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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.
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.
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.
We retain your personal information as long as necessary to provide the services that you require and in accordance with relevant legislation.
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.
Last revised: May 01, 2012
GET ME OUT OF DEBT NOW
1 Crescent Road Huntsville, ON P1H 1Z6
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. 4 Pillars has one of the most comprehensive credit rebuilding programs in Canada, to help you minimize the impact of debt restructuring on your credit rating. In saying that, let’s remember, the goal is to become debt free and have better cash flow from month to month instead of burning your hard earned money paying interest.
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.
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
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.
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.
By Ryan Brown
It can be confusing figuring out where to turn when you are struggling with debt and looking to get your finances back on track. 4 Pillars Debt Solutions of Muskoka & Parry Sound has extensive debt relief experience and an approach to debt restructuring that always puts YOU first, not your creditors. We will advocate for you and work to get you the best possible outcome.
One of the largest and most established debt relief companies in Canada, 4 Pillars has been in business for 15 years and counting, and has over 60 offices across the country. A large part of our success is the determination to put you first, not your creditors, as some companies do. We consider you a respected client entitled to qualified representation, and deserving of a second chance at financial success. At 4 Pillars, you are seen as a valued client, NOT just a debtor.
Proven History of Success
As a company, 4 Pillars is unique because it acts for the benefit of the debtor (client); our agents work with you to help eliminate large portions of your debt and greatly reduce your monthly payments without filing bankruptcy.
This proven history of success is achieved in large part through carefully structuring consumer proposals for our clients. 97 percent of our clients successfully complete their debt repayment plan with a consumer proposal when it is structured by 4 Pillars and combined with the additional services we provide, such as financial literacy coaching, budgeting, and credit rebuilding. As a result, a very high percentage of 4 Pillars clients avoid bankruptcy altogether; at 4 Pillars Debt Solutions of Muskoka & Parry Sound, only one percent of clients end up filing Bankruptcy.
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 who; solely represents you, structures the proposal on your terms, negotiates on your behalf, and provides a comprehensive financial support and credit rebuilding program after the proposal is accepted, 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.
Another option you’ll come across when looking into debt restructuring are credit counsellors. They can receive up to 80 percent of their funding from creditors, and a client will usually repay 100 percent of what’s owed—plus added fees. This in no way gets you lower payments; as a result, debt management plans filed using credit counsellors have high failure rates, and often the end result is bankruptcy.
Why 4 Pillars?
While only a licensed insolvency trustee can file a proposal or bankruptcy, you are most certainly entitled to professional representation during the process. Unlike other debt relief companies, 4 Pillars will advocate for you and only you. We work with a large network of LIT’s across Canada, and our agents have an in-depth knowledge of the Bankruptcy and Insolvency Act (BIA). We understand how to interpret the act to meet your needs, and we will ultimately determine which trustee to use based on your unique situation.
Also unlike other companies, at 4 Pillars Debt we look at your long-term financial goals as well as work to help rectify your immediate financial challenges. Our agents are highly trained professional debt restructuring consultants and experts in understanding debt, credit, budgeting, and financial literacy. We provide a wide range of services, including consultation on proposals and bankruptcy, credit acceleration and credit rebuilding, consolidation loans, and cash flow management tools.
Getting out of debt is a stressful and often a confusing time. You deserve a chance to start over with a team that represents your best interests and future goals, not those of your creditors. Contact 4 Pillars Debt Solutions of Muskoka & Parry Sound and get started today.
When debt becomes overwhelming and unmanageable, it’s important to know that there are solutions. Two options available to you are a consumer proposal and bankruptcy. It’s important to understand what these options mean and how they differ, in order to determine which is the correct path for you.
4 Pillars Debt Solutions of Muskoka & Parry Sound will work with you to determine the right choice for your personal situation, and guide you through the process from start to finish.
Common benefits that both a consumer proposal and a bankruptcy share are:
What Exactly is a Consumer Proposal?
A consumer proposal is a debt restructuring option that allows you to repay a percentage of your debt, without experiencing the full impact of bankruptcy. It provides you with legal protection from your creditors under a Federal Statute (the Bankruptcy and Insolvency Act), so you can pay back a portion of what you owe without interest or penalty. You might wonder why creditors would accept these terms; generally, it allows them to recover more money than they are likely to get if you do go bankrupt.
