HAMPTON, Va. (WAVY) — Attorney General Mark Herring is suing a company he says exploited retired Virginia veterans with high cost loans disguised as something else.
Most of the 650 victims live right here in Hampton Roads.
“I’m not going to let anybody come here into Virginia and take advantage of veterans like this,” Herring told 10 On Your Side on Wednesday.
The lawsuit filed in Hampton Circuit Court is against Future Income Payments LLC and its owner, Scott Kohn. The suit alleges the company made illegal loans with interest rates as high as 183 percent.
One man, identified in documents only as H.H., said he got a loan for $5,500 and was informed he would have to pay back more than $35,000.
Herring told us, “These are people who’ve served our country, they’ve defended freedom, and our nation, and in their retirement years they’re being singled out and targeted, it’s just absolutely despicable.”
The lawsuit claims the company used online ads to market directly to people who had searched for personal or pension loans.
It says the company used words like “Purchase Price” in its deals to make it sound like a pension sale instead of a loan. Herring said this was done to try to get around consumer lending laws.
Future Income Payments is not registered to do business in Virginia. The company and its owner are based in Nevada.
If you’ve done business with them, Herring says he wants to hear from you and help you get your money back.
If you think you are a victim or have a question, concern, or complaint about a consumer matter should contact Attorney General Herring’s Consumer Protection Section:
• By phone: (800) 552-9963
• By email: email@example.com
• Online Complaint Form
• Online Contact Form