Approximately 3 years ago my husband came home from work looking quite distressed. He told me our financial situation was deteriorating and no matter how many extra hours we added to our work week, the bottom line was, we would hardly be able to keep up with the interest payments on our debt and still keep the house running. She had a form he had picked up explaining what a consumer proposal was and a questionnaire. He wanted us to discuss doing a consumer proposal. I remember becoming very agitated and crying, I believe I uttered the words “ I would rather work myself to death”. He put the form away and we didn’t speak of it again until last year. As he had predicted, all the extra hours and even an intervention by family didn’t solve our money issues.

A few months ago, he had intended to retire from his job and keep his second job which according to his calculations would bring us in more money then if he would not retire. Well, as fate would have it, our lives became quite disrupted when he was laid off with no light in sight.

Someone was however looking after us, maybe a divine intervention, but he found an ad for 4 Pillars in the local paper and he brought it to my attentions. This time I listened as I knew we had to work on fixing the situation. We called the number, I was distraught at the time and when our Kitchener consultant answered the phone, she immediately relieved my anxiety by saying “don’t worry, I am certain there is something we can do to help you”. She set up an appointment so that she could discuss our options and go over our situation. From the minute we entered the reception area, we were treated with kindness, respect and courtesy. She was absolutely everything we hoped she would be, professional, sympathetic, and most of all non-judgemental. We left her office knowing we would get the help we needed here at 4 Pillars. She assured my husband and I that the creditor calls would soon stop, and to just refer them to her office, and that in itself was a blessing, as the nerve wracking conversations with them over the phone were taking its toll on our mental health. We followed all of the steps set out for us and the time came to meet our trustee. The meeting ( even though nerve wracking for us ) went exceptionally well and we went home hopeful that our creditors would be satisfied with everything that was presented to them by 4 Pillars. Finally, the day came when we received the call that the proposal was accepted by all of the creditors.

My husband and I sat down and together we thanked god for letting us find that article and then find 4 Pillars. We still have a lot to learn on budgeting and credit rebuilding but we are certain with 4 Pillars help we will meet all of our goals.

To anyone who like us is going through mental, physical anguish over debt overload we offer this: Review your situation, swallow your pride and get help. We fully recommend 4 Pillars. There is absolutely no one we ever met before while dealing with our finances that made us feel respected and worthy of this blessed intervention. We look forward to all that we will continue to learn through 4 Pillars.

Results vary; every situation is different.

How We Help Waterloo Region Residents Get Out of Debt

By the time most Kitchener, Waterloo and Cambridge residents contact us, they’ve already tried to fix things on their own: a consolidation loan the bank turned down, a line of credit used to keep the credit cards current, money borrowed from family, or a debt settlement ad they weren’t sure about. If that sounds familiar, you’re not alone, and you likely have more options than you think.

We look for solutions that are legal, realistic and acceptable to your creditors, and we explain what each would cost you, including our fees, before you decide. We work for you, not your creditors, and everything you share stays confidential. A Licensed Insolvency Trustee files any consumer proposal or bankruptcy.

A mortgage broker referred a Kitchener homeowner to us. Because of his credit history, he was paying high rates on a first and second mortgage, and two old debts in collections were holding him back. To qualify for a better rate, he needed those accounts to show as settled on his credit report within about a month.

We coached him through negotiating with the two collection agencies. Within two weeks he had settlement offers for about $29,000 less than the balances owing, which let him move ahead with a lower-rate first mortgage.

Results vary; every situation is different. Settled accounts can still show on your credit report.

Consumer Proposals in Kitchener

A consumer proposal is a legal offer to your unsecured creditors to repay part of what you owe, based on what you can afford, usually over up to five years. It’s filed and administered by a Licensed Insolvency Trustee, and your creditors vote on whether to accept it. We help you gather your information and prepare, so the offer reflects your real budget. Once you complete it, you’re released from the unsecured debts it included, and you generally keep your assets.

For many people, the biggest change is monthly cash flow: one payment, no interest, and collection action on the included debts generally stops once it’s filed. How much you’d repay depends on your income, your assets and what your creditors accept.

Budgeting Support

A budget is simply a plan that keeps your household spending within your income. It takes some effort at first, until tracking your spending becomes a habit. We’ll help you build one, adjust it as your situation changes, and set realistic goals, whether that’s saving for a home in Waterloo Region or getting ready for retirement.

When you first contact us, we’ll talk about your overall financial situation so we understand what’s causing the pressure and how we might help. Everything you share is confidential. We’ll ask about:

• Your debts: who you owe and how much
• Your assets, such as a home, vehicles, a trailer or a boat
• Savings and investments, such as RRSPs, RESPs or TFSAs
• The income of everyone in your household

Next is your free consultation, which usually takes about an hour by phone or video. We’ll go through all of your options and explain what our services cost. 4 Pillars fees vary depending on the option you choose and are assessed case by case. You can decide at the end of the consultation or take a few days to think it over. If you go ahead, our fees can be paid as a lump sum or through a payment plan that fits your budget.

If you choose a consumer proposal or bankruptcy, we’ll give you an information kit and help you complete a confidential application and gather your supporting documents. Once your file is ready, we’ll introduce you to a Licensed Insolvency Trustee, who files and administers the proposal or bankruptcy. The trustee has duties to both you and your creditors. We’re there to support you through the process and to help you rebuild your credit afterwards.

4 Pillars was established in 2002 to help Canadians deal with overwhelming debt. We work with individuals, couples, families and small business owners across Kitchener, Waterloo and Cambridge to find a plan that fits, and we stay with you afterwards for budgeting and credit rebuilding.

Call 250-410-3963 to book your free one-hour consultation by phone or video.

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