Pensioners are taken advantage of by usurers

[Bookwormlux1]

Most pensioners are not that educated and do not know how the pension scheme operates because of this the pension scheme take advantage of them and which is not right.

Especially in my country, those who are heading pension boards are engaging in high end corruption and the government isn't doing much about it yet.

 

[Dowenship]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

The Usurers are cows and wolves in human cloth, although in there own perspective they are doing business, which is not suppose to be.

 

[tyrim88]

This is actually an exploitation on the pensioners by these usurers.They are just using a loophole in the system to exploite the pensioners,knowing fully well that they can't get that full sum in one installment from the government,they have to turn to them.

 

[Chibson]

This is very true and I don't really know that it is everywhere in the world. This mostly happens as a result of a corrupt system being operated by usurers.

 

[Richard92]

The choice is left for them if actually the pensioner if them want to take their pension to take loan, because is depends to them do whatever them want to do with pension.

Most pension scheme company take advantage of pensioner because most of them are uneducated with this they play on the intelligence of the pensioner

 

[Dagm1]

I'm now no longer a pensioner however I am on the factor in my lifestyles in which my money owed are paid off and the ultimate component I could need is a loan. If whatever I discover that being older offers me greater perks like a loose bus byskip and decreased charges in sure stores.

 

[Nurudeen]

I think it is the responsibility of the pensioners to read the terms of service of the loan company before taking it. If they are okay with the terms of service of the loan company then that is there major concern

 

[Bookwormlux1]

Most pensioners easily get deceived as they are always on the lookout for better ways of making more money since they ain't in active service.

 

[Kane]

If you are a pensioner, avoid taking loan or even investing. You should always concentrate on negative aspects of loan and investment. A better way is to save in a fixed deposit bank account.

 

[Shigobad20201]

I just hate this nonsense.i really don't know how these set of people are operating and the authorities are monitoring them.everybody just come into the financial space and carryout there criminal activities freely and getaway with it.is that they are settling some people in the authorities or what.i just don't get it.

I don't know why almost everybody is taking advantage of pensioners every chance they get , even some government do play with their pension and delay their entitlement.

 

[Richard92]

I'm a pensioner but I am at the point in my life where my debts are paid off and the last thing I would want is a loan. If anything I find that being older gives me more perks like a free bus pass and reduced rates in certain stores.

Yes most times specially as I've been taken advantage of by their uses this is because they see the pensioners as not educated and they will try to cheat them

 

[jeff87]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

Pensioners because of need are falling into this trap. I have known of a pensioner who did this and until now her pension ATM card is still with the usurer. She has to wait for six months until the loan is finished because of this agreement.

 

[eLdavis]

I won't even advice anyone to take a loan based on their pensions. Just imagine how much they are being taken advantage of, but I guess sometimes it can't be helped as some go through difficult situations where they seeing taking loans as the only way out.

 

[Bousine123]

Such a wonderful opportunity I must say. In my country, such opportunities are not available to workers not to talk of those who have gone into retirement.

 

[Richard92]

Yes pensioners are taking advantage or users who are not educated and will not understand the proceduresA step on how the pension works they will cheat them of their funds.

I'm a pensioner but I am at the point in my life where my debts are paid off and the last thing I would want is a loan. If anything I find that being older gives me more perks like a free bus pass and reduced rates in certain stores.

 

[Yusuf1]

This is really a bad situation and I think the government of the country really need to do something about this. They are actually exploiting the pensioners as far as am concerned

 

[Toyoabasi]

Oops...that is really unfair.
Most times these pensioners are aged and are very vulnerable to such loan givers.
Pensioners should be more careful if the want to collect loans which are to be repaid via their pension accounts.

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

 

[mayumi97]

Usurious loans are usually available for those who need them. If the pensioner borrowed money to help them get through some rough times, it's a lifesaver. The so-called usurious loans could even turn out to be a better deal than most credit cards. Sadly, many reach the age of seniority with the financial burdens of debt. I do hope that governments can offer some plans to help them pay off loans on lighter terms. Recently, our Central Bank implemented a cap on interest rates that can be charged on cash loans and credit card balances. This is a positive step that debtors can take advantage of to expedite debt payment.

 

[Shigobad20201]

In the news is the warning to pensioners not to use their pension in taking a loan. The usurer would lend them 1,000 to be paid in 6 monthly installments of 200 for a total of 1,200 which means the total payment is 1,200. The lender would take hold of the pensioner's ATM card so that the lender can withdraw the monthly installment by himself. Many pensioners are falling for that trap of borrowing with their pension as payment for the installment. The interest that was paid is like stealing the money of the pensioner.

This is the type of problems and issues the government should be attending to, there are many stories like that where usurer charge arms and legs fornthe loan they borrowed pensioners.

 

[Mayox25]

What I find troubling in this your exposé is the fact that they have in their custody the ATM card of the pensioners and they do the withdrawal by themselves, meaning that they have access to their details.