13 Jul Company Sued For Charging Veteran 186 Percent Interest

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Posted Feb. 1st, 2018
By Benjamin Krause

One company allegedly taking advantage of vulnerable veterans is being sued for charging payments for a loan amount equivalent to 186 percent interest.

One law firm alleges a company called Future Income Payments (FIP) is charging outrageous rates for loan amounts using veterans’ pensions as collateral. It was deals like the following, where a vulnerable family was charged 186 percent that resulted in a lawsuit to shut down the scheme in multiple states.

According to the Daily Business Review:

Military veterans Anthony and Gloria Harrison thought they’d found a brief reprieve from mounting financial troubles when they secured $12,000 to cover medical and emergency personal expenses, according to court documents.

Pensioned, disabled and out of work due to illness, Anthony Harrison googled financial service providers who might lend to a family in such straits, his court filings read. He found Nevada-based FIP LLC, which does business as Future Income Payments LLC and markets itself as “the nation’s pension cash-advance leader.”

But now, a suit filed on the Harrisons’ behalf in federal court by a Broward law firm alleges FIP took advantage of the vulnerable couple, duping them into a deal requiring $168,000 to repay a $12,000 loan. The deal required 84 monthly payments of $2,000 each—the equivalent of a nearly 186 percent annual interest rate, according to the complaint filed Tuesday in the U.S. District Court for the Middle District of Florida.

Companies like FIP frequently show up looking for ways to cheat poor people out of the little money they have. Hopefully, this scheme will get shut down, but don’t be surprised if you see another pop up in its place.

What to Do if You Think You Were a Victim of Investment Fraud or Broker Misconduct

If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors.

Contact Peiffer Rosca Wolf today by filling out a Contact Form on our website or by calling 585-310-5410 to schedule a FREE Case Evaluation.

About Peiffer Wolf  Carr & Kane, APLC

Peiffer Wolf Carr & Kane is a nationwide litigation law firm that represents individuals and entities that have been the victims of negligence, fraud or the misconduct of powerful interests.  We are smart, experienced, and dedicated professionals who work tirelessly for our clients and take pride in the pursuit of justice on their behalf.  Too often the powerful interests in our society run over the rights of ordinary people. We do our best to restore that balance.