Since I initially posted about Voyager Financial Group. I’ve received multiple calls from people who assigned military pensions. It is illegal for enlisted military members to assign pensions under 37 U.S.C. 701. (Commissioned officers may assign pensions up to certain limits.) 38 U.S.C. 5301 contains limits on assignability of V.A. pensions.
It appears that there are class action law firms that are after the pension factoring companies making allegations that when the factoring firm sells (or places) the pension assignment with an investor, that is an unlicensed/unregistered security. That’s great but it doesn’t help the individual retiree who’s income has been cut drastically by the pension assignment and doesn’t have enough money left to pay his/her bills. I’ve been evaluating these cases based upon the legality of the underlying agreement as a matter of state law, and I make an individual determination about whether the pensioner can stop the assignment as a matter of right. After the assignment has been stopped, I use the Fair Debt Collection Practices Act as a shield and a sword against collectors. If you are outside of Indiana, contact me anyway through my website www.hoferlawindy.com, and I will try to link you up with a NACA consumer attorney.