Legal

Ask a lawyer and get answers to your legal questions

Ask a Lawyer,
Get an Answer ASAP!

I am an Licensed Life Insurance Broker, many of my clients…

Customer Question
I am an Licensed Life...
I am an Licensed Life Insurance Broker, many of my clients are in financial trouble with their credit cards. They need advise on how to work with credit card companies to come to settlements. I know how to help them. I don't want to charge theim outrageous fees like these debt consolidation companies do. I just want to give them advice and may have to speak to these credit card companies on their behalf because they are too nervous and afraid to do it themselves. My time is valuable, so I would like to charge them a fair fee.
What are the laws regarding consulting in such a manor. I don't want to jepordize my license. I have already looked into getting an debt adjuster's license and that requires a
$50,000 surety bond. I don't want to have to spend that kind of money.
Do you have any answers for me?
thanks
Mark
Submitted: 8 years ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 32 minutes by:
3/19/2010
Lawyer: Law Pro, Attorney replied 8 years ago
Law Pro
Law Pro, Attorney
Category: Legal
Satisfied Customers: 24,870
Experience: 20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law
Verified

You asked:

 

What are the laws regarding consulting in such a manor?

 

The laws concerning such can be located at this link for the state of NJ:

 

http://www.state.nj.us/dobi/banklicensing/debtadjusterfaq.html

 

 

"Debt Adjuster" means a person who either (a) acts or offers to act for a consideration as an intermediary between a debtor and his creditors for the purpose of settling, compounding, or otherwise altering the terms of payment of any debts of the debtor, or (b) who, to that end, receives money or other property from the debtor, or on behalf of the debtor, for payment to, or distribution among, the creditors of the debtor.

 

So, you have to be registered non-profit corporation to have a debt consulting business.

 

 

Now, charging them a consultation fee and telling them what they should say would NOT make you a debt adjuster - you could do that without fear of liability. You cannot communicate or negotiate or act in any way as an intermediary between they and the creditors.

 

 

So, it would seem that NJ is one of the few states that have or take some type of control of debt consolidation companies and the like.

 

It would seem that unless you went into the business on a full time basis that it just wouldn't be to your economic benefit to do such - but only you know how much business you could or would generate.

 

Operating a non-profit business does not mean that it's employees can't make good money. To the contrary, look at the executives of many non-profit companies - ie. Red Cross or the Salvation Army or the United Way - their executives make huge monies.

 

 

 

 

 

Please click on the ACCEPT button for my answer so that I receive credit for assisting you. You may continue to ask follow-up questions after accepting. If the information is helpful, I would very much appreciate positive feedback. Bonuses are also appreciated.

Law Pro
Law Pro, Attorney
Category: Legal
Satisfied Customers: 24,870
Experience: 20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law
Verified
Law Pro and 87 other Legal Specialists are ready to help you
Ask your own question now
Customer reply replied 8 years ago

 

 

I have over 800 clients and many of them are in credit card trouble. If I advise them, on how to make a settlement with the companies and charge them for example $250.00 consultation fee and another fee of $250.00 when they have successfully completed their payment arangements should I make up some kind of legal contract for my services? Also can I be held liable for any advice I give them? If they give their permission is it ok to speak to their creditors on their behalf? Many of them are too nervous to do so?

Lawyer: Law Pro, Attorney replied 8 years ago

It does seem like a little bit high of a price for them to pay - but that's their decision and what you want to charge under the circumstances.

 

Yes, certainly you should draft an agreement with them - that would hold them liable to pay the balance of the fee.

 

Yes, there's always the chance of being held negligent or of giving the wrong advice - you would need your own liability insurance policy in the matter. However, in reality, I very much doubt that they would be successful holding you liable for your advice in the matter.

 

Absolutely NOT - you cannot speak or act as an intermediary in any way shapre or form between they and the creditor UNLESS you comply with the NJ state statute.

 

 

Ask Your Own Legal Question
Customer reply replied 8 years ago

Do I need to go to a lawyer to draft this agreement or can I draw up an agreement and just get it notorized.?

Customer reply replied 8 years ago
Do I need to have a legal document drawn up as an agreement or can I draw one up myself and just have it notorized?
Customer reply replied 8 years ago
Relist: Incomplete answer.
I am asking if I need to have a legal document drawn up for an agreement and am not receiving an answer
Customer reply replied 8 years ago
Relist: Incomplete answer.
Customer reply replied 8 years ago
Relist: Incomplete answer.
I have not received an answer to a follou-up question.
Lawyer: Law Pro, Attorney replied 8 years ago

Sorry, someone came in and took over the question or something. Your follow-up didn't show up.

 

You asked:

 

Do I need to go to a lawyer to draft this agreement or can I draw up an agreement and just get it notorized.?

 

First, you don't need the agreement notarized - this wouldn't be as dificult as a life insurance contract.

 

Second, you can draft the agreement yourself.

 

Here is an example of such - just fill in the blanks:

 

AGREEMENT BETWEEN

You

&

Client's name

 

The parties agree that the above named is employed to discuss the following matter.

 

Fees are to be at $ per hour.

A fixed fee of $ will be charged.

 

Billing and payment times:

Additional times:

The parties further agree that:

1. That the advice given is not to be construed as legal advise in any way; and

2. That the client is to seek the advice of independent legal counsel if unsure of anything in the matter.

Agreement Date:

 

Client:

 

Client:

 

Consultant:

 

Ask Your Own Legal Question
Lawyer: Law Pro, Attorney replied 8 years ago

Sorry, someone came in and took over the question or something. Your follow-up didn't show up.

