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Commonly Asked Questions


1. What is this Settlement about?

Answer:

After an investigation of Future Income Payments (FIP), the New York State Department of Financial Services (DFS or Department) found that FIP made loans in New York State without a lending license, charged a higher rate of interest on loans to New York pensioners than New York law permits, transmitted money to and from New York State without a money transmitter license, misrepresented to New York pensioners the legal status of the transactions by characterizing the loans as sales of an asset, and omitted the annual percentage rate (APR) of the loans. FIP and the Department reached a settlement that resolved the Department’s investigation.

2. Who is included in the settlement?

Answer:

This settlement includes New York pensioners who had agreements with FIP from March, 2012 through October, 2016.

3. Why did I receive a payment?

Answer:

You received the Notice with refund check pursuant to the Settlement between the New York State Department of Financial Services (“Department”) and Future Income Payments, LLC (“FIP”). The Settlement resolved an investigation by the Department concerning FIP’s violations of the New York Banking and Financial Services Laws.

You are receiving a refund check to comply with the requirements of the Settlement, which required that FIP refund all payments in excess of the lump sum amount set forth in your agreement with FIP, as well as any late or insufficient fund fees.

4. Is there a stale date on this payment?

Answer:

Yes, the stale date is 6 months from the date on the check. After 6 months, the payment may become void and you may lose your right to receive the Settlement payment

5. Why didn’t I receive a payment?

Answer:

FIP’s records indicate that you entered into an agreement with FIP between March 2012 and October 2016.  The letter you received is to notify you that, pursuant to the Settlement, the total amount of your obligation has been reduced to equal the lump sum advanced pursuant to your agreement with FIP.  You have no further payment obligations beyond the lump sum amount set forth in your original agreement. 

FIP has forgiven all amounts due in excess of the lump sum advanced pursuant to your agreement with FIP.  Applying all payments received from you to date, including any payment of fees, the revised balance of your obligation is noted on your letter.

7. What if I do not agree with the amount of my payment or lump sum adjustment?

Answer:

If you made an additional payment to FIP after May 3, 2017, and prior to receiving your notice, please call the third party administrator at 866-317-8866 or send an email to info@nyfipsettlement.com to determine if an adjustment is warranted.

8.  Where can I get more information?

Answer:

You may call the toll-free number, 866-317-8866 or send an email to info@nyfipsettlement.com.

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