Know your options
Focused Strategic Plans
The goal is to help get you out of debt as soon as possible, help get you into a payment plan you can easily afford, and help protect your mortgage and assets. After reviewing your current financial situation, we outline a personalized plan to meet the immediate short-term needs of dealing with your debt that fits your long-term financial goals. It does not matter if you have tried getting debt consolidation loans in the past – everyone will leave our office with a better picture of their financial situation.
Consolidate Your Debt
Our role is to represent you, and structure a new affordable payment plan, or debt management plan, to deal with your debt, either through a comprehensive budgeting program, sourcing reasonable finance options that make sense for you, or if required through a filing with a Licensed insolvency or bankruptcy trustee. What are bankruptcy trustees you may ask? A bankruptcy trustee is an officer of the court who acts on behalf of the creditors in a fiduciary capacity. The role of the trustee is to investigate the debtors financial situation and to ensure that the debtors rights are not abused while also protecting the rights of your creditors. The bankruptcy trustees cannot act as your financial advocate to help get you the best possible outcome and their fees are a tariffed based percentage of what they collect on behalf of your creditors. In saying all of that, we believe it to be imperative that you obtain your own representation in any major financial decision. If carefully structured with your best interests in mind, a proposal to creditors will usually repay a portion of what you owe, often eliminating up to 80 per cent of debt. We are debt consolidation experts.
Re-Establish Your Credit Rating
Imagine a Debt-Free Future
97% of Halifax, Dartmouth and Nova Scotia families successfully complete the plans we create and become debt free.
Frequently Asked Questions
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. It should be noted that we believe Bankruptcy should be a last resort option and will help you explore all other options first. In other restructuring options, you can keep the credit card if it has a zero balance.
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.
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. Your 4 Pillars Debt Specialist will ensure you are properly educated.
These sessions can happen in your local 4 Pillars office (we have offices across Canada) or via zoom 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.
Debt restructuring is the method of implementing a debt relief program to your specific situation. Every situation is unique and the solution for every person is unique to them.
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.
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, 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.
Anyone with a debt load they are currently struggling to pay and has an income would typically qualify for debt relief services. However, it should be noted that every situation is unique and an individualized assessment is required. Debts that can be taken care of are unsecured debts such as personal loans, lines of credit, credit cards, and bills.
Yes, there are several programs available that provide debt relief. The benefits and disadvantages and the amount of relief varies by program. Some programs can help reduce interest and principle, others can only tackle the interest, and some simply modify the payments terms slightly. If you are looking for debt help in Halifax, Dartmouth, HRM, or surrounding area, you are in the right place.
Many debt relief programs can be done by yourself, however, this usually isn’t recommended unless you have an in-depth knowledge of all options including how creditors react to the various programs, an understanding of topics surrounding collection agencies, and a willingness to be put in uncomfortable situations. Typically, working with a professional company will yield better results.
Yes, Debt Relief in Canada is legitimate. There are several programs that allow for the reduction of interest and principle, or a combination of both. Debt Relief in Canada often gets a bad name as many companies try and push a single solution on a consumer instead of reviewing all options available. We recommend speaking with a professional to review all options available in your situation.
We completely understand. Click the ‘Reviews’ button at the top of this page to see what other residents across Halifax, Dartmouth and all over Nova Scotia have said about us when helping them deal with their consumer debt.
We believe in a no-pressure, no judgement approach. Looking for debt relief services is one of the most important decisions you will make in your lifetime and we believe it shouldn’t be from a place of judgement. All of our debt relief specialists and consultants are compassionate and will treat you with nothing but respect.
Traditional debt consolidation is useful for cutting down the overall amount of creditors you owe, and usually the amount of interest you pay. This typically involves obtaining a new loan, and using that loan to pay out your existing debts. Debt settlement, on the other hand, is a method of reducing the amount of principle you have owing to your creditors. Debt settlement usually comes with a lower overall repayment, but at the expense of a credit hit, whereas debt consolidation involves a greater cost but no credit impact.
Traditional debt consolidation does not negatively impact or hurt your credit rating. This assumes you make all of your monthly payments on your consolidation loans. If these payments are maintained for the life of the loan, it is possible that your credit rating will improve overall as a result of these payments.
Debt relief can is a good option if you are struggling to make your minimum monthly payments or if your consumer debt load has been increasing for some time. Debt relief doesn’t come without consequences. You will typically experience an impact to your credit, however, the benefits usually far outweigh the negatives.
While many debt relief programs are federally legislated, the government itself isn’t in the business of offering debt relief services. Services are performed by for profit organizations licensed with the government.
There are unfortunately no free debt relief options that exist in Canada. Despite popular belief, even Bankruptcy comes with a cost. There is a point at which doing ‘nothing’ is the best option. You should consult a professional if you are not able to afford to pay anything.
At 4 Pillars Consulting Group, we review every single option that you have in dealing with your debt including but not limited to a consumer proposal and bankruptcy.
We are a debt solution firm that specializes in helping people consolidate their debt and get out of their financial difficulties as quickly as possible while also ensuring they plan for the short and long-term goals.
4 Pillars helps Canadians restructure almost
$1,000,000 of consumer debt every day.
Get debt free counselling services in Halifax today