4 Pillars Offers Necessary Debt Counselling for Debtors in Dire Need
Debt is a continuously growing problem for households in Canada today, putting the economy at risk. To do our part, our debt counselling company, 4Pillars,seeks to end debt through a different approach to help those still struggling with it. Our services are specifically aimed at addressing the debtor’s needs in over the creditor’s unlike some Not for Profit Credit Counsellors.
According to a study cited at The Globe and Mail, Canada’s economy is drastically slowing down due to its growing household debt. Canada is now second when it comes to the biggest increase in household debt-to-income ratios based on the second quarter of 2014. Although there are many companies out there that claim to act in the best interest of the debtors, they rarely do any good. These Not for Profit organizations capitalize on the common misconception of the term “Not for Profit”.
Contrary to popular belief, however, “Not for Profit” does not imply that these organizations necessarily have a debtor’s interest at heart; instead it is a term that simply means they are not profit-driven, or that at the end of the year, they don’t earn any profit because all the money that comes into their company throughout the year are used in legitimate company expenses. In truth, these credit counsellors get financial support from the very banks that the consumers currently owe and only serve the purpose of helping these banks to recoup their money. Instead of using such method, 4Pillars is one of the few companies who prioritize the debtor’s needs through financial restructuring.
Financial restructuring is an approach used in debt counselling in Victoria, BC through debt solutions known as consumer proposal and bankruptcy. Consumer proposal is a popular choice for over 45,000 debtors annually as it allows them to seek legal protection from the creditors under the Bankruptcy and Insolvency Act. Using this option, a debtor pays back a percentage of what is owed without interest or penalty for a period of up to 60 months based on the ability to pay. Bankruptcy on the other hand is a last option for those with dire needs.
4Pillars is the leader in independent firms specializing in eliminating debt. With over 12 years of experience and a success rate of 97 percent, our debt restructuring, credit rebuilding, consolidation loans and credit acceleration programs are designed to help consumers take control of their debts or avoid financial crisis and bankruptcy.