Imagine a debt free future - BECOME DEBT FREE

How much will it cost to work with 4 Pillars?

All 4 Pillars offices provide a free 1-hour information session, educating you about all the options available; Learn more about how to deal with overwhelming debt and bankruptcy alternatives.

These sessions can happen in your local 4 Pillars office (we have offices across Canada) or via skype or telephone.

Get expert answers about your current debt situation and an unbiased review of your options.
Get detailed information about how consumer proposals work and what is required to file one, debt consolidation, credit counselling, and how these debt relief options affect your credit rating and mortgage.
Information about spousal responsibility to the debt, the long-term effect of different options on your ability to obtain a mortgage, and what you can do to best deal with your creditors.

4 Pillars fees are very reasonable and affordable. The fee will be determined by the complexities of your particular situation. You can rest assured that in your free consultation you will be fully informed as to the total fee and what services the fee includes.

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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 debts at less than 100 cents on the dollar or you do not pay back the debts on the original terms and conditions, it will have a negative effect on your credit rating

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What is debt restructuring?

Making the decision to restructure can be a difficult one for some people and it is important to understand both the benefits and implications of doing so.

Restructuring can significantly reduce the debt owed and vastly reduce your monthly payments by removing the financial pressure you face. It will also allow you to repay debt which you probably feel you will never repay. You need to look at dealing with debt as part of your long-term plan and calculate the cost of servicing the debt you have. Is it stopping you from contributing to your children’s RESP’s or your own RSP’s? Is the debt being paid down aggressively or will it be carried out for years before ever being paid off? If you choose to deal with your debt and stop living paycheque to paycheque, the trade-off is you will take a hit on your credit rating. But with the proper plan, this can be minimized and the short-term hit is often worth it, as it allows you to actually meet your long-term financial goals and reduces the constant stress you feel from the debt you carry.

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Do I get to keep any credit cards?

This largely depends on the type of restructuring used. If you file a Bankruptcy, then 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

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How to Set Up a Monthly Budget

Creating a monthly budget is a great way to kick-start debt-free living and add to your savings. A budget is a great financial tool, whether you are looking to reduce your existing debt or simply gain a better understanding of your spending habits. It allows you to determine how much money you have available to spend, prioritize spending on what’s most important, and figure out how much money you have leftover each month.

How Much Money Do You Have?

Before you begin planning your monthly budget, it’s important to know how much money you make. If you have a regularly scheduled paycheque, it will be fairly simply to tally your monthly income. If you’re unsure of what your monthly funds amount to, a useful way to figure it out is to look back at your past earnings and establish an average monthly amount. Once you have an accurate idea of how much money you have on hand, you can begin to create a functional and realistic budget to put into action.

What Are Your Monthly Expenses?

Once you confirm a dollar amount, the next step is to track your monthly expenses. Determining what you owe in relation to what you make allows you to plan your budget accordingly. Make a list of all your expenses and total the cost so you have visibility to the amount of money you need to cover all payments. Record every purchase no matter how big or small. Keep in mind “fixed expenses” like rent or mortgage payments, car payments, loan payments and utilities. Also, make note of things like insurance and taxes so you don’t get caught unprepared.

Compare your expenses to your income and determine if they amount to less than your total income. If so, you can now put the difference aside for larger purchases, future savings and emergencies. Even a small amount helps. Continue to do so each month and watch your debt go down and/or your savings go up.

If your income is not enough to cover your current expenses, adjust your budget. See if there is any wasteful spending you can eliminate to free up additional cash. Do you tend to make impulse purchases, pay unnecessary fees or miss minimum payments? Review and see where you have room to make changes.

Determine a Set Timeline

Once you have a budget in place and are ready to kick-start it, decide on a timeline. Setting a date will give you a goal to work towards, and help you stick to the budget past the first month. Even if you plan to continue with the budget to maintain financial discipline long-term, setting a timeline helps to keep you on track. When you do reach your goal, it’s helpful to review where you are at and update the budget accordingly. If you have paid down debt, you may have now more disposable cash to put towards your savings plans.

Creating a realistic budget and sticking with it takes discipline but it’s well worth the effort. Monitoring and managing your finances will give you a greater sense of control, and make it easier to eliminate the debt that is holding you back.

If you’re feeling weighed down by debt and want help to get your finances on track, give 4 Pillars Sudbury a call. You don’t need to struggle alone. Our highly trained debt consultants will offer solutions and help you on the road to debt-free living.

