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As many of you know, the NSSTA (National Structured Settlement Trade Association) and their insurance company membership has declared war on the cash flow industry. Their goal is to stop all sales of structured settlement payments, thereby putting settlement purchasers totally out of business.
To accomplish their goal, they have introduced legislation known as H.R. 4314. This legislation is presently under consideration by the House Ways & Means Committee. H.R. 4314 imposes a 50% excise tax on the sale of structured settlement payments. If this bill passes, our industry will cease to exist.
What does that mean for clients?
If H.R. 4314 becomes law, anyone who wishes to sell all or part of their structured settlement payments will no longer be able to do so. This is what the insurance companies want to make it impossible for you to sell your payments or get advance money from your settlement. Insurance companies want to take these options away from you permanently.
Why?
Insurance companies make a HUGE amount of money on structured settlements. In the process of helping people sell their payments, settlement purchasers are educating people about the realities of structured settlements, including the time value of money and what your settlement is REALLY worth. Insurance companies DO NOT WANT YOU to learn the true nature of the structured settlement industry. They have a vested interest in keeping you in the dark. Settlement Purchasers are putting a serious crimp in their style, shedding light on a subject that they want to keep off limits, and offering the public alternatives when their situations have changed. The NSSTA and their membership insurance companies are committed to stopping this trend by stopping us and you from ever selling another payment!
We believe that people should be informed of their rights and their options. We believe the choice as to whether or not to sell a structured settlement payment belongs to the injured party, or their representative not to inflexible insurance companies. The settlement purchasing industry was created in answer to the needs of recipients whose situations had changed. Our industry has been providing choices for people who need to gain access to their money now. But, should H.R. 4314 pass, YOU WILL NO LONGER HAVE THOSE CHOICES!
H.R. 4314 will take away your rights to ever sell your payments, no matter what the circumstances.
DON’T LET THIS HAPPEN!
The NSSTA and their member insurance companies want to strip you of your rights in order to protect their cash cow! If you want to stop them, you need to act now! The House Ways & Means Committee is hearing arguments and testimony on this bill as we speak and a vote is soon forthcoming. The only way to protect your rights is by speaking up. Let congress know how you feel. Should the insurance companies be trusted to decide what is best for you and your money? Or, would you like to have some say in the matter?
Our organization, the National Association of Settlement Purchasers, has been fighting the insurance companies on all fronts, but we need your help. If you want to keep your rights, you must tell congress.
Here Is What You Need To Do:
Call your Congressmen and your Senators. Urge them to strongly oppose the H.R. 4314 bill. Write or email your Congressmen and Senators. Tell them how you feel about this legislation. The names, addresses, telephone numbers and email addresses are easily found on the internet at www.congress.org.
Send your message directly to the House Ways And Means Committee. Individual members of this committee can also be located simply by going to www.congress.org.
If you have had occasion to sell a structured settlement payment, or know someone who has, share with your congress how this has positively impacted your life. Many of you have shared with us how you purchased a home, got out of debt, started a business or paid for higher education using these monies. These stories should be made available to your representatives so that they have a clearer picture of what is really happening here.
Please do not let this matter pass without taking some action.
H.R. 4314 is a bill based on insurance company greed and should not be allowed to become law. Your letter, your phone call, your email could make the difference in ensuring that your rights are upheld. Let your voice be heard. Make your congress listen!
The following pages contain information about H.R. 4314, what the insurance companies are saying, and the affect that this bill will have. If you would like further information, you can contact the National Association of Settlement Purchasers at (202) 828-6050 or fax them at (202) 429-5113

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