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                                                                 Exhibit 10.15

MYERBERG & COMPANY, L.P.



BY FEDERAL EXPRESS

September 9, 1998


Mr. Mitchell Caplan and Mr. David Smilow
TeleBanc Financial Corporation
1111 N. Highland Street
Arlington, VA 22201

Dear Mitch and David:

We are pleased to set forth the terms for retaining Myerberg & Company, L.P.
("Myerberg") as financial advisor to TeleBanc Financial Corporation, or any of
its affiliates, ("TeleBanc") in connection with a proposed transaction with
LifeWise Family Financial Security, Inc., or any of its affiliates, ("LifeWise")
substantially as set forth in the Commitment Letter dated August 14, 1998
between TeleBanc and LifeWise (the "Transaction"). This Agreement will confirm
Myerberg's engagement by TeleBanc on the following terms and conditions:

(a)  The services to be provided by Myerberg to TeleBanc under this Agreement
     are as follows:

     (i)   Advise TeleBanc on the structure of the Transaction;

     (ii)  Assist TeleBanc in the preparation of any documents pertaining to 
           the Transaction;

     (iii) Assist TeleBanc in performing due diligence on LifeWise and the loan 
           assets; and

     (iv)  Assist in negotiations and related strategy culminating in the 
           closing of the Transaction.

(b)  TeleBanc agrees to pay Myerberg a retainer fee of $25,000 per month (the 
     "Retainer Fee") for its services under this Agreement, commencing on 
     June 1, 1998 and continuing until the initial closing date of the 
     Transaction. The first three such Retainer Fees shall be due and payable
     upon execution of this Agreement and the following monthly Retainer Fees
     shall be due and payable in arrears on the first day of each month 
     commencing on October 1, 1998. Such Retainer Fees shall be applied in full 
     against any future Transaction Fees (as defined below) as such Transaction
     Fees are due to Myerberg.

(c)  If TeleBanc consummates the Transaction and purchases assets thereafter
     during the term of the commitment as defined in the Commitment Period 
     section of the Commitment Letter, then TeleBanc shall pay Myerberg a fee
     (herein referred to as the "Transaction Fees") based upon the principal
     balance of the assets purchased, such Transaction Fees being determined
     in accordance with the following formula:

     (i)   0.25% of the first $200 million of principal balance (or portion
           thereof) of the assets purchased

     (ii)  0.125% of the next $300 million of principal balance (or portion
           thereof) of the assets purchased

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     All payments of the Transaction Fees (net of the cumulative Retainer Fees
     previously paid to Myerberg) shall be made to Myerberg simultaneously upon
     the completion of a purchase of assets under the Transaction.

(d)  In addition to the Retainer Fees and Transaction Fees, TeleBanc shall 
     allocate to Myerberg on the initial closing date of the Transaction. 25% 
     of the warrant it receives from LifeWise on the same terms as described in 
     the Warrant section of the Commitment Letter.

(e)  In addition to the foregoing compensation, TeleBanc agrees to promptly 
     reimburse Myerberg upon request from time to time, for all reasonable 
     out-of-pocket expenses incurred by Myerberg and paid to third parties upon 
     receipt of invoices therefor.

(f)  TeleBanc will also indemnify and hold harmless Myerberg from and against 
     any losses, claims, damages, liabilities or expenses (including attorney's 
     fees) to which Myerberg may become subject in connection with or related 
     to the services it renders pursuant to this Agreement; provided, however, 
     that TeleBanc will not be responsible for any such loss, claim, damage, 
     liability or expense which are determined to have resulted from the gross 
     negligence, bad faith or malfeasance of Myerberg in performing services 
     pursuant to this Agreement.

(g)  In the event the Transaction does not close, this Agreement shall 
     terminate and neither party shall have any further rights or obligations 
     under this Agrement, provided, however, that TeleBanc shall remain 
     obligated to pay Myerberg for any sums due under this Agreement prior to 
     such termination.

(h)  This engagement may not be amended or modified except in writing and 
     agreed upon by TeleBanc and Myerberg, and shall be governed by and 
     construed in accordance with the laws of the State of New York, without 
     regard to principles of conflict of laws.

If the foregoing correctly sets forth our Agreement, please sign and return to 
us the duplicate of this letter attached hereto.

Sincerely,                                  Accepted and Agreed:

MYERBERG & COMPANY, L.P.                    TELEBANC FINANCIAL CORPORATION


Signed: /s/ Marcia Myerberg                 Signed: 
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Title:  Chief Executive Officer             Title:  
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Date:   September 9, 1998                   Date:
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