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Contacted by Borrowing From Your IRA | IRA Debt?

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Jump to: Who Is Borrowing From Your IRA | IRA Debt

Borrowing from your IRA or other retirement investment account to pay off debt is rarely a good idea.

Borrowing from your IRA or other investment vehicle is very risky. First, you are borrowing from your future and may not be able to replenish the account quickly. You will lose the benefit of compound interest and because of that may retire with less than you would have if you had not borrowed from the account. Not to mention, depending on what type of account it is, you may suffer tax penalties if you do not pay back the money in a certain time frame. If you are contemplating borrowing from your IRA to pay down debt, contact us first to see if we have a more workable solution!

From the people we’ve helped​

As of November, 2024

"When I began working with Tayne, I could feel myself breathing again. They settled 8 of my 12 debts in less than a year, including my private student loan for $33,600 (a savings of over $50,000). They have always been available to answer questions, are in regular communication, and have made this as painless as could be."
Illinois ClientCredit Card, Student Loan, Personal Loan Debt
"I had credit card bills that were insurmountable, and with Tayne Law's help, I was able to pay it off in three years. The collection calls stopped, and I was able to breathe."
New York ClientCredit Card Debt
"Tayne Law has been great and did exactly what they told me they would do. I highly recommend them to anyone with debt issues. Whenever I called or emailed them, I always received a quick response."
New York ClientCredit Card Debt
"Being in debt is scary and embarrassing, even if the circumstances are far beyond your control. The staff at Tayne Law were amazing, patient, and respectful. I was much more than a client to them, and they were truly vested in my success!"
New York ClientServed for Credit Card Debt
"As a financial professional, I found myself not being able to work because of health issues. I always had a perfect credit score and no debt. I used all the money in my 401(k), and my credit cards were maxed out. I was frozen with fear and didn’t even dare to look at the overdue statements. The Tayne Law Group gave me peace of mind and empowered me with a strategy to get back on track. I’m forever grateful!"
Florida ClientPersonal Loan and Credit Card Debt
"We had $46,000 in MCA Debt that we were trying to pay down and off. The interest rate and the penalties were excessive. We had every intention to pay the loans back but were drowning in enormous fees and debt. After talking to Leslie, we decided to enter the program. Tayne Law Group helped us settle our debts and keep our business. I highly recommend them!"
New York Business OwnerBinding Contract, Merchant Cash Advance Debt
"I highly recommend working with Tayne Law! Leslie and her team were amazing. I was extremely nervous at first, but after the process began, it felt so easy. Thank you."
New York ClientJudgments, Credit Card Debt
"I've worked with Leslie for several years. She's one of my most trusted and reliable sources, and I always know I can count on her to provide spot-on insights and thorough answers to my questions. She's even willing to help when I have extremely tight deadlines, which I find incredibly valuable as a member of the media."
California Financial ReporterMedia Member
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How our services work

You’ll get a fast response in minutes of calling. Your journey with us is designed to be easy and worry-free, ensuring you receive the support you need at every stage of the debt resolution process.

To get started, Call (866) 890-7337

Request a Free Consultation

First, reach out

Request a consultation online, send us an email, or give us a call. The first phone consultation is free!

Expert help you can trust

In the consultation, we’ll talk about your debt and find the best solution for you.

Save time & money

Our open door policy allows you to call worry free anytime you need us.

To get started, Call (866) 890-7337

Why people choose Tayne Law

A debt relief law firm

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Personalized
Program

Every situation is unique. We’ll work with you to find a solution that resolves your debt and frees up your cash flow.

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No-billing
Policy

You make one low monthly payment and will never get an unexpected bill.

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Experienced NY Debt Attorneys

We have more than 20+ years of experience providing clients with debt relief.

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Work with
Creditors

We work with all creditors, whether you’re dealing with a collections firm, a national bank, credit union, or another lender.

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Confidential &
Trusted

As a law firm, our attorneys follow strict client confidentiality. Our services are discrete and effective.

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Contact Us

Address
135 Pinelawn Rd Suite 250N, Melville, NY 11747

Email
info@taynelaw.com
Phone
(631) 470-8204

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Copyright 2024 Tayne Law Group, P.C.

Attorney advertising. Prior results do not guarantee a similar outcome. The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice or tax advice for any individual case or situation.

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Request a Free Consultation

Your initial phone consultation is free and requires no committment!
A team member will respond within 1 business day.

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