If you live in Kamloops, you have likely come to this page for one or more of the following reasons:

1. You’re anxious about your debt, losing sleep and want some debt help.
2. You’ve gone to the bank for a consolidation loan to deal with your debt and you’ve been turned down.
3. Maybe you’ve already spoken with another debt service and want to know whether other debt solutions are available.
4. Your creditors have been calling because of missed payments on credit cards or lines of credit.
5. You are borrowing from one source of credit, maybe a line of credit, to stay current with your credit card debt. You feel like you are “robbing Peter to pay Paul.” Maybe you’ve borrowed from family members to keep yourself and your immediate family going.
6. You don’t bother budgeting anymore because it doesn’t feel as though there is any point to it.
7. You’ve heard ads for debt relief services but aren’t sure how they work.
8. You are worried you might have to go bankrupt.
9. You either know you have damaged credit, or have discovered that your credit rating is not as good as you thought it was, and you are not sure what to do about it.

4 Pillars Consulting Group offers a wide range of consulting services in the areas of debt help, budgeting, and credit rebuilding.

Each service is unique and can be tailored to meet individual circumstances. As you can imagine, every person’s situation is going to be different and specific to that household, family or that business.

Most Kamloops residents have heard of bankruptcy, and many know someone who has gone through it. But bankruptcy is only one option. Below are the debt repayment options we typically walk through with Kamloops clients. If this feels overwhelming, send us an email and we can explain it by phone, or in person if you live in the Kamloops area.

Bankruptcy is governed by the Bankruptcy and Insolvency Act and allows for the legal release of most debts. It’s usually best treated as a last resort, and we’ll help you look at every alternative first. Things to weigh before choosing bankruptcy:

• You’ll report your income and expenses to a Licensed Insolvency Trustee each month for the length of the bankruptcy, which is at least nine months for a first bankruptcy and longer if you have surplus income.
• Depending on your income, surplus income payments can put real pressure on your cash flow.
• Assets that aren’t protected under B.C. law may be sold for the benefit of your creditors.
• A bankruptcy has a significant impact on your credit report, and the record stays for several years after you’re discharged.
• Only a Licensed Insolvency Trustee can file a bankruptcy, and the trustee has duties to both you and your creditors. If you decide bankruptcy is right for you, we’ll help you understand each step and work with you to rebuild your credit afterwards.

A consumer proposal is a legal offer to your creditors to repay part of what you owe, usually as one monthly payment over up to five years. It’s filed and administered by a Licensed Insolvency Trustee, and it’s available if your debts, not counting the mortgage on your home, total $250,000 or less.

We help you prepare an offer you can realistically afford, and your creditors vote on whether to accept it. Once a proposal is filed, most collection action from unsecured creditors generally stops. Unlike bankruptcy, you usually keep your assets.

For many people, the biggest change is a more manageable monthly payment. Every situation is different, so what you pay depends on your income, assets and what your creditors accept.

So, your debt is stressing you out and you know you need some debt help, but what should you expect when you contact us?

1. When you contact us for the very first time, I will ask you about your debt issues to develop a high-level understanding of what solution might be required to give you the best relief for your financial challenges. Of course, all conversations are kept confidential!! If you know all of the details of your situation, we might move immediately to the second step of the process.

2. The next step is an “intake” with you where I learn more about the details of your situation and listen to the financial challenges you are facing. These questions will focus on items such as:

   • Your debt load – who are your creditors and how much do you owe each one;
   • Your assets – do you own a house, vehicles, campers, boats, or other “toys”;
   • Any other assets – do you have RRSPs, RESPs, or other investments;
   • Your income – how much income do the people in the household earn; and
   • Your personal contact information.

   At the end of this call, I will also set up a time for our face-to-face free consultation where I will review all of your options for dealing with your debt.

3. The next step is your free consultation. Normally it will take about an hour, and I will let you know all your options for dealing with your debt. I will also outline the cost of our service. 4 Pillars fees vary depending on the option you choose and are assessed on a case-by-case basis.
4. At the close of the free consultation, or a few days later if you need time to think your options over, you will have the opportunity to sign a contract with us to assist you in getting started with a budgeting, credit rebuilding or debt repayment plan you have selected. Upon signing a contract, your 4 Pillars fees can be paid either as a lump sum, or we will work out a payment plan that suits your income and household budget.
5. If you have chosen one of the formal debt options, once the contract is signed, I will provide you with a client kit of information. You will have some homework to do in completing a confidential application form that will provide significant details about your personal, income, asset, and debt situation. You will also need to provide us with a series of documents that will support your confidential application.
6. Once the application is complete and the required support documents are gathered, we will meet to review the application form and support materials. In most cases, follow-up questions are necessary to obtain clarification about various aspects of your file to ensure we have a clear understanding of your financial picture.
7. When your file is ready, I then select the trustee who I will approach to administer the proposal or bankruptcy. There will be a formal meeting where you and I meet the trustee who will administer your debt restructuring solution if you have decided to file either a consumer proposal or an assignment into bankruptcy. Remember that only a Licensed Insolvency Trustee can file and administer a consumer proposal or bankruptcy, and the trustee has duties to both you and your creditors. We’re there to help you understand each step and to help you rebuild your credit afterwards.
8. After your debt restructuring solution has been established, I will meet with you to begin the credit rebuilding process.

Our Kamloops team is committed to helping local individuals, families and small business owners deal with debt and build a stronger financial future. We take the time to understand your situation, explain every option in plain language, and support you with budgeting and credit rebuilding after your debt is dealt with.

Established in 2002, 4 Pillars Consulting Group has offices across Canada, and our consultants live and work in the communities they serve, including here in Kamloops. Whether you’re single, part of a couple or family, or running a small business, we can help you understand your debt options.

Got debt? Don’t fret. Give us a call. We’d be happy to hear from you.

Janet came to us with about $50,000 worth of consumer debt. She had decided to do some renovations on her house and realized later this likely had not been the best decision.

Although she had a very steady job, as a single parent, she had limited resources and it seemed like there was always something coming up. She had refinanced her house to do the renovations, and so there was no equity left in the house to deal with debt she had accumulated. She realized that without some drastic changes, the debt was going to continue to mount, and her ability to keep current with the debt based on her current salary was pretty much at an end.

After taking in her information, I met with her and reviewed all of her options for dealing with the debt. She decided that filing a consumer proposal was going to be the best way of managing her situation. For a number of very good reasons, filing for bankruptcy was not an option she wanted to consider. Before she met with me, she had decided that she could afford a proposal payment of $500 to $600/month. She signed a contract and we started working together.

Over the course of the next couple of months, Janet went through an intensive budgeting exercise to see exactly where her money was going. She completed the necessary documentation to get the proposal filed and provided all of the background paperwork we needed. We helped her structure a proposal of $365/month over 60 months, for a total of $21,900. The proposal was accepted by her creditors.

Janet and I also reviewed how to rebuild her credit as quickly and effectively as possible. She decided to use several of the credit rebuilding tools available to her that I had presented to her, and is now on her way to rebuilding her credit rating as quickly as possible.

Results vary; every situation is different.

Call 250-410-3963 to book a free one-hour consultation.

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