that I remember really well. Both were in for
about the same number of years.
One lived in a rented house, drove a very nice new car and owner a few very expensive suits (and accessories to match).
Other than that he was always broke.
The second guy lived in his own house, owned a clothing store in town, where the first guy probably bought his expensive clothes and I have no idea what kind of car he drove.
I can pretty much guess how each one of them did do after retirement.... Not sure if the first actually made it to retirement. He was in trouble at least once when I was in his unit for coming up positive on a piss test. Yes, he smoked pot.
So what that he smoked pot?
The cockmander in chief smokes pot.
Most NFLNBA ballers smoke pot.
They are fighting in Afghanistan to protect the CIAS' heroin operation so who gives a fuckall if the entire military smokes pot?
Most of the US (including this site) have no skills in fighting a war against a richer, less ethical, enemy like Banksters.
The only ones that have a chance to fight are veterans.
So this is training the veterans to achieve more than they would if they were not more abused than unwanted animals....
"Those generous pensions, medical treatment and disability payments are just a myth. If not, I guaran-fucking-tee you that companies scavenging on veterans' pensions would not be mushrooming!"
Wrong. You don't know what you are talking about. Most of those homeless guys didn't do a career, they did one tour and got out, and therefore don't get retirement pay. Yes, they got used, yes, I know how the VA sucks. Not the point of this article or my post. THIS GUY, the one that I was writing about, did 21 years, so he gets 52.5 % of his pay. Lets say he was an E-7, that means he gets 2300/month, beforre taxes. Plus, is he is considered "disabled" with PTSD and other things, he is getting another 50-75% of of his pay, probably tax free. He is doing fine. Imagine being able to retire at 40 years old with that kind of income guaranteed for life. I personally know a guy who got a "medical discharge" for being too fat and gets 50% of his last years pay FOR LIFE because he has sleep apnia, which was caused not by the military, but because he is so fat. People like the guy in this article have no one to blame but themselves.
"... a lot of them aren't smart' .... That's a bit worrying. People who are not smart should not have guns.
You would never give a smart man a gun, though. He might be smart enough to shoot YOU, and take your bigger guns!
Carl, you do have a very good grasp of the Mil/VA retirement system. Yep, odds are the guy was a decent soldier but a money moron. Now he has made yet another devastating financial decision. I could buy the PTSD story as a lot of these guys do get fuckep up in the head from back to back desert trips. But, I have seem way too many of them daily during my time in. So, he probably owns all the latest iCrap, has a nice new truck and is about to lose it all. The rich get richer, poor... same as it ever was.
Exactly. Their inability to manage their finances is on them. Regardless of the propaganda, especially from right wingers, military folk do quite well.
Shalom! And peace to you to
War is a Racket
Also, in hardcopy
Veterans Are Selling Their Pensions In Order To Pay Bills
And very soon they will be selling their underwear’s.
And the reasons are very simple:
a) The damage is done. They just haven’t realized yet.
b) There is no more growth. Actually, the contrary is coming
c) By Richard Koo: Japan's "Great Recession" that began in 1990 was a "balance sheet recession". It was triggered by a collapse in land and stock prices, which caused Japanese firms to become insolvent, meaning their assets were worth less than their liabilities.
Despite zero interest rates and expansion of the money supply to encourage borrowing, Japanese corporations in aggregate opted to pay down their debts rather than borrow to invest.
Corporate investment, a key demand component of GDP, fell enormously (22% of GDP) between 1990 and its peak decline in 2003. ….. massive fiscal stimulus (borrowing and spending by the government) that offset this decline and enabled Japan to maintain its level of GDP.
In his view, this avoided a U.S. type Great Depression, in which U.S. GDP fell by 46%.
He argued that monetary policy was ineffective because there was limited demand for funds while firms paid down their liabilities. In a balance sheet recession, GDP declines by the amount of debt repayment and un-borrowed individual savings, leaving government stimulus spending as the primary remedy.
https://en.wikipedia.org/wiki/Lost_Decade_%28Japan%29#Interpretation
Next up...their plasma.
