The main difference is I represent your interests, unlike non-profit Credit Counsellors who receive a large portion of their funding from the creditors. Through a Credit Counselling program you will usually pay back 100% of what is owed which can still be unaffordable to many. My job is to represent you, and only you without any conflict or interest and to ensure the plan you enter is structured on your terms, maximising the benefit to you.

Debt restructuring can be the best solution for resolving your financial problems in the event that you are unable to pay your bills. Working for YOU and not the creditor, I also help arrange the best possible restructuring scenario that suits your unique needs and saves you as much money as possible. I also arrange for protection from your creditors during this process.

Debt Restructuring ultimately involves reducing the principle of your debt to a more manageable amount and agreeing affordable repayment terms. In most cases, the repayment of the now reduced amount owed is spread over 3 to 5 years, at zero percent interest.

Yes. As a general rule, any time you settle your debts at less than 100 cents on the dollar it will have a negative effect on your credit rating. However, when facing unmanageable and mounting debt, the challenge for most is a lack of cash flow. Someone who has ‘good credit’ but no money in the bank and struggling to survive each month is not deriving any benefit from their favorable credit status. While restructuring will impact your credit, the negative effects are temporary while the positive impact from improving your cash flow is immediate.

4 Pillars has a comprehensive Credit Rebuilding program based on years of research and experience. Once your debt is restructured, I continue to work with you to rebuild your credit and work towards future financial wealth.

One of the great ironies of debt is many people who possess significant debt are actually able to make minimum monthly payments. The result is someone who has a solid credit rating (thanks to the consistent payments) but is constantly in a cash crunch as the debt payments consume more and more of their income every month. You could say someone living this way is credit rich and cash poor. A good credit rating is important if you want to be able to borrow money, lease/finance a vehicle, obtain a mortgage at a good rate, etc. However, if you have no cash, all the credit in the world won’t fix your financial challenges.

While restructuring will have a negative impact on your credit rating, your credit can always be rebuilt, no matter how hard the hit. More importantly, following restructuring most debtors find they now have the ability to save money as they are no longer devoting so much of their income to repaying debt.

Choosing to restructure means you should consider all your options. When we meet, I will explain all options applicable to your situation and ensure you have a thorough understanding before you make any decisions.

Whenever you make arrangements with a creditor to pay back less than the full amount owed, your credit rating will take a hit. It is important to remember though that credit can always be repaired. I have a comprehensive Credit Rebuilding program based on years of research and experience. This is included with my restructuring services.

While possessing good credit is important, the impact maintaining good credit has on your cash flow is often severe. I meet people every day who have sacrificed thousands of dollars in an effort to maintain good credit. The result is a client who has a decent credit rating, but has completely depleted his/her financial resources. What’s worse is the bulk of this person’s money went towards interest payments only, and the debt remains.

Debt must be addressed, and restructuring is the most effective method available to cut and eliminate debt, and improve cash flow.

Yes, you can always go directly to a LIT to file a consumer proposal but it is important to keep in mind that a trustee is an officer of the court and must represent the financial interests of your creditors. The trustee is not out to cause harm to you, but they can not act as a financial advisor to a consumer struggling with consumer debt, not to help a consumer get the best possible result when making a consumer proposal or act as an advocate for a consumer seeking the best possible result from a consumer proposal. As with any major financial decision we believe it's advisable to seek your own professional representation when you are considering filing a consumer proposal the same way you would have a realtor represent you selling a property versus using the buyers realtor or for you to use a mortgage broker to find the best rate. This ensures the proposal is structured on your terms and is affordable so you may complete it successfully. In many cases my clients pay off the proposals early. 4 Pillars clients have the lowest default rate on consumer proposals. I also provide you with a comprehensive Credit Rebuilding program to ensure the impact on your credit rating is minimized.

Chris & Benjy are Debt Consultants with 4 Pillars based in Victoria, BC. They have represented over 3000 people through a consumer proposal. They love helping people through the process and making sure they are getting the best possible settlement on their debt while adding a personal and compassionate approach.

As with most services, there is always the option for you to do it yourself, but the results are usually much better when you use a professional who represents your interests throughout the process.

Our fees are based on a few factors:

• Time involved working on your case
• Number and type of creditors involved in your case
• Severity of your financial situation
• The amount of money we can save you

Each debt restructuring case is handled and assessed separately. With the possibility of cutting your debt by as much as 80%, I charge a reasonable fee that is just a fraction of what I can save you over the long term.