Answers

Who are our clients?

We provide debt help to people who owe at least $5000 to one or more creditors, and have decided they want to reduce the amount of their debts. Many of our clients find it difficult to get ahead financially and, at times, cannot keep up with their monthly expenses. This is usually due to a major crisis or change in their lives, such as divorce, health problems, a cut in pay, or loss of job. Some have even tried other debt and credit repair programs which have failed them.

What types of debt can be handled by the firm?

We handle credit card debt, medical bills, personal loans, cell phone bills, old utility bills, repossessed car debts, department store debts, charge offs, collection accounts, judgments, professional fees, or other types of 'unsecured debt'.

Why go with a Law Firm?

With a law firm, such as ours, clients benefit from top-notch negotiating skills, in-depth knowlege and experience in solving debt problems, and a higher level of professional responsibility. Combine that with our excellent reputation and our ability to gain the respect and cooperation of creditors, and you'll see why a law firm, such as the law offices of Lelie H. Tayne, will do the best job of getting the results you need and looking out for your best interests.

How do I know if I am right for your help?

If you're way behind in your debts or if you're struggling to make ends meet, there's an excellent chance that our services will help you solve your financial problems. You simply need a desire to reduce the debt in your life and have the willingness to work with us to make it happen. In our first meeting, we will explain your choices for lowering your debt and paying down your bills. If at any time we see that you would be better off with a different type of debt solution, we will immediately advise you of that. Our role is always to help you get on the right path, financially, and see you through to success.

Do I have to be behind on my bills for your help?

No, as a matter of fact, many of our clients are not actually behind on their bills, but are struggling to make their minimum monthly payments. Our debt and repair services not only help you pay your bills on time, but also make it easier to pay for living expenses. If you've been having a tough time just paying for the basics, such as rent or mortgage, grocery bills, childcare, and gas and electric bills, we can relieve your debt stress and make bill paying a whole lot easier.

How much does it cost?

Our fee comes from money you already owe to creditors, so you won't have to write out a separate check to pay for our debt services. Once you get started in our program, all legal fees and bill payments are included in one single monthly payment. There are no large lump sum, upfront costs; our debt consulation is free, and there's no charge for the application process. We get paid after we get each of your debt accounts reduced. Simply put, you start making one low single monthly payment.

How fast will I see results?

Once you are set up in the program, we quickly get things moving forward by mailing your creditors a notification letter. Shortly after we hear from them, we begin negotiating with your creditors to get your debts reduced. Agreements can often be reached within weeks. Depending on your schedule you may see an account resolved as early as 30-60 days later.

What is my payment based on?

Your monthly payment depends on the amount of money you decide to put into the program and how quickly you want to pay off your debts. We will provide you with payment choices and you decide what is best for your budget.

Where does the money I send go each month?

Each month, your money is placed into an attorney trust account in an FDIC bank near our corporate offices.

When should I consider bankruptcy?

Bankruptcy should always be seen as a last resort in solving financial problems. Bankruptcy is a short term solution that could 'backfire' on you down the road. Here are a couple reasons why it should be avoided: First, it will appear on your credit report for 10 years, making it difficult for you to get approved for car loans, mortgages, or credit cards. Second, it may harm your future by stopping you from getting certain jobs or state licenses. Our firm generally advises that bankruptcy be considered as a last resort when you can no longer afford basic necessities. We do not handle bankruptcy matters. 

Filing for bankruptcy is more of a drastic choice than many people realize. Debt consolidation, the solution we recommend, creates a much stronger financial foundation for clients than bankruptcy ever could. However if at any time during the program you wish to learn more about the pros and cons of declaring bankruptcy, we can schedule for you (at no additional cost) a consultation with an attorney in our firm.

We want you to be comfortable with and successful in resolving your debt problems. As you'll discover from working with us, our firm will do all it can to protect your best interests and provide you with helpful information, guidance, and support.

What is debt consolidation?

Debt consolidation plans involve having us make arrangements with your creditors to reduce your debt and make it easier to pay off. Money is not loaned and creditors do not change, however, the terms and conditions under which the outstanding debt can be repaid usually changes a lot.

By getting started in our debt consolidation program, two good things will happen: You'll have the chance to pay off your debts faster, and you'll be able to do so while making lower monthly payments. An added benefit to having us create a debt consolidation plan for you is that it can also improve your credit rating. Payments made under this plan are usually reported by creditors as being 'prompt payments', which helps to improve your credit report and your future ability to borrow money.

What does it mean to default on debt?

When people fail to make payments on time or don't follow other conditions of a loan, it may result in what's called a 'loan default'. There are two types of defaults: monetary and covenant. When a homeowner fails to make any payment that's due under a mortgage, for example, it's considered a 'monetary default'. When the owner fails to follow through on other terms of the loan, it's considered a 'covenant default'.

Definitions

Secured Debt: This means the debt is secured with collateral. Examplesof secured debts are; home loans, car loans, loans for specific merchandisethat has been named on the loan contract as collateral, federallyguaranteed student loans, or other forms of debt that are held againstspecific property.

Unsecured Debt: This means that the debt is not securedagainst any form of collateral, such as property, that can be heldagainst the loan. Examples of unsecured debts are: credit card, linesof credit from banks or finance companies, signature loans, medicalbills, bills for services, or bills that have gone to a collectionagency. All of these debts can easily be resolved with our specializeddebt help services.

Asset: Anything owned by an individual that has a cash value. Thisincludes property, goods, savings or investments

Bad Credit: A term used to describe a poor creditrating. Common practices that can damage a credit rating include makinglate payments, skipping payments, exceeding card limits or declaringbankruptcy. "BadCredit" canresult in being denied credit.

Balance: The total amount of money owed. It includesany unpaid balance from the previous month, new purchases, cash advances,and any charges such as an annual fee, late fee or interest. The balanceshould not be confused with the monthly payment (the minimum paymentallowed each month), which is generally 2% - 5% for revolving creditcards.

Beacon Score: This is your credit score that creditors look at whendetermining if you are credit worthy. Your Beacon Score is determinedby negative entries such as late payments which would decrease yourscore or a positive, timely payment history on your accounts whichwould increase your score.

Billing Cycle: The number of days between statement dates. This is generally about25 days.

Cosigner: Another person who signs for a loan and assumes equal liability forit.

Credit: The promise to pay in the future in order to buy or borrowin the present. The right to defer payment of debt.

Credit Worthiness: A creditor's measure of a consumer'spast and future ability and willingness to repay debts.

Credit Card: Any card, plate, or coupon book that may be used repeatedly to borrowmoney or buy goods and services on credit.rd

Credit History: A record of how a personhas borrowed and repaid debts.

Default: Failure to meet the terms of a credit agreement.

Discharge: A legal terms meaning a court has erased your debt(s) not to be confusedwith a "charge off" or "write off" which is anaccounting term which does not erase debts.

Finance Charge: The total dollar amount paid to get credit.

Lien: A notice a creditor attaches to yourproperty that tells the world that you owe the creditor money. Youcannot sell the property without paying off the creditor because thelien makes the "title" (historyof ownership) cloudy and a new owner won't buy under those conditions.

Overdraft Checking Account: A checking account associated with a lineof credit that allows a person to write checks for more than the actualbalance in the account, with a finance charge on the overdraft.

Security Interest: The creditor's right to take property or a portion of property offeredas security.

Statement: The monthly bill from a creditcard issuer that describes and summarizes the activity on an account.A statement includes the outstanding balance, purchases, payments,credits, finance charges and other transactions for the month.