Tayne Law Group

Category: Personal Finance

  • What is the Statute of Limitations on Debt in New York?

    What is the Statute of Limitations on Debt in New York?

    Getting in over your head with debt can be scary, especially if debt collectors have threatened to sue you. However, you have certain rights and protections as a borrower that are important to know. That includes the statute of limitations on debt, which varies by state. So if you’re a New York resident facing a […]

  • Should You File for Bankruptcy: Pros and Cons

    Should You File for Bankruptcy: Pros and Cons

    Dealing with thousands of dollars in debt can feel like a hopeless situation. Fortunately, several options are available to help you get it under control, including bankruptcy. However, filing for bankruptcy isn’t a quick fix for your debt problems. Therefore, it’s essential to understand the pros and cons of bankruptcy so you can make an […]

  • 13 Protections in the Fair Debt Collection Practices Act

    13 Protections in the Fair Debt Collection Practices Act

    If you have a past-due debt in collections, it can be nerve wracking to deal with debt collectors. Especially if you aren’t sure what your rights are. Fortunately, there are debt collection laws in place to protect you from unscrupulous practices. A big one: the Fair Debt Collection Practices Act (FDCPA). Read on to learn […]

  • What a Debt Collection Agency Can (and Cannot) Do

    What a Debt Collection Agency Can (and Cannot) Do

    When you fail to pay back a debt, the original lender will usually try to collect it themselves. However, if it goes unpaid long enough, they may decide that it’s unlikely that they will ever recover the debt. At that point, the debt gets marked as a charge-off on your credit report, and the lender […]

  • How to Remove a Charge off from your Credit Report

    How to Remove a Charge off from your Credit Report

    Making all of your payments on time is important, but mistakes can happen. If you have one or two missed payments on a loan or credit card, your lender will likely charge you a late penalty and your credit score can take a hit. However, if you have several late payments and fail to pay […]

  • Why Your Credit Score May Drop after Paying off Debt

    Why Your Credit Score May Drop after Paying off Debt

    Paying off a loan or credit card balance is a big accomplishment. But you might not feel like celebrating if you check your credit score, only to find that it’s dropped after knocking out that debt. After all, your creditors want to be paid back, so why would you be penalized? Before you get too […]

  • What to Do if MCA Lender Files a UCC Lien Against You

    What to Do if MCA Lender Files a UCC Lien Against You

    If you’ve taken out a merchant cash advance (MCA), you may already have an MCA UCC lien on your business credit reports. While this is typical for MCAs and other forms of business financing, it could impact your ability to get credit in the future. This is especially the case if the information in the […]

  • Merchant Cash Advance vs. Bank Loan: 5 Key Differences

    Merchant Cash Advance vs. Bank Loan: 5 Key Differences

    If you need funding for your small business, there are a lot of ways to get it. Depending on your situation, needs and goals, you may be considering a merchant cash advance vs. bank loan. Before signing away for the funds, it’s important to note that the two options couldn’t be more different in many […]

  • Here’s What Happens if You Don’t Pay Your Student Loans

    Here’s What Happens if You Don’t Pay Your Student Loans

    In today’s world, most of us are bogged down by student loan debt. In fact, the average American has over $39,000 worth of student loan debt in 2021, according to data from the Education Data Initiative.  However, while paying off that amount of debt can be hard, the consequences of not paying it can be […]

  • How Do Debt Relief Programs Work? A Guide for Borrowers

    How Do Debt Relief Programs Work? A Guide for Borrowers

    If you’ve been feeling overwhelmed by your debts recently, you may find yourself wondering, “How does debt relief work?” While, truthfully, every debt relief program is a bit different, they all tend to follow the same general process in helping you to settle your debts. In light of that, we’ve created a guide to this […]