How much longer can it really be before the veterans use their training, "team spirit," and access to pretty much any fucking weapon they want, to retaliate for the criminal motives of golden-spoon oligarchs that treated them and their dead brothers as so much meat? Really, does anyone think that a militaristic retaliation mounted by a righteously vengful army of trained killers is not going to eventually happen! Mass murders in elementary schools, perpetrated by psychopaths on anti-depressants will be a wished for occurrence once the real action starts, and the body count on "Wall Street" reaches multiples of the greatest mass murders known to date. Does anyone really doubt this is coming. "Wall Street" will finally have iintimate knowledge of "blood on the streets." No Way Out.
Most are not smart enough to make the connection. Once they are,they are too old or have too much to lose.
You see those smart enough to eventually figure it out are also smart enough to advance in life to the point that they have something to lose.
They can discourage from signing up. They can also wear blue armbands, so mothers in the shopping centres have to explain what a blue armband stands for.
How much longer can it really be before the veterans use their training, "team spirit," and access to pretty much any fucking weapon they want, to retaliate for the criminal motives of golden-spoon oligarchs that treated them and their dead brothers as so much meat? Really, does anyone think that a militaristic retaliation mounted by a righteously vengful army of trained killers is not going to eventually happen! Mass murders in elementary schools, perpetrated by psychopaths on anti-depressants will be a wished for occurrence once the real action starts, and the body count on "Wall Street" reaches multiples of the greatest mass murders known to date. Does anyone really doubt this is coming. "Wall Street" will finally have iintimate knowledge of "blood on the streets." No Way Out.
two words....Timothy McVeigh
It will happen
Stealing from vets is an American tradition...even George Washington himself did it (look it up).
In case you missed the other by-line, returning veterans are potential terrrizzzts.
Sayin ;-)
Sorry but who feels sorry for someone that keep 50% of their pay when retired after 20 years.
90% get nothing after 20 40 or 60 years
Fuck him
90% (closer to 6%...but whatever) didn't have to do as ordered, when ordered,at any time. One who believes in the state also believes the state will stand with them later for service to the state rendered.
When that doesn't happen, well...draw your own conclusions.
Can I interest in a "loyal" drone? ;-)
Well, for draftees I can see an argument, but I don't see anywhere here where this is the case.
I also cannot see where the government is crawfishing on their pledge to him. Of course, if they did, why would that be any different than, say, how all of us under 50 are going to be screwed by Social Security?
I think the story missed the part where someone put a gun to his head and made him pick up that phone, or sign the paperwork as well.
Sure the story sucks, but I am damn tired of seeing "veterans" as some special class anymore. There is no draft, this an all volunteer army that has signed a contract.
pods
Understood.
But a state can't survive long preying on (or breaking contracts with) it's own citizens or soldiers, so if that's the way it's going to be then actually I'm good with it...as long as we're all on the same page.
I go back to my father-in-law (AF) he had his "contract amended" without his consent, they just did it and told him to deal with it.
That's when I began to understand what it is and what it is not, he was a patriot and a volunteer, I am not...as it stands. Things change but the use of arms, tactics, training really is a wonderful thing ;-)
Our state was done a long time ago. I just hope more future soldiers realize this before they sign up.
Fuck, they are stealing from my kid's kids now, maybe even kids kids kids kids, idk.
I say the sooner we get this thing over the better. Stay out of debt. Don't give them what they need. :)
Back to the thread where I see how much a chosen group is getting from my kids kids kids now.
pods
FY 15 - Interest paid on national debt - 425 Billion $$$
The good news for the govt though is that there's a new crop of freshly indoctrinated children turning 18 every year. And most of them have stupid parents and families who do not warn them away from govt service. I do think it's up to all of us to spread that word, since the social rewards for joining appear to be so strong...the "thank you for your service" crap, wounded "warriors", VA loans, etc. And as the country continues to decay, it will be even more tempting to escape economic reality by working for the failing State.
And "terrrizzzts" = Hero, when they target the people that self-servingly define them as such. Good riddance D.C.
