Why should I use 4 Pillars Consulting Group?
4 Pillars is one of the oldest and largest debt restructuring companies in Canada, in business for over 18 years. They have over 48 offices across Canada, offering highly trained Debt Restructuring Consultants, as well as experts in debt, credit, budgeting, and Financial Literacy. As with most services, there is always the option to do it yourself, but the results are much better when you use a professional who represents your interests throughout the process.
What type of people can 4 Pillars help?
4 Pillars helps both individuals and families of all sizes who: cannot meet their monthly minimum service payments on $10,000 or more of unsecured debt, prefer to avoid bankruptcy, have available cash flow to warrant a repayment schedule (at 0% interest) over a 36 to 48 month period, and hope to relieve stress, reduce debt and take control of their finances. Anyone in one of these situations is in a position for debt restructuring.
How much will it cost to work with 4 Pillars?
4 Pillars offices provide a free 1-hour information session, educating you on available options, how to deal with overwhelming debt, and alternatives to bankruptcy. Further fees are determined by the option you choose and the services you require from 4 Pillars to implement the plan, such as debt restructuring, credit rebuilding or budgeting.
How many people have 4 Pillars helped so far?
4 Pillars has helped over 50,000 Canadians with debt relief since 2005.
What is debt restructuring?
Restructuring can significantly reduce debt and vastly reduce your monthly payments by removing financial pressure. It allows you to repay a debt that once felt unsurmountable.
Will debt restructuring affect my credit rating?
Different restructuring options have different effects on your credit rating. As a general rule, any time you settle your debt at less than 100 cents on the dollar, it will harm your credit rating. 4 Pillars has one of the most comprehensive credit rebuilding programs in Canada, helping you minimize the impact of debt restructuring on your credit rating.
What types of debt does 4 Pillars work with?
4 Pillars work with almost every kind of debt imaginable, including credit card debt, bad loans, leases, mortgages, and more.
What documentation will be required?
When a client files a Consumer Proposal or Bankruptcy, full disclosure of their financial situation is required. 4 Pillars will verify all financial holdings, liabilities, income & expenses, as well as investments. It also ensures that all aspects of your situation are thoroughly reviewed.
Can I still use credit while going through restructuring?
Restructuring intends to establish a plan that creates financial stability while preparing you for a future without the burden of debt. It is not recommended using credit or payday loans if you intend to go through debt restructuring.
Why do I have to include all my debts?
All your debts must be included if you are filing under the Bankruptcy and Insolvency Act as it clearly states ‘a debtor cannot give preferential treatment to their creditors by choosing to include some but not others.’ The process is meant to include all creditors so that they are affected equally by the process.
Do I get to keep any credit cards?
This largely depends on the type of restructuring used. If you file a Bankruptcy, you cannot obtain or have any credit during this process. In other restructuring options, you can keep the credit card if it has a zero balance.
How long until I get my credit rating back?
After choosing to restructure your debt, the most important next step is to rebuild your credit rating. 4 Pillars has one of the most comprehensive credit rebuilding programs in Canada. It is a proven and effective strategy for rebuilding a strong credit score. This program is free to all previous 4 Pillars clients and is HIGHLY recommended. On average, it takes between 1 and 3 years to reach a score of 650 or higher.