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About the National Association of Settlement Purchasers
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Since the existence of structures settlement as means for compensating offended parties in a lawsuit, companies that purchase settlement rights began to exist to cater to the needs of structured settlement recipients who wish to claim their money in lump sum.
With the rapid rate of increase of settlement purchasers, these entrepreneurs were able to form a group that will enable them to unite in the pursuit of their common goals. Thus, the National Association of Settlement Purchasers was founded.
There are a lot of people who tried to look for the contact information of the said organization. However, all of them have observed that after meticulous searching for such information on the net, the group’s website does not exist. The group has only been sited in numerous settlement purchases website. Even the number provided in these websites that cited the National Association of Settlement Purchasers cannot be contacted.
Thus, information about the National Association of Settlement Purchasers is listed below for you to know more and to clarify some issues involving the said organization.
What are the National Association of Settlement Purchasers’ goals?
As an organization of settlement purchasers, the National Association of Settlement Purchasers aim to:
1. Let the settlement recipients know their rights.
There are some people who get involved in these court settlements, but barely have an idea about the whole process. It ends up that the responsible party and the insurance company benefit more than the injured party because of the provisions arrived at in the court settlement.
When consumers talk to settlement purchasers, they are gaining information about the structured settlement business. They now have a clearer picture of things.
They now have an idea on the time value of money and the implications of the inflation rate to their compensation package.
They also know that they are the ones who have the sole capability to decide whether or not they want to sell their annuity rights.
2. Serve as a support group to their co- settlement purchasers.
Because of the dynamic nature of the business in various states, there is a high need for settlement purchasers to unite. Add certain factors like statutes and competition from other sectors in the structured settlement industry like the National Structured Settlement Trade Association.
- The various legislations against settlement purchases
On January 6, there has been an attempt to revise the 1986 Internal Revenue Code to impose taxes on settlements that have been acquired from factoring transactions and the likes.
Aside from this, there are also two existing bills that the National Association of Settlement Purchasers as fighting against, including a new legislation called the Structured Settlement Protection Act.
The bills, according to the National Association of Settlement Purchasers, are going to destroy the settlement purchase business or the secondary structured settlement industry in general.
- The National Structured Settlement Trade Association
The National Association of Settlement Purchasers explicitly stated that they are at war with the National Structured Settlement Trade Association because of its attempt to eliminate them from the structured settlement business.
According to NASP, the National Structured Settlement Trade Association draws its advantages from the legislations. More so, the reason that NASP has in mind regarding NSSTA’s actions against them is the latter’s fear of empowered consumers brought about by the knowledge from settlement purchasers. The more that the consumers know about the business, the harder it is to gain advantage from structured settlement deals.
The National Association of Settlement Purchasers may not have its own website. But all these facts will point out to the existence and actions of the said organization to keep itself and the settlement purchase industry alive.
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