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      VA Training and Fast Letter Forum Index The following is the index with links to the various Training and Fast Letters plus a few miscellaneous. These letters are not necessarily in the original formatting. I have tried to present them in an easy-to-read form instead of some forms as originally presented. Some of the paragraphs were WAAAAYYY too long. lol - HadIt.com Member fanaticbooks Something to be aware.... Some of these letters may be rescinded, outdated, or otherwise no longer viable. I have still included them because sometimes they provide additional insight or just plain more information than the newest version. Use them wisely. The oldest letters will display at the bottom with the latest letters displayed at the top, all in sequential numbers. Coding of the letters... FL = Fast Letter TL = Training Letter First two numbers = last two digits of year of origin Training Letter http://www.hadit.com/forums/index.php?/topic/40694-va-tl-00-07/ http://www.hadit.com/forums/index.php?/topic/40693-va-tl-00-06/ Fast Letter Number Title http://www.hadit.com/forums/index.php?/topic/44262-va-fl-11-15/ http://www.hadit.com/forums/index.php?/topic/44260-va-fl-11-13/ http://www.hadit.com/forums/index.php?/topic/44261-va-fl-11-11/ http://www.hadit.com/forums/index.php?/topic/44310-va-fl-11-09/ http://www.hadit.com/forums/index.php?/topic/42151-va-fl-11-03/ http://www.hadit.com/forums/index.php?/topic/40957-va-fl-10-49/ http://www.hadit.com/forums/index.php?/topic/40958-va-fl-10-46/ http://www.hadit.com/forums/index.php?/topic/40959-va-fl-10-45/ http://www.hadit.com/forums/index.php?/topic/40960-va-fl-10-42/ http://www.hadit.com/forums/index.php?/topic/40961-va-fl-10-39/ http://www.hadit.com/forums/index.php?/topic/40962-va-fl-10-35/ 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Has Anyone Sold Their Va Disability Pension?

27 posts in this topic

Posted · Report post

I am wondering if anyone has sold their VA disability pension for lump sum of cash? Or can share and information about the process.

I am not concerned about the economic factor of managing my monthly expenses. I have multiple income sources. I am more interested in how to find the best quote or what the normal range is.

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Posted · Report post

I think the US government would be the one to buy you out.

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Posted · Report post

IMO - This is an absolutely horrible thing for any SSA or VBA beneficiary to do.

I do not support this in any fashion.

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Posted · Report post

Just looking for the facts on rates. The emotional debate on this topic will be unending. That is why I am trying to stick to the facts.

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Posted · Report post

You have been watching too many JG Wentworth Commercials.

J

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Posted · Report post

Just looking for the facts on rates. The emotional debate on this topic will be unending.

is why I am trying to stick to the facts.

The "facts" can not be found here or on a web site.

The "facts" should be stated in whatever contract is signed.

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Posted · Report post

My reply isn't emotional -it is the facts:

“A California judge has cracked down on a company that provides upfront cash in return for future military pension payments, awarding a total of $2.9 million to 63 veterans in a class action lawsuit. “

http://www.aarp.org/money/scams-fraud/info-08-2011/judge-voids-military-pension-buyout-deals.html

“About 1.5 million veterans received about $40.3 billion in pension payments from the Pentagon last year, making them an attractive target for companies that place ads online and in trusted military publications. No one knows how many veterans put their pensions up for ready cash.

"These cash payments are rip-offs, providing the veteran only a fraction of what the benefits are actually worth," Ohio Attorney General Mike DeWine says in a resource guide for veterans and military personnel. "They are illegal."

There are many similiar outfits on the net who would be happy to assess what your rates and payout would be.

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Posted · Report post

My reply isn't emotional -it is the facts:

"A California judge has cracked down on a company that provides upfront cash in return for future military pension payments, awarding a total of $2.9 million to 63 veterans in a class action lawsuit. "

http://www.aarp.org/...yout-deals.html

"About 1.5 million veterans received about $40.3 billion in pension payments from the Pentagon last year, making them an attractive target for companies that place ads online and in trusted military publications. No one knows how many veterans put their pensions up for ready cash.