It's about time those who mortgaged their children and grand-children and great-grand children's future got a big steaming helping of their just desserts.
Just desserts make me feel bloated. How about some meat as well?
Question:
What's the difference between these Scum Fucks & loan sharks?
Absolutely none.
Ofttimes circumcision determines whether you're considered a pariah vs. pillar of the community.
What's the difference between those Scum Fucks and .Gov?
Absolutely none
I've always thought it a remarkable juxtaposition of critical thinking skills (or not...lol) that the same people who denigrate & disparage the military, who ally themselves with the state, (obviously) are the very same ones who scream "It's the law of the land and the states wish!" that I pay a penalty/fine/tax for not engaging in a private commercial transaction and would no doubt send the IRS down upon me (supported by troops, if need be) to enforce it's/their wish, to the point of killing me.
Very odd ;-)
Lots of people have this silly notion that there are two "parties" and that one of them is "on their side."
Lots of people have this silly notion that there are two "parties" and that one of them is "on their side."
I'd say 80% of posters here at Zh have that silly notion. Divide and continue to conquer.
and some on Zh believe everything is a conspiracy
So, if I understand you correctly, you are saying that the same people who hate military people are counting on the military people to save their ass. And well they may do so.
The police forces of cities across the land have been hiring ex-military personnel for more than a decade. Those cops have built a fraternal bond with their police brethren that has taken the place of the bonds they had with their comrades in arms. There is now an "us against them" mentality in law enforcement that is not educated by the finer points of individual freedom, and the "us" are the same trained killers that saw an enemy on every roadside and in every mud compound in Iraq and Afghanistan.
On top of cities hiring trained killers to police the American populace, the federal govt has given the cities money and materiel to purchase weapons, ammunition, and armored transportation in the name of homeland security. So, now those trained killers have the same equipment, the same "us against them mentality" as they had in a foreign war as well as, a domestic paycheck, and future pension from the overlords who they now protect. Guess whose ass is being saved by the military after all. Your tax dollars at work.
Wait a few years then declare all such agreements unconscionable and void them out.
Scumbag moneychangers need a jubilee now and then to help keep their opportunism in check.
There is a law against payday loans being too high in interest.
I bet that a court in the right jurisdiction would rule that this law also covers pensions.
I love to read about that case.
When I met my future wife she had debt. Took a bit of time but she hates debt now. People really need to be taught to hate their master.
Heard on a first date "My credit score is 804, what's yours?" /s
don't worry they are still spending your money....debt or not
HAHAHAHAHA.
Kreiger is a complete idiot. SPOILER ALERT: Those pensions are never going to pay out! Selling them now is a fucking genius financial move.
Jesus Christ, I wonder if any of those idiots will buy my social security?
I am in my 40s. Any one who wants it can have it for a tube of Gold Eagles.
I am 30. I would be glad to make the same offer. Even half a tube would be just fine.
30. Dude, that is like a bag of nickels.
Not even silver war nickels at that.
War nickels are are real strange bird. Maybe the only time in history when war caused the real value of a currency to be increased rather than debased.
I kid you not - I have picked up two war nickels in pocket change in the last 12 months!!
well, Im 30 too. A bag of nickels is better than NOTHING right? where do I sign?
This seems to be a loan with the pension as collateral. The guy should just go to the bank with the same collateral. If that's why you're laughing then fine.
I agree, nobody's pension will pay the expected amound due to Fed destruction of the dollar.
tmosley I would have to agree with that, those pensions will either be renigged on or the loan paid back with what he will make in 1 hour at the crematorium shoveling old people into a furnace.
http://www.noplaceforcorruption.com/docs/NoPlaceForCorruption.pdf
so maybe now all the jar heads will Finally understand....
YOUR GOVENMENT WHO SENT U OFF TO MURDER, GET KILLED, MAIMED AND FUCKED UP MENTALLY FOR LIFE ON SOME BULLSHIT DOESNT GIVE A FUCK ABOUT YOU!!!
“Military men are just dumb, stupid animals to be used as pawns in foreign policy.”- Henry Kissinger -
blame urselfs...u were told.
