LFO – LIfetime Funding Options and New Wrinkle on Pension Assignment Scam

I’ve written before in this blog about the law closing in on the big players in the pension benefit assignment scams.  A recent caller explained experience which appears to be a new wrinkle on the scam.  In their case, LFO, Lifetime Funding Options ceased taking money directly out of the pension, and had the consumer authorize an automatic periodic debit of the account.  Perhaps they think not taking the money out of the pension makes  the deal legal. In my opinion, it does not.  First of all the underlying contract was for illegal payments, whitewashing it through a bank doesn’t make it legal.  Secondly if it was an illegal loan before, it is still an illegal loan. If you have an automatic debit coming fro your account from Lifetime Funding Options, please contact me.

By the way, I heard a report that Lifetime Funding Options has ceased answering its phones, and may or may not still be in business.