"These cash payments are rip-offs, providing the veteran only a fraction of what the benefits are actually worth," Ohio Attorney General Mike DeWine says in a resource guide for veterans and military personnel. "They are illegal."

There are many similiar outfits on the net who would be happy to assess what your rates and payout would be.

Berta,

Thanks - I couldn't find the link and here you are - right on spot : - )

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Posted · Report post

I don't think you can sell your disability papments because they stop when you die.

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Posted · Report post

As another mentioned, a sale or "assignment" prolly isn't authorized.

38 USA 5301 Pt IV Chapter 53 seems to address this issue http://www.law.corne...01----000-.html . 5031(a)(3)(a) prohibits assignment for "consideration", which a sale or transfer to some structured settlement company would be.

Howsomeever, 5301(a)(3)(b) does not prohibit what would be a two-step procedure. That is, a veteran gets a "loan" (with the principle likely based on the current level of compensation and life expectancy). The veteran continues to receive his/her VA comp but in turn pays the entire amount against the loan.

Any lump sum or loan would likely be low because: (a) the veteran may kark at any time and the benefits would stop; and (b), while actually very unlikely, the level of benefits may decrease. All in all, a pretty stupid move IMNSHO.

I am wondering if anyone has sold their VA disability pension for lump sum of cash? Or can share and information about the process.

I am not concerned about the economic factor of managing my monthly expenses. I have multiple income sources. I am more interested in how to find the best quote or what the normal range is.

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Posted · Report post

i drew a pension , but it ended when i got ssdi benifits

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Posted · Report post

I don't think you can sell your disability papments because they stop when you die.

That's exactly why these thieving companies have the claimant purchase a

life insurance policy - naming them as the beneficiary.

( I guess they aren't really "thieving companies", if someone in their right mind that fully understands

the contract - makes the choice to sign it.)

JMHO

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Posted · Report post

i drew a pension , but it ended when i got ssdi benifits

That's because the "pension" is income based - ssdi paid the higher amount.

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Posted · Report post

Sad part is these Vet's will sale their soul to these carpet baggers and six month's later they will have nothing to show for it. :sad:

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Now I know you can sell payments you get from a private disability policy. I have such a policy and was offered about 25% of the worth of the policy based on my life expectency. I turned that down pretty quick. You can get in trouble but if you have an annuity you always have a check at the beginning of the month. One good thing to do with a large retro payment is to buy an annuity for yourself.

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Posted · Report post

John999, your so right. Put your money into 20-25 year annuity and it keeps coming every month and for your kids if you set it up correctly!

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I was looking for feedback from someone that has experience with entering into a contract of this type. I suppose I have found my answer.

If you are responsible with your bills and can do without the monthly income from the VA payment it seems like a smart move to me. Invest the extra money for a return much grater than the cost of living increases that do not come close to keeping up with inflation. And if you believe The Bernank's CPI numbers you deserve and increase in your rating. Just trying to keep ahead of the government debasing of the money supply.

I respect the opinions on here, I am however not interested in the moral hazard of such a decision. I recognize the pitfalls raised here.

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Are you considering survivor benefits in your calculations? I have been investing for about 30 years. Markets get busted every few years. Stocks,bonds, gold, housing they all get whacked at least once a decade. The government check has never gotten busted out yet, and if it does all you other assests won't be worth much anyway. During the Great Depression one of the first things FDR did was to make it illegal to use gold as currency. Your crummy VA check has a COLA so even if the money is debased by inflation you will get your increase. Don't spit on the old VA check. Nobody knows what economic conditions will be like in five years much less 20-30 years.

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I respect the opinions on here, I am however not interested in the moral hazard of such a decision.

Keep in mind that VA Pension is one issue and

VA Disability Compensation is a totally different issue.

The answers I have replied with address the legal aspects, that's why I posted a Cease and Desist Order

from a California Court.

Here's a little something else I was easily able to dig up.