Seig Heil!
Why blame the Marines? How about blaming the media party.
Better get in now before it's 512.25% interest after the fed raises rates in Dec.
One of my employees just bought a brand new 2015 Nissan, $400+ /m pmts. I wonder if he was very stupid or very smart.
stupid, thats my answer to anyone who buys a brand new car. One of my co-workers is about to buy either a brand new expedition or tahoe. 50-60k. I keep telling him he can find either one 2 or 3 years old that will cost 15k less, but he says his wife wants a brand new one (but Im pretty sure its more him than her) so he is going to get about 15k for his trade in and finance 40-45 k for this truck. His brand new tahoe will sit next to my 12 year old tahoe I bought used 7 or 8 years ago and paid off 5 years ago. driving it until it drops. I keep trying to explain that when I am 50 Im not gonna care what kind of car I drove when I was 30. Just spent about 3 hours clay-barring it, and put 2 coats of polish on it, and put leather conditioner on the seats and dash. Still looks great. Hopefully its got another 2 or 3 years left, at least.
What are you going to put in the tank of that piece of shite once China and Russia turn off U.S. oil imports? $12/gal gas?
"What are you going to put in the tank of that piece of shite once China and Russia turn off U.S. oil imports? $12/gal gas?"
same as everyone else I suppose... What exactly is the point of your post and what does it have to do with the article or what we were talking about?
Last car I bought was a 2000 Hyundai from a friend that runs the local Salvation Army Social Services. I paid her $1,200 for it.
Runs fine, has no balls for acceleration, but I'm an old guy and don't particularly care about that.
I don't know what clay-barring is, but I'll never put a drop of polish on this thing. Seats are some sort of 'cloth'.
To me it's a disposable car. I drive it until the wheels fall off.
(Had that actually happen once. First came back to California from Florida, Dad gave me one of his 23 cars. A 1965 [It seems like] Galaxy 500. Drove down the I-10 into Los Angeles doing 70 or so, entire family in the car, pulled off onto side streets in Santa Anita to go by my office for something. Going down a residential road at about 25, the car drop it's ass end and two tires rolled ahead of us. It was a frightening experience to have basically no steering control as the ass end swung around. Some how we stopped at the curb facing the proper way and no one was injured. But if that had happend on the freeway at 70, it would have been a whole different story, one I probably wouldn't be telling about.)
I swear, I don't know why people in the military "defend" this God forsaken country. The MIC brainwashing is something else.
Most military guys sign up when they're young, stupid and looking to get out of Hometown, and away from the folks. Many, maybe most, wise up eventually as to what "defending the US" actually means, but at that time they just leave with what benefits they can get. The ones who never wise up, or who have no ethical qualms about killing people for no good reason, form the nucleus of America's Professional Military.
Even Smedley Butler wised up....
Everyone was young once August. The people that are old and want the young to do it for them are the problem. Unfortunately the days of Eric the Red or William the Conquerer leading men into battle are long gone. Could you imagine Obamma charging up Hamburger Hill or Hillary jumping out of a Herc into Faluga? The world is a caricature of reality.
"The ones who never wise up, or who have no ethical qualms about killing people for no good reason, form the nucleus of America's Police Force."
FIFY
Because, if we don't take the fight there, they will come here. /s
I keep hearing ads on the radio for non-profits that help veterans with physical disabilities. Why doesn't the fucking "government" take care of them?
Ask Native Americans about how well the "government" keeps its promises. Veterans have always been treated like shit too.
I heard back to back....flipping houses....and learning to trade stock. Not sure we make it out of Oct.
I find all these types of companies that charge exorbitant fees despicable. HOWEVER - where do these people go when they are in dire straits and in need of money to pay their immediate bills? Most have bad or no credit. Where do they go?!? So many people are flat broke through no fault of their own - their life literally sucks and they're just trying to survive.
The son of the owner of the company I work for went in to flipping houses (hey, by the way, here's company #51 to keep track of). Little shit got two houses and fixed them up. Made $80k in seven months last year. I've recently seen he's made bids on another three houses.
