Predatory Schemes Aimed at Seniors

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From the Desk of Senator Tim Kaine

Dear Friend,

As a member of the Senate's Special  Committee on Aging, I'm excited about the opportunity to address the  issues impacting our nation's senior population. This week, the  Committee tackled a topic that many seniors, particularly military  veterans, have been affected by: pension advance schemes.

Some  pension advance companies use predatory tactics and attractive  advertisements to take advantage of seniors' pension plans. They promise  to provide a lump sum in exchange for monthly payments directly from a  person's pension plan. Sadly, many of these deals end up bankrupting  seniors, including many veterans who earned their pensions serving our  country.
 

The Aging Committee discussed this problem, asked about  solutions or alternatives to pension advances and debated whether  stronger oversight is needed in order to protect people from falling  victim to these schemes.

You can watch the whole hearing here and watch my comments and questions during it here. Always feel free to contact my seven offices, in Washington, D.C. and throughout Virginia, by phone, mail or my website with questions and suggestions.

Sincerely,

Tim Kaine