Essentially, a consumer proposal is a repayment offer you make to all of your unsecured creditors. Your 4 Pillars agent presents a proposal to a Licensed Insolvency Trustee. The trustee is a court officer whose duties include representing your creditors; upon review, the trustee may have a rebuttal or concerns about the proposal terms. It is your 4 Pillars agent’s job to make petition on your behalf as to why he/she believes the presented proposal is reasonable and fair. Once the trustee agrees 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, who will then 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 within your means and easier for you to manage. You also get peace of mind knowing that your payment and the new debt amount will not go up over the duration of the repayment period. If you prefer the proposal not to 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. Additionally, 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 right away.
Another consideration, the negative effect on your credit score is generally not as severe with a consumer proposal (a 7 rating) as in a bankruptcy (a 9 rating), making it quicker and easier to rebuild your credit.
What Bankruptcy Means
Bankruptcy is a debt restructuring option available to you when your debt has become overwhelming and you have run out of other viable options. The most severe form of debt restructuring, it is also filed under the Bankruptcy and Insolvency Act. It’s important to note that:
The bankruptcy remains on your credit rating for seven years post discharge
A few more notable differences between consumer proposals and 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
4 Pillars Debt Solutions of Muskoka & Parry Sound provides experienced bankruptcy consultation. An agent will guide you through the process and help to ensure it doesn’t happen again.
Be it a bankruptcy or a proposal, at 4 Pillars Muskoka & Parry Sound we represent you, not your creditors, and negotiate on your behalf to get you the best possible payment terms. For more information on consumer proposals and bankruptcy, or general questions around debt help, contact 4 Pillars and begin the journey to becoming debt-free.
It is easy to fall deeper into debt if you aren’t regularly monitoring your finances and spending. Credit cards are one of the most readily available and dangerous tools for unsuspecting consumers. In Canada, nearly half of all credit card holders carry some credit card debt. Many cards offer high spending limits that go hand-in-hand with high interest rates, as well as optional cash withdrawals that come with even higher interest rates.
For many folks however, credit cards provide a useful way to establish a good credit rating so they can borrow at favourable rates or easily make larger purchases, such as new furniture. They are also necessary for practical uses like rental cars or hotel reservations.
One of the reasons credit cards are so popular is that they allow you to immediately possess the items you desire, even if you are unable to actually pay for them. Cards allow you to easily overspend and then hit you with a high interest rate. In the event that you are unable to quickly pay off your balance, you may find yourself paying the monthly minimum and watching the outstanding balance grow. The longer you maintain a balance the harder it is to pay it down, especially when you keep relying on the card for unplanned purchases. While it’s easy to get carried away and spend more then you have, it is possible to use credit cards in a financially responsible manner.
Use Your Card for Smaller Purchases
One of the easiest ways to develop a strong line of credit and stay out of debt is to use your credit card for smaller, more manageable purchases. Using your credit cards for small purchases, like bread and milk, ensures that the balance due on your card stays at a manageable level. This allows you to pay the balance off immediately so your debt remains low and your credit score rises. In addition, when you continuously pay your balance off quickly and in full, creditors see that you are a financially responsible and can be trusted to pay off your debts.
Monitor and Budget
Monitor and budget use of your credit card as closely as you do your other monthly expenses. If you don’t have a budget for your credit cards and want to create one, a great way to get a handle on how much money you spend each month is by simply reviewing your credit cards expenses. Access all of your credit card information online, or with paper statements if you prefer. Track your spending for a month then review and look at areas where you can cut back. Create a manageable budget based on the results.
Additionally, if you don’t have a monthly budget in place, consider creating one. The saving you find when you eliminate wasteful spending can be used to help pay any credit card debt down.
Pay with Cash
It is way too easy to use your credit card as if it is cash. Unfortunately, with delayed payments, debt creeps up on you and often can’t be paid off if you are caught off guard by end-of-month billing surprises. The best option, especially when trying to reduce your debt, is to pay with cash rather than credit. Overall, studies show that we tend to spend more on everything we buy when we pay for things with credit.
Rather than relying on your credit card as an open-ended line of credit, use it to make purchases that you can pay off in a timely manner. If you need to make a larger purchase, organize your finances ahead of time and have a plan in place to pay the amount down efficiently. And finally, start saving! These days, it’s too easy to just put purchases on a card. Stop relying on credit cards for everything and create a saving plan and long-term savings goals.
If you are dealing with an overwhelming amount of credit card debt and feel like you are fighting an uphill battle, give 4 Pillars Muskoka/Parry Sound a call today. Our highly trained debt consultants provide solutions and help you get your finances back on track.