I feel confident that our lawmakers will be outraged by this development, because they, if nothing else, support the troops.
That is, till the campaign contributions start to "trickle down", then the troops can get stuffed. Because,--priorities.
History doesn't necessarily repeat, but it does rhyme-- maybe it's time for some Gangster Rap instead of Bankster Rap.
https://en.wikipedia.org/wiki/Bonus_Army. Politicians see Veterans as a campaign slogan, but think, "what have you done for us lately?"
Congress Changed The Law.I Retired In 2000 And Get Approx. 25% Of My Base Pay.Congressmen Need Raises I Guess
You still get free med. care. Worth at least a grand a month.
http://www.military.com/benefits/military-pay/the-military-retirement-sy...
How long where you in?
Not a good motivator for the "first in line" vols that you have left that are about 90% sure they won't be comin home with the next tour!
They should "sweetin the deal" by throwing in a free body bag and paying for the Last Will in Testament!
These guys survive firefights like Fallujah, later watch Fallujah being given back to their adversaries, and then get screwed by pension advance companies?
Really makes you want to have a career in the U.S. military.
Wish the U.S. luck when we have a real war to fight.
Luck doesnt exist.
No we never should of been there to begin with.
Trillions blown and lives blown for nothing.
GET A F*CKING CLUE... War is racket run by the elites.
What was the number after Reagan $3 trillion? Then Bush, Clinton, Bush, Obola endless wars and we are headed to $22 billion.
When a real war breaks out I don't think your government will be asking you to join.
If the troops want to truly fight for OUR (vs foreigners) constitutional rights and liberties, and reclaim their earned benefits, then all it would take is about only 50K of them, loaded for vermin, marching on WADC.
Ain't happening so I guess they really don't want it so much.
Ain't happening so I guess they really don't want it so much.
"."
No they don't Inn.
If they cared about the Constitution and the UCMJ they would have fucked up Washington severly when the 9/11 Commission Report reared it's goblin ugly head and the Patriot Act(s)/NDAA alongside it and the lies that committed our decimation of Iraq!
But all you have to do is look at Abu Ghraib, the sanctioned torture and rape complete with pictures and videos they trade llike baseball cards to know that our military is far, far and away from adehering to the rule of law and Geneva Convention(s).
This will end pretty much like you think it will!
Would be nice if the veterans took out some of their pension plan money to buy guns, ammo and a food supply...if any left over, buy some silver.
I am, all of the above.
No pension, but all are checked off.
My advice to pensioners in this situation: use the last of your money to buy bullets. Use all of them. Save the last one for yourself.
And the bastards borrowed the money from the Government at 2% to lend to veterans at 12%.
100% guaranteed that this is a Jewish business.
http://www.bbb.org/sdoc/business-reviews/financial-services/future-incom...
Mr. Scott Kohn, Owner/CEO
Now where did I hear that name before? A talking horse keeps popping into my head.
pods
I felt guilty for checking. More guilty for posting the answer.
Kohn has been stomped on by Washington consumer affairs for making loans without being registered.
http://www.dfi.wa.gov/sites/default/files/consumer-services/enforcement-...
So the MIC goons couldnt manage their pensions or lived above thier means. Gee I feel so sorry for someone witha pension.NOT.
Yawn.
Know a guy who is playing the PTSD game(he all of a sudden found out he had it) Expects a big payoff .
EVERY veteran I know gets free medical care with no problems.
What do these guys think ?The Docs are Gods. Sorryy GI Joe ,100% mortality.
All these wars are bullsh*t.
Pull all troops back, point guns out and let somebody else be the free world policeman
Horseshit! I am a veteran and don't get shit!
Not according to this
http://www.military.com/benefits/military-pay/the-military-retirement-sy...
or you got a DD
Not all veterans are retired. Regular everyday vets such as myself get absolutely nothing. Unless "free" burial in a National Cemetery counts.
If the guy is selling part of his pension, then why does he have to pay back that part of the pension at over 500% interest. This article doesn't add up.
