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(LA Times)   Meet "Future Income Payments": We've got the gold, so sell us your soul   ( latimes.com) divider line
    More: Sick, Future Income Payments, Payday loan, Loan, Debt, Credit card, Personal finance, Usury, future pension payments  
•       •       •

3104 clicks; posted to Business » on 14 Mar 2017 at 2:50 PM (36 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



27 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest
 
2017-03-14 02:21:59 PM  
You've got to look at it from the other side as well. For relatively small loans you have to pay for employees, location, and some form of insurance against the pensioner dying before the loan is discharged.

Ideally there'd be a credit card formatted for this situation. Limit set by an expected monthly minimum payment tied to fixed income sources, with an interest rate that takes into account the modicum of life insurance to discharge outstanding debts on the account.
 
2017-03-14 02:33:05 PM  
They've survived this long, so they are apparently RICO Savvy.
 
2017-03-14 02:33:28 PM  
Don't worry.  Once Trump gets through with the country's regulatory frameworks, Future Income Payments will be free to swindle everyone out of their cash with complete impunity.
 
2017-03-14 02:53:33 PM  
img.fark.netView Full Size


everything's coming up millhouse!
 
2017-03-14 03:00:16 PM  
The company claimed in the suit that its operations "would be irreversibly damaged" if the public were to learn it was under scrutiny for possibly "unfair, deceptive, abusive and illegal" practices.

yeah, scams usually are irreversibly damaged when they are exposed
 
2017-03-14 03:15:24 PM  
What are they offering for souls?  I'm always up for selling imaginary property for the right price.
 
2017-03-14 03:19:50 PM  

BMFPitt: What are they offering for souls?  I'm always up for selling imaginary property for the right price.


Dude, don't even joke.  I once sold my soul to some dude claiming to be the devil.  Lived the high life for several years, and when payment came due, he came back and took James Brown.
 
2017-03-14 03:54:19 PM  

Psychopusher: I once sold my soul to some dude claiming to be the devil.  Lived the high life for several years, and when payment came due, he came back and took James Brown.


Good Gawd, y'all.......hey!
 
2017-03-14 04:00:42 PM  
I'd love to read the article but as soon as I clicked I got one of those "Please whitelist us" pleas. When I complied I was rewarded with two pop-up ads and an autoplay sidebar ad, so fark them.
 
2017-03-14 04:01:08 PM  
Its my money and I need cash now!
 
2017-03-14 04:02:33 PM  

Tyrosine: I'd love to read the article but as soon as I clicked I got one of those "Please whitelist us" pleas. When I complied I was rewarded with two pop-up ads and an autoplay sidebar ad, so fark them.


This.

Please disable your adblocker.

/ please GFY
 
2017-03-14 04:10:10 PM  

Dead for Tax Reasons: [img.fark.net image 466x358]

everything's coming up millhouse!


Millhouse has such a punchable face+name+voice. I wonder if they made him so easy to hate on purpose.
 
2017-03-14 04:14:58 PM  
Reverse mortgages are still cool.
 
2017-03-14 04:39:12 PM  
Can I subcontract someone for the daily Sixteen Ton lifting?
 
2017-03-14 05:38:24 PM  
Joke's on them. I plan on falling into a permanent vegetative coma and being machine fed for a good 60+ years.
 
2017-03-14 05:42:52 PM  
Well, the bottom line is that they loan you money at an extraordinarily high interest rate to be paid back from future pension payments. It's not a buyout. Example in TFA was a guy who went to them for $10K after his wife got cancer, then he realized after signing the docs that it would cost him $40K to pay it back. He sued, they settled, the CFPB went after them for being a scam and essentially shut them down in CA and NY. Now they're set up in Nevada. TFA ends with an editorial reminding everyone that the CFPB is valuable and it would really suck if it weren't around.
 
2017-03-14 06:23:44 PM  
I can't FIP to this.
 
2017-03-14 07:35:34 PM  

Tyrosine: I'd love to read the article but as soon as I clicked I got one of those "Please whitelist us" pleas. When I complied I was rewarded with two pop-up ads and an autoplay sidebar ad, so fark them.


Don't whitelist or disable anything, just use Firefox, click the reader button at the end of the address bar and enjoy.  The button looks like a book.
img.fark.netView Full Size
 
2017-03-14 07:50:24 PM  
They just take advantage of people's desire or need to get an immediate lump-sum payment.  So they sell their pensions, structured settlements, etc...Hell, people would probably sell their future Social Security benefits if the law allowed it.  And in the good old USA there is never a lack of people willing to take advantage of people in order to make a buck.  All you need to do is watch daytime TV to see all of the ads and the "celebrities" willing to whore themselves in order to screw people out of their money.
 
2017-03-14 08:20:33 PM  

schoolbread: Dead for Tax Reasons: [img.fark.net image 466x358]

everything's coming up millhouse!

Millhouse has such a punchable face+name+voice. I wonder if they made him so easy to hate on purpose.


img.fark.netView Full Size
 
2017-03-14 08:48:15 PM  
The company claimed in the suit that its operations "would be irreversibly damaged" if the public were to learn it was under scrutiny for possibly "unfair, deceptive, abusive and illegal" practices

My, what big brass balls you have...
 
2017-03-14 10:16:13 PM  
They defrauded veterans? Let active duty military handle it permanent like.
 
2017-03-14 11:32:13 PM  
Wait...where'nthe heck are they still offering pensions?  I haven't heard of that in decades...

This business modelnis dead in a few years anyway.
 
2017-03-14 11:32:37 PM  
...model is*
 
2017-03-15 12:56:39 AM  

Tyrosine: I'd love to read the article but as soon as I clicked I got one of those "Please whitelist us" pleas. When I complied I was rewarded with two pop-up ads and an autoplay sidebar ad, so fark them.


I just enabled ScriptSafe and the whitelist begging vanished.  Page loads much faster, too.
 
2017-03-15 04:32:34 AM  
https://en.wikipedia.org/wiki/The_Unincorporated_Man
its supposed to be fiction you retards!
 
2017-03-15 07:35:14 AM  

Intrepid00: Reverse mortgages are still cool.


If you can't trust Tom Selleck or the guy who played the President of NASCAR in Days of Thunder with your life savings, who can you trust?

Plus, Tom told us he was worried too, but did some research and found out it's totally legit.
 
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