2011 OCT 10

"Can I sell my disability payments? For private disability payments, yes most of the time but you can not sell Social Security Disability payments.

Can I sell my VA disability? Unfortunately, not currently unless the law changes. If you are looking to sell VA disability payments, I would suggest you bookmark this site and check back inn 90 days. I’ve heard a rumor that this law may be changing.

Can I sell my Military pension payments for a lump sum? Yes, in most cases."

http://www.us-funding-solutions.com/structured-settlement-sell/?p=83

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I appreciate the replies. I think the conflicting information I have found is what brought me to ask here. The law seems to be changing on this issue over the past few years and swings back and forth. I understand the hesitation to support a move like this. This probably will allow many veterans to get themselves into a lot of financial trouble. The human action of having a large sum of money dumped into your bank account is sometimes if not often not a beneficial one to the account holder. Similar to a delayed claim decision with a large sum of back pay.

As far as investing. I have looked at my overall financial situation and looked at the worst that could come of entering into this agreement. I would still be able to support myself and that is why I am considering this move.

As for markets getting busted every few years you are partially correct. I would disagree with one example you used which is gold. The price fluctuation with gold has only been short term. The long term trend of gold has increased in relation to the declining value of the US dollar, the fiat currency of the VA check. If you bought gold today at just under 1700 an once and it dropped another 500 the next day I would say you would still be in very good shape. It will come back and always has. 5000 years of history does not lie. If you do not believe me check out the amount of gold in ounces that it takes to buy a barrel of oil over last 100 years. If you do not want to look I will save you the effort. It is generally the same with a few spikes but average over the long term is the same amount. This means that inflation(how much the things you buy increase in price each year) is only a normal economic activity of paper money not precious metals.

I think I went just a tad bit off topic. Sorry

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Big

What I was trying to say was that in the words of one of the great robber barons of the 19th and early 20th centurny "Financial markets tend to fluctuate". We are all in a bind because if you leave you money where it is safe you get little interest. If you chase yields then you take on risk. I am too old for too much risk, but I always bought stock.

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Bigoc,

Not trying to jack the tread, But I am glad to see your post.

For those trying to keep with inflation Precious Metals, Gold and Silver will do exactly that. Things are really messed up around the world right now, all countries are broke, this country just reached the 100% mark on GDP to debt. We have 15 Trillion on the books and 50-60 Trillion that is in the shadows.

What all this means, we can NEVER repay this money. Big Ben an company is trying to inflate it away by keeping interest rates at 0%.......If rates go north the presses get fired up for QE3 to infinity and hyperinflation will occur at some point as the government can not pay even a modest increase due to the interest on the debt.

Government and Central banks around the Globe are buying Gold by the tonnes, the know what is coming in the future. We hold the World Reserve currency, giving us the ability to control most economic aspects of goods bought and sold, soon this may end due to the inability to control the debt and in its place the will be fiat money backed by gold and silver once again.

When Nixon took us off the gold standard the dollar became nothing more than pocket cotton, we have lost 97% value since that day and that decline continues at a faster pace today. We are at a very high risk of a Global economic meltdown.

I could go on and on about how we got here and where we are going some would get scared some would dismiss it, just understand I am no economic major, I just see the writing on the wall and it's everywhere.

I just hope that those of you who can.......HOLD in your possession some gold and silver coins for nothing else other than insurance as we all get our dollars from the same entity.....The more you hold the better, but at least get something in-case this thing breaks......In VA terms "the chances are more likely than not".

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While you hold gold or silver it makes no interest and then you must have a ultra safe place to keep it which is another expense. Maybe I should fill up a safe deposit box with gold but I am not quite ready for that. If there is hyperinflation the government here would do "anything" to stop it in its tracks. If they had to raise interest rates to 50% they would do it. If they had to occupy S.Arabia they would do that.

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Can you sell your disability pension, because if you go to the joint your monies go to ten percent. I know. Just did that for five years and it cost me about 172k in benefits not mention medical benefits.

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