The lender is entitled to a pro rated portion of his pension. How in the hell does that entitle them to $26.5K in interest over a 5 year repayment schedule? Is the pension just viewed as collateral, for a term loan? [ like putting your pink slip for a loan]
I'm get tired off these horse shit articles that don't provide the formulas, and terms of these loans.
That was my question too Yen. Why would he have to pay back all that dough if he was selling his pension?
Sounds like a standard high interest loan, using his pension as collateral.
pods
http://www.consumer.ftc.gov/articles/0114-garnishing-federal-benefits
Can not sell his pension. Can not use it as collateral either.
Seems like an unsecured loan to me.
I've been approached by an American company to purchase one of my rental incomes in return for a lump sum payment.
It's not a loan. They actually buy the right to part of the income (pension, rent, etc.) in return for a lump sum payment. In my case, they wanted something like 50% of the rent income for 15 years or something.
There's no complex formulas. It's very straightforward. But the lump sum payment is much less than the 50% of future income they would earn over the contract period.
I looked this up for structured payments pods. This sounds like the company he's dealing with.
It's just basically signing over your pension to some douchebag to invest over a preset term for a preset rate of return. You get monthly payments plus interest for the term.
I'm assuming they take their cut off the total value and make payments to the pension seller on the remainder. Sounds like snake oil to me.
Anderson Financial Services, LLC | Exploring Structured Cash Flows
Article says: " If it were a typical loan, that would amount to $25,600 in interest — a rate of 512 percent."
The truth is it's about 122% compound interest. Can you even math?
22 companies tried to track me
Twenty year Navy guy here. Long time ago, old Navy so to speak, had one of them run-jump-and-swim jobs. PTSD? Never heard of it. You get hurt, rub some dirt on it, do twenty pushups get up and keep moving,
This article reminds me of an old John Wayne remark: "Life is tough, it's even tougher if you're stupid".
Keep stackin'
Did you kill anybody?
No. Did you?
Keep Stackin' Poaster, metals bullets water n' bandaids.
Let me assist you my man. Fucking used rag.
Why is it that these schemes seem to always originate in the USA?
I was approached by an American company to sell one of my rental incomes to them, for a lump sum payment. Sadly, she was calling from Australia, which suggests that they getting enough morons to sign up that it's worth opening up a local office.
I guess you have to give the people what they want, right?
"Why is it that these schemes seem to always originate in the USA?"
Because the USA is an open destination to any scumbag, shyster, Ponzi who wants to come here to make his fortune. There is no greater place to invest in confidence scams, because Americans, having been protected since childhood against outsite evil, believe in the goodnes of magic.
The article stated that the vetran had to make ends meet on half the paycheck. It would be helpful to know the dollar amount of the paycheck. There are some that put themselves in a hole regardless of how much they earn. Hard to draw any conclusions without more information. Please do not construe this as an attack on the vetran.
No wonder Bernanke has that smirk on his face.
This article makes me so steamed I almost wish for hyperinflation.
Wouldn't it be nice if the government could offer this service at a fair rate? But I guess that would get half of you on here screaming about socialism.
Build a sustainable retirement with zero debt and minimize external dependencies if you want to live.
Those who depend on the "system" to take care of them deserve their fate.
Wouldn't it be nice if that veteran could do math.
Ah, the American hero is either a super-hero or an idiot with a gun.
Desperate people do desperate things.
I see it daily... Army soldiers who live beyond their means. Free on post housing, free utilities, free healthcare and prescriptions, yet it would be hard to find a hand full of people who had access to $5K on post. Most would have reach for a credit card or head over to Army Community Services for a loan. Once you transition from the military you have to factor in the reduction in income (provided you even make it to retirement) plus the increase in all the other bills that they have not had to pay.
I wonder what type of vehicle/cellphone/netflix/hulu/cable tv plan/extras he is still enjoying while paying through the nose for a 5K loan.
Paul Eberhart, an Iraq War disabled US Army Veteran, is in need of 10,000,000 for the self publishing of his first book. www.pauleberhart.com He would rather not take out some crazy loan with termites.