Ryan Brown
Director/Senior Consultant

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Privacy Policy

We are committed to protecting your privacy. Our privacy policy provides an overview of how we collect, use and disclose the personal information of our clients. “Personal Information” means any information about an identifiable individual. We recognize the importance of privacy and the sensitivity of personal information received by us in the course of our business. This policy has been developed with those obligations in mind.

Our Need for Personal Information

In order to be able to assist our clients, we need access to all relevant facts and information that relate to the financial situation of our clients. This information will necessarily include personal information about our clients and about individuals other than our clients.

Consent

We do not, except where otherwise permitted by law, collect, use or disclose personal information unless the client is aware of the purposes for which the information will be used or disclosed, and has given his or her consent to such use or disclosure.

Collection

Where practical, we endeavor to collect personal information directly from the person to whom the information relates. When necessary, we will collect personal information from other sources. We limit our collection of personal information to include only what is necessary to assist our clients. In the course of providing services to you we will be required, in certain circumstances, to obtain information or assets from third parties, for example credit checking organizations.

Use and Disclosure

We limit our use of personal information to those purposes which have been disclosed to our clients, or for purposes which are otherwise permitted by law. We use and disclose personal information in compliance with all applicable federal and provincial privacy legislation.

Specifically, we use and disclose personal information in the following circumstances:

If we discuss an informal proposal with some or all of your creditors and collection agencies, we may disclose certain personal and financial information to your creditors and collection agencies. We will disclose to each creditor or collection agency only as much information as is needed to perform our services.

If you decide to enter into a formal proposal with the assistance of a licensed Trustee, we will provide certain documents containing personal and financial information to the Trustee. The Trustee will file this information with the Office of the Superintendent of Bankruptcy, a federal government agency, to initiate protection for you under the Bankruptcy and Insolvency Act (the “Act”). It will be necessary to notify your creditors of your legal status as a debtor under the provisions of the Act. They will also have access to certain documents, including your Statement of Affairs.

Your personal information may be shared among the InSync Financial Group of Companies including but not limited to eCreditBuilder, Credence Financial Services and CreditPoint Mortgage. This will always be done with your consent.

Security of Personal Information

We recognize our obligation to protect the confidential information of our clients. We recognize as well our obligation to protect the personal information we have gathered about our clients and about other individuals as part of providing our services. We have therefore made arrangements to secure against the unauthorized access, collection, use, disclosure, copying, modification, disposal or destruction of personal information.

Accuracy and Access

When working with clients we highlight the importance of providing us with accurate and complete information. Our clients can always access the personal information they provide us in compliance with relevant privacy laws.

Retention

We retain your personal information as long as necessary to provide the services that you require and in accordance with relevant legislation.

On-line Privacy

By using our Website or related services, you consent to the collection, use and disclosure of your personal information in accordance with this Privacy Policy. In addition, to any information the consumer may provide cookies may also be collected. “Cookies” are small text files offered to a user’s computer by web servers in order to keep track of the user’s browser as a website is navigated.

Contacting or Communicating with Us

If you have any questions with respect to our policies concerning the handling of your personal information, or if you wish to request access to, or correction of, your personal information under our care and control, please contact our Privacy Officer at:

4 Pillars Consulting Group Inc.
2300 – 2850 Shaughnessey St.
Port Coquitlam , BC V3C 6K5
Attention: Privacy Officer

If you are dissatisfied with our handling of your personal information, we invite you to contact our Privacy Officer in writing, setting out the reasons for your concern.

Changes to this Privacy Policy

We reserve the right to modify this Privacy Policy at anytime without notice. The Privacy Policy posted at any time or from time to time via this website shall be deemed to be the Privacy Policy then in effect.

Last revised: May 01, 2012

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Bankruptcy or Consumer proposal – Which One is Right for Me?

Understanding your options when faced with debt can be stressful and quite frankly, confusing. Although struggling with debt can be overwhelming, it’s important to know that there are solutions to help you get back on track. While you’ve likely heard of bankruptcy, another option available to you is a consumer proposal. It’s important to understand what these options mean and how they differ, so you can restructure your debt in the most effective way.

4 Pillars Debt Solutions of Sudbury can guide you through the debt relief process and work with you to determine the right choice for your personal situation.

There are benefits that both a consumer proposal and bankruptcy share that can help you get back on track:

Collection agencies and creditors can no longer contact you
Interest stops accumulating as soon as the consumer proposal or bankruptcy is filed
Most wage garnishments cease immediately

What Exactly is a Consumer Proposal?

