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Old 31 July 2017, 17:47
jportal50 jportal50 is offline
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RFI: Vet Loan-OLD-Retired Marine

First off, I do not know much info...Yet. Just found out. The overall sounds like a Private move. However curious.

Man, in his 70's, is a retired Marine (I already vetted). Dating my mother in law. During the "courting" process, he took a $2k loan over 5 years directly paid/auto out of his Military retirement. Supposedly no early pay off; at the end of term $15K total spent. I live in Texas.

My first thoughts, aside from usury, was bullshit. His credit sucks

8 months in, at $300 per month; do the math. I am humbled. Anyone heard of this type of situation.

I will get the doc's for review, but sounds odd. Again, private move, wow.

Just curious. Oh, I cant stand my mother in law.

Last edited by jportal50; 31 July 2017 at 17:57.
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Old 31 July 2017, 19:11
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Ferryman Ferryman is offline
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Is this one of those payday loan places like the Money Tree?
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Old 31 July 2017, 20:06
jportal50 jportal50 is offline
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Originally Posted by Ferryman View Post
Is this one of those payday loan places like the Money Tree?
Not sure. I am awaiting the paperwork. Even with a payday loan it can be paid off early. I am willing to pay the f'er off, unless there are more dumbass moves involved. I would only do that because of my wife and her kindness' it is her mother and boyfriend. They are about to get married. I believe it was a discloser statement but my guard is up.

Paying it off sets me back alot.

Even if payday loan, the terms make no sense.


I may have posted a bit early, but again, it makes no sense. 5 year loan on that type of loan, with no early pay off (I have never had one) makes no sense.
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Old 31 July 2017, 21:10
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Most of those pay-day type loan businesses that I have looked at usually operate within a percentage point of the usurious limit. They are outrageous and should be illegal. Talk about predators...they are some of the finest.
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Old 2 August 2017, 17:57
jportal50 jportal50 is offline
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Just finished reading the entire document. This is not a PayDay Loan. There is no mention of interest rates, etc. It seems more like the sale of an annuity (his Military Retirement Benefits) over the course of 5 years as stated above. As mentioned above, I consider this more of a Private Move.

Disclosure: He actually got the funds in April 2017 and it was $2500. Everything else, near as I can tell, is accurate. And age is 63. My Bad.

Regardless, him, "seller", wants to sell a portion of funds derived from certain Pension Payment. "FIP, LLC" wants to buy (summary) they are based out of Henderson, NV. It states they will resell the "purchased asset" and assign rights.

There is no prepayment clause and, again, no interest rate mentioned. I have never seen this before. There is a severability clause. The laws of Cali (yup go figure) supposedly have have jurisdiction, with caveats.

Look, I am a realist. If you sign your name to something: Car Loan, House, TV (I was a private at one point), you are obligated to pay. However this one seems off the chart.

I am hoping to have an attorney look at these docusigned papers and provided options. Also, there are no prepay options listed. Again, I live in Texas and find this odd. I continue to research.

This man means nothing to me, other than Vet potentially being taken advantage of which pisses me off, and perhaps marrying my mother-in-law. Key is my wife's mother.

More info, and has anyone heard of something like this, other than the obvious dumb-ass move.

Appreciate your input and knowledge as I have never seen this before.
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Old 2 August 2017, 18:56
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He borrowed money, and promised to pay it back with an allotment from his pension.

Under federal law, he cannot "sell" "broker" "assign" "pledge" or otherwise give anyone else higher rights to his military pension than himself (except for some child support obligations, and even those are fixed by law).

So all he really did was borrow money and agree to pay it back.

The part about "via an allotment on his military pension" is not legally
binding, and he should stop the allotment immediately.

And he should see a free legal assistance officer at the nearest military base (and in some cases, Judge Advocate USAR/NG unit) on
how to extract himself from this unconscionable debt.
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Old 2 August 2017, 19:16
jportal50 jportal50 is offline
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Quote:
Originally Posted by CB View Post
He borrowed money, and promised to pay it back with an allotment from his pension.

Under federal law, he cannot "sell" "broker" "assign" "pledge" or otherwise give anyone else higher rights to his military pension than himself (except for some child support obligations, and even those are fixed by law).

So all he really did was borrow money and agree to pay it back.

The part about "via an allotment on his military pension" is not legally
binding, and he should stop the allotment immediately.

And he should see a free legal assistance officer at the nearest military base (and in some cases, Judge Advocate USAR/NG unit) on
how to extract himself from this unconscionable debt.
Sir: I appreciate the point in the right direction. I will direct him there. Again, I struggle with his signature and agreement regardless.......

I will send him to Ft. Hood or JRB Ft. Worth. I owe you Beers!!
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Old 2 August 2017, 19:55
jportal50 jportal50 is offline
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Also, SOCNET donation coming soon. Long Reach of Knowledge is much appreciated.
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  #9  
Old 5 August 2017, 14:25
jportal50 jportal50 is offline
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Donation Sent. Greatly Appreciated. CB's name please.
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