In that picture of Bernanke smirking, is he giving us the finger or am I reading something into nothing?
The smirk is directed towards the taxpaying dumb citizens of the US of A. He's probably thinking "I can't believe this shit show has lasted a 100 years with no end in sight!"
****************************************************
“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford, founder of the Ford Motor Company.
****************************************************
And, now back to the refugee crisis....
I bet Benny Burrankee is thinking...."I just shit in my pants and nobody knows but me ..."
My brother did this deal...blew his brains out a year afterwards. Awesome deal!
Sorry to hear about that Caveman.
:-(
A buddy of mine from Wyoming who was a vet from Hamburger Hill had bought a Remmington Varmintmaster in .243. His wife was a little pissed about it. I asked him how he rationalized it to her. His explanation was quite simple. To own a M-16 was too expensive ( regulations ), his sawed off M-79 blooper he used to carry was prohibited but the Varmintmaster was pretty much a duplicate of the Marine Corp Sniper rifle in a non-military caliber. Family jewels so to speak. His lack of respect for the government was something to behold. Much like his service record.
Hey Janet Yelling...can you set aside 100 million and set up some competition for these douche bag companies...provide the same services but at a lower rate. At least this will give you something to work on...while you agonize over changing the interest rate ...
These servicemen who are selling their pensions just need to think like banksters. Sell their pensions to as many companies as are willing to fork over some upfront fiat to them and then disappear.
Standard Disclaimer: Just trying to think outside of the box.
Standard Disclaimer #2: Think of all the new business opportunities that wait in providing new identities!
Nobody joins the miltary because they are a financial genius.
Some people just have no morals, character and honour like these companies or that asshole that hiked the price of a medication he owned some time ago. Shame to take advantage of people that defended you!
Under Steven Harper the Government of CANADA got into a buy out scheme with our Veterans and paid them lump sums so they could squeeze them to death financially in he long run. Frankly, no individual should join the armed forces based on this sort of sleaze. The USA is worse than CANADA, but all are unethical in the extreme IMHO.
There is a special place in Hell for governments that screw their veterans.
Theres a special place in hell for people that volunteer to do the evil governments bidding.
If it werent for the police and military the government would be completely impotent and powerless.
'
'
'
There isn't a pit deep enough for these bastards…
•?•
V-V
This is just so wrong.......! Amazing that they can even advertise and get away with it...the land of the free indeed!
These companies are insane. Their clientele, already scarred for life with the mental abuse of years of war, are the most combat capable potentially postal-going clients that anyone can recruit. Once the cash is gone, and they are saddled with a debt they cannot pay, and they watch their entire pension vaporize via legal seizure then sooner or later one of them is going to snap.
So it's somebody elses fault that a dumbass who received 13 years of free public education can't do math? On top of that, said idiot was able to exist long enough in federal employment to earn a pension??? Sorry ZH didn't read past the first few paragraphs and not with you on this one.
Don't be concerned. VETERANS DAY is coming up. So VETERANS can be honored by one specific day and a few articles leading up to it. Then back to the usual...........
There is no suffering in the USA that a parasite cannot exploit
Reverse mortgages are now available on your life, apparently. Thanks for defending our so-called freedom...
I'd like to say I feel sorry for these guys, militars, and perhaps for those who are cornered into it for economic reasons, or because they are just so stupid, I mean, I dont know. The Christian part of me always wants to show compassion, etc, but in the end, i just dont feel any sympathy or empathy. the ppl that are the worker bees for the Beast are in many respects 10x more guilty than the Beast, because the Beast needs drones to complete its ghastly missions.
Same thing goes for most federal and state govt employees, and of course the IRS. these ppl are just weak sell outs. for a piece of bread they sell their souls and sell out the nation. you wont find me picking up a gun to blow the brains out of a little kid in a third world country to make the world safe for democracy. You wont find me working for the IRS, the central bank, and 90% of govt agencies. And I defintely would not be a policeman, becasue they are just a bunch of a@@hol@.