 

You asked:

 

Do I need to go to a lawyer to draft this agreement or can I draw up an agreement and just get it notorized.?

 

First, you don't need the agreement notarized - this wouldn't be as dificult as a life insurance contract.

 

Second, you can draft the agreement yourself.

 

Here is an example of such - just fill in the blanks:

 

AGREEMENT BETWEEN

You

&

Client's name

 

The parties agree that the above named is employed to discuss the following matter.

 

Fees are to be at $ per hour.

A fixed fee of $ will be charged.

 

Billing and payment times:

Additional times:

The parties further agree that:

1. That the advice given is not to be construed as legal advise in any way; and

2. That the client is to seek the advice of independent legal counsel if unsure of anything in the matter.

Agreement Date:

 

Client:

 

Client:

 

Consultant:

 

Ask Your Own Legal Question
Customer reply replied 8 years ago
ok thank you for your help
Lawyer: Law Pro, Attorney replied 8 years ago

OK, sorry for any confusion in the matter.

 

Good luck!!

Ask Your Own Legal Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Law Pro Your Own Question
Law Pro
Law Pro
Law Pro, Attorney
Category: Legal
Satisfied Customers: 24,870
24,870 Satisfied Customers
Experience: 20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law

Law Pro is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,642 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

22,059 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

43,763 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo Senmartin

Guillermo Senmartin

Lawyer

297 satisfied customers

Principal Attorney at Guillermo J. Senmartin, P.A.

< Previous | Next >

Related Legal Questions
I was under the impression when a life insurance policy is
I was under the impression when a life insurance policy is cancelled on a specific date (i.e. the tenth of a month), any premium paid subsequent to that date is unearned premium and generates a mandat… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
I bought a life insurance policy years ago. then I was hurt
I bought a life insurance policy years ago. then I was hurt at work. So they pay my premium every month. now they want me fill out paper work proving in still disabled. I wwent to court after seeing a… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
43,763 satisfied customers
Ordinary life insurance policy with cash value had for 50
Ordinary life insurance policy with cash value had for 50 years. Recently did not make 2 payments and received cancellation notice. I made the payments but wonder if they can do that and if any recour… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
What the the rules of life insurance when the beneficiary is
What the the rules of life insurance when the beneficiary is deceased in the case of a policy owner who is deceased but never changed the beneficiary for the policy … read more
Lori
Lori
Juris Doctor
1,564 satisfied customers
Can a person keep their life Insurance policy if the are on
Can a person keep their life Insurance policy if the are on medicare ? … read more
KLAW
KLAW
Juris Doctorate
2,174 satisfied customers
In the case where a life insurance policy was changed,
In the case where a life insurance policy was changed, suppose ably ,by a terminally ill and almost completely unresponsive individual, one week before their deaf but not received by the employer of t… read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
43,763 satisfied customers
I need to find the Limited Liability Insurance for my
I need to find the Limited Liability Insurance for my Apartment complex. Is that Public knowledge anywhere? … read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,855 satisfied customers
My sister took out a life insurance policy without my
My sister took out a life insurance policy without my knowledge and when the accident I had on my motorcycle was not fatal, she cancelled her policy to get her money back. Recently I spoke with her hu… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
I have a life insurance policy that the company refuses to
I have a life insurance policy that the company refuses to pay. The problem is with coding by the doctor. … read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
Both my wife & I have life insurance policies with Penn
Both my wife & I have life insurance policies with Penn Mutual Life Insurance Co. My wife barrowed from her policy and now they don't apply the loan payments to the loan but put them to they policy. W… read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
I got a $50,000 life insurance policy in 1991, which was a
I got a $50,000 life insurance policy in 1991, which was a transfer from a previous holder, and now, after paying in $36,000, and at age 87, the insurance company has now raised my quarterly premiums … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
43,763 satisfied customers
I have a question about a will and a life insurance policy.
I have a question about a will and a life insurance policy … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I recently applied for 2 life insurance policies. As a
Hello. I recently applied for 2 life insurance policies. As a result of that application I found out that one of my blood tests came back with abnormal readings. The agent said I would still be covere… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,939 satisfied customers
My mother took out a life insurance policy on me when I was
Hi, my mother took out a life insurance policy on me when I was a minor. I'm 27 now, and found out she's refusing to sign the policy over to me despite the fact I'm an adult and her agreeing to over a… read more
LegalGems
LegalGems
Juris Doctorate
12,238 satisfied customers
A life insurance policy which was cancelled in October,
a life insurance policy which was cancelled in October, November, and December, and on auto-pay has still not ceased. what to do? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,083 satisfied customers
We need advice on universal life insurance policy. New
We need advice on universal life insurance policy. … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
12,083 satisfied customers
I am a grandfather who took out a life insurance policy for
I am a grandfather who took out a life insurance policy for my 19 year old … read more
INFOLAWYER
INFOLAWYER
Attorney
Doctoral Degree
22,059 satisfied customers
I am the beneficiary of a life insurance policy and the
I am the beneficiary of a life insurance policy and the insurance company won't make the check out to me.they keep sending it to the estate of Don Sergott so the bank won't cash it. I called them and … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x