What is debt restructuring? I have many people asking – “is this just like going bankrupt with a trustee “ or ”is this like credit counselling? “ or “ is 4 Pillars a Debt Settlement company”? I understand why folks would be a little confused with all the terminology being used in the marketplace, but...Continue reading
Who really needs debt help Much of the general public assumes that the people who need help sorting out their debt troubles are a bunch of irresponsible shopaholics. It’s easy to make that assumption too, since there is a lot of conspicuous consumption in our society—we are constantly bombarded with advertising messages every day encouraging...Continue reading
The debt situation: A family contacted our 4 Pillars office in Barrie Ontario. They had $120,000K in unsecured debt. They were considering bankruptcy. Monthly payments: Their minimal debt payments had risen to a crippling $3,500 per month. Methods they had tried: The family accepted full responsibility for their debt. They had already looked at other debt solutions. One...Continue reading
Photo credit: Len dela Cruz We recently asked our Debt Bootcamp students: what’s preventing you from getting professional help with your debt? The number one reason? They were “ashamed of their debt.” As a few of our students put it: “Fear…that I haven’t done enough myself. I created this mess I should be doing more to...Continue reading
Filing bankruptcy in Canada can be confusing. These 8 steps will make it simple and explain everything you need to know. You probably already know the basics of bankruptcy in Canada. You know that it severely affects your credit rating. You may also know that you might get to keep a few assets (like...Continue reading
Debt restructuring is the process by which a significant portion, usually 60-80% is extinguished while the remainder gets paid off over a period of up to 5 years interest-free. It is principally a method to avoid bankruptcy. Creditors like it because they get something in return on what they have lent out. In comparison, a bankrupt...Continue reading
When faced with bankruptcy, a family in Ontario wanted to know their options. Here are the 6 steps we recommended, reducing their debt from $57K down to $15K. The bankruptcy situation The financial hardship began when Sara (name changed for privacy) became sick and took a leave of absence from her work. She was away from work for 6...Continue reading
One of the biggest obstacles for people to overcome in dealing with their debt is the fear that others may find out you have experienced a financial crisis. As in the article “I am embarrassed by my debt “ by Trevor Glasser overwhelming debt can be not only embarrassing but debilitating and destructive to your...Continue reading
What is a Pay Day Loan? Pay day loans are short term unsecured loans for unexpected cash needs. Usually the loans are intended to be paid back within 2 weeks or by the next pay date. They should be used to cover very occasional emergencies and not for making up the shortfall in monthly budgets....Continue reading
Purchasing a “big ticket item”should be viewed as a long-term goal because it will usually take a few years to save up. BusinessDictionary.com defines a big ticket item as: Items that are of high value such as houses or cars, as well as other expensive products like furniture and appliances. There is no actual dollar...Continue reading
