Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | Mires, Ran, and Clark Targets Pension Advance Loan Companies Who Prey On Retired Public EmployeInitial investigation Focused on the Lending and Funding Practices of Voyager Financial
Mires, Ran, & Clark will be conducting due diligence into the cost and interest rates charged by these predatory lenders/brokers. “There is a large disparity between the effective cost of capital military veterans and pensioner pay, versus the stated or advertising amounts charged by these pension advance companies,” according to Amir Mireskandari, CEO of MRC. The first company to be targeted for its lending/funding practices Voyager Financial. Voyager Financial approaches people who are in need of available funds and have an income stream from a pension fund or similar source. Voyager Financial offer individuals their services as financial brokers to get access to the pensioners and military veterans guaranteed income. MRC was retained by a Texas based law firm to provide due diligence in the cost and lending practices of Voyager Financial in a case pertaining to Mr. Paul Martinez, a disabled United States military veteran. Although pension advances closely resemble loans, however, the companies offering these financial instruments often insist that they are not loans — and thus sidestep state and federal lending regulations regarding military pensions. The Federal Truth in Lending Act, for example, requires that lenders disclose to consumers an effective interest rate for each transaction, but most of the pension-advance companies examined by the GAO did not properly disclose this information. “Without such disclosure, consumers considering pension-advance offers often do not realize the exorbitant cost of their borrowing, that in many cases can reach more than 100%,” according to Amir Mireskanari, CEO of MRC. Mires, Ran, Clark and Associates 2500 West Loop South, Suite 300 Houston, TX 77027 info@miresran.com MiresRan.com End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|