Friday, January 24, 2014

AG warns on pension advance scam

More North Carolinians who receive a pension are now being targeted in deals that offer people cash up front in exchange for the rights to receive money from their pension for years.

N.C. Attorney General Roy Cooper's office said it has received an increase in the number of complaints about these arrangements, which it labels a scam. In one case, a man got $10,000 cash, but had to sign away the rights to more than $25,000 from his pension.

Cooper's office said these deals often mask the fact that they're really high-interest-rate loans.

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