2 firms join forces to tackles credit woes
In response to credit problems spreading from sub-prime mortgage loans to all parts of the economy, a law firm and an advisory firm, both from Westport, have formed an alliance to help both businesses and consumers.
Begos Horgan & Brown L.L.P. and Omni Solo Inc. hope to offer their combined services to businesses and consumer borrowers who are experiencing credit difficulties.
“We were concerned that there are a lot of people out there offering quick fixes and promising to make people”™s debt problems go away,” said Patrick Begos, co-founder and partner of Begos Horgan & Brown. “It”™s not that simple, and those one-size-fits-all credit counselors can often do more harm than good.”
The two firms have worked together in the past to offer coupled services.
“Together, our firms will provide realistic resolutions to debt problems,” said Begos. “We will aggressively find and pursue legal claims to minimize or eliminate debts, but we won”™t promise outcomes that we can”™t deliver. Too many people find themselves in worse trouble by listening to advisors who make unrealistic promises. How can someone solve a person”™s credit problems without first taking the time to understand his unique situation? We”™ll help clients find the best solution to their debt problem that is possible.”
According to Joe Tesoriere, co-founder and president of Omni Solo, the people who will need to benefit most from this type of aid are those who have been using home equity loans to supplement their incomes, have taken out multiple home equity loans, or those who have been taking money out of their homes to invest in the stock market.
“These kinds of problems need a team approach,” Tesoriere said. “To successfully deal with credit problems, you need a combination of financial and legal help. Because of our different backgrounds and experience we approach these problems with diverse mindsets and skills. Often there are legal solutions that a financial person can”™t pursue, just as there are sometimes financial solutions that a lawyer will not know about. This alliance brings both specialties to bear on a complex problem. Together we can give people better outcomes than if they worked with one or the other specialty alone.”