An alternative to personal bankruptcy, a consumer proposal is a debt restructuring option that lets you repay a percentage of what you owe. A consumer proposal gives you legal protection from your creditors under a Federal Statute (the Bankruptcy and Insolvency Act), without interest or penalty. Once the proposal is accepted, your creditors agree to forgive the remaining balance, so long as you complete the terms of your proposal. You might question why creditors would accept these terms; as a general rule, they are likely to recover more money this way, than they would if you were to go bankrupt.

A consumer proposal is a partial repayment offer you make to all of your unsecured creditors. Your 4 Pillars agent presents the proposal to a Licensed Insolvency Trustee. The trustee, who is a court officer and has a duty to represent the creditors, may voice a rebuttal or concerns about the proposal terms. If this occurs, it is your 4 Pillars agent’s job to make petition on your behalf as to why he/she considers the presented proposal reasonable and fair. Once the trustee is in agreement with the proposal terms, they will sign off on it, stating that they have investigated the affairs of the debtor, that the proposal is reasonable and fair, and that the debtor will be able to perform it. The trustee then files the proposal to all of your creditors simultaneously, at which time they vote on the offer; once it is accepted, the proposal gets the stamp of approval and the proposal payments begin.

The repayment amount is based on your budget and ability to pay, and has a repayment period of up to 60 months. You agree to a single, fixed monthly payment that is easier to manage which gives you peace of mind, knowing that your payment and the new debt amount will not increase over the duration of the repayment period. If you would rather the proposal not carry on for a full 60 months then you can pay it off early, or you can make a one-time lump sum proposal payment offer instead of a 60-month offer. Furthermore, if you are looking to make a major credit purchase and need to accelerate your credit rebuilding, you may qualify to acquire a loan (exclusive to 4 Pillars) to pay off your proposal immediately.

An advantage of filing a consumer proposal (a 7 rating) is that the negative effect on your credit score is usually not as severe as in a bankruptcy (a 9 rating). This makes it quicker and easier for you to rebuild your credit.

What Bankruptcy Means

Bankruptcy is a “last resort” debt restructuring option available to you when have run out of other possible options. The most severe form of debt restructuring, it is also filed under the Bankruptcy and Insolvency Act. Important considerations with bankruptcy are:

The bankruptcy remains on your credit rating for seven years post discharge
On occasion, bankruptcy can adversely affect your ability to work in regards to retaining professional designations or business licensing and legal requirements.

A few major differences between filing a consumer proposal and a bankruptcy are:

When a consumer proposal is filed to your creditors, the Licensed Insolvency Trustee cannot liquidate your assets. In a Bankruptcy however, your entire estate vests with the Licensed Insolvency Trustee. You may be required to buy some of your estate back from the trustee, or else the trustee may liquidate some of your assets
A bankruptcy, depending on your situation, for a first time bankrupt is up to 21 months and for the second time bankrupt is up to 36 months. Alternatively, you can file as many consumer proposals as may be needed without facing more severe consequences
In a bankruptcy, you may be seriously limited as to how much of your income you get to keep every month. There is less incentive while in bankruptcy to go out and work harder, make more money, get a raise, etc. In short, the more you make, the more you are required to hand over to the Licensed Insolvency Trustee. This does not happen in a consumer proposal. In a proposal, the payment is fixed and so long as you make your payments, your income and estate can grow without negative ramifications

4 Pillars Debt Solutions of Sudbury provides experienced bankruptcy consultation. An agent will guide you through the process and help to ensure it doesn’t happen again.

Whichever option you choose, be it a bankruptcy or a proposal, at 4 Pillars Sudbury we advocate for you, not your creditors, and work to ensure you receive the best possible payment terms. For further information on the consumer proposal and bankruptcy processes, or if you have general questions around debt help, contact 4 Pillars today. Your journey to becoming debt-free awaits you.

Ryan Brown
Director/Senior Consultant

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4 Pillars Debt Solutions – The Best Choice for Debt Relief

4 Pillars Debt Solutions of Sudbury has extensive experience in debt relief and an approach to debt restructuring that always puts YOU first, not your creditors. It’s confusing knowing where to turn when you are struggling with debt and looking to get your finances back on track. 4 Pillars will advocate for you and negotiate to get you the best possible outcome.

With 15 years of experience in the debt relief industry and over 60 offices across the country, 4 Pillars is one of the largest and most established debt relief companies in Canada. A large part of our success comes from a determination to put you first, and not your creditors as some companies do. At 4 Pillars, you are seen as a valued client and NOT just a debtor. We strongly believe that you are entitled to qualified representation and deserve a second chance at financial success.

Proven History of Success

4 Pillars is unique in that it acts in the best interests of the debtor (client) rather than the creditors; our agents work with you to eliminate large portions of your debt and to greatly reduce your monthly payments, without filing for bankruptcy.

This proven history of success is accomplished in large part through preparing consumer proposals that make sense for the client, and not by providing just a cookie cutter solution. 97 percent of our clients successfully complete their debt repayment plan when it is structured by a 4 Pillars agent and combined with our additional services, such as financial literacy coaching, budgeting, and credit rebuilding. As a result, a high percentage of 4 Pillars clients not only avoid bankruptcy altogether, but many times can actually become debt free within 24-36 months. A common misconception out there is “I have too much debt and a bankruptcy is my only option”. At 4 Pillars, we have seen the greatest of consumer debt loads, a full and proper review of all options will likely prove that misconception wrong.

Alternative Options and Their Limitations

Filing a consumer proposal on your own

The success rate for debt repayment when working with a 4 Pillars agent increases significantly when compared to the rest of the “debt help” industry. 4 Pillars solely represents you, structures the proposal on your terms, negotiates on your behalf, can provide comprehensive financial support, and a credit rebuilding program after the proposal is accepted. This, we believe, provides you with the best opportunity to successfully complete the proposal, re build your credit and become financially stable in the shortest time possible. It is estimated that proposals filed directly through a Licenced Insolvency Trustee (LIT) fail to be completed 35 percent of the time. Compare that to the aforementioned 97% by 4 Pillars clients and the difference is clear.

Credit Counsellors

Credit counsellors are another option you’ll come across when looking into debt restructuring. As with LITs, credit counsellors cannot advocate to get you the best payment terms possible. They receive up to 80 percent of their funding from creditors; a client will usually end up repaying 100 percent of what’s owed, rather than a percentage, plus added fees. This in no way gets you lower monthly payments; as a result, debt management plans filed using credit counsellors have high failure rates, and often end up resulting in bankruptcy.

Why 4 Pillars?

Although only a licensed insolvency trustee can file a proposal or bankruptcy, you are always entitled to professional representation during the process. Unlike other debt relief companies, 4 Pillars Debt Solutions of Sudbury will advocate for you and only you. Our agents work with a large network of LIT’s across Canada, and have an in-depth knowledge of the Bankruptcy and Insolvency Act (BIA). We understand how to interpret the act to best meet your needs, and we will ultimately determine which trustee to use based on your unique personal situation.

Another difference in approach between 4 Pillars Debt Solutions of Sudbury and other debt relief companies is that we address your long-term financial goals as well as your immediate financial challenges. Our agents are highly trained professional debt restructuring consultants who understand that there is more to moving forward with your financial future than just solving debt. The debt needs to be solved as low as reasonably possible given the circumstances, a plan needs to be put in place to pay out the debt solution as early as possible, cash savings need to start being built up, and a credit rating needs to begin being restored.

Dealing with debt is stressful and finding the right solution can seem overwhelming. Your first attempt at solving debt is usually your best shot at getting it done right. Unfortunately, the debt help industry doesn’t favor debtors nor help them get back on their feet as quick as possible. When looking to become debt free, personal and professional representation by a company who has likely the strongest track record in Canada at helping people become debt free and move forward with their financial future, only makes sense. Do not be lured by imposters. We are talking about your financial future, not simply picking paint colours for your living room.

4 Pillars has 15 years of experience and over 60 offices across Canada
97% of clients successfully complete their debt repayment plan
Consumer proposals filed directly through a trustee without client representation, fail to be completed 35% of the time
With credit counsellors, you usually repay 100% of what’s owed rather than a percentage. Myth, paying your debts back in full through a credit counsellor in no way helps improve a credit rating. In fact, it may prolong rebuilding credit.

Ryan Brown

GREATER SUDBURY

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Ryan Brown

705-806-1252

YOUR DEBT SPECIALIST

Ryan Brown
DEBT RELIEF SPECIALIST

430 Notre Dame Ave, Suite 203 Sudbury, ON P3C 5K7
ryanb@4pillars.ca
705-806-1252

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FREQUENTLY ASKED QUESTIONS

HOW MUCH WILL IT COST TO WORK WITH 4 PILLARS?

DO I GET TO KEEP ANY CREDIT CARDS?

HOW MUCH WILL IT COST TO WORK WITH 4 PILLARS?

DO I GET TO KEEP ANY CREDIT CARDS?

WHAT IS DEBT RESTRUCTURING?

WILL DEBT RESTRUCTURING AFFECT MY CREDIT RATING?

WHAT IS DEBT RESTRUCTURING?

WILL DEBT RESTRUCTURING AFFECT MY CREDIT RATING?

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