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 family’s quality of life.
Do Debt Problems Remain Private
The question that keeps many consumers afraid to ask for help is the fear that others may find out. They wonder if they deal with their debt by filing a consumer proposal, bankruptcy or other methods of debt restructuring that their neighbours are going to know, their friends or family or even their co-workers. The reality is that these matters are confidential and private and in most cases the only way they would ever find out is if you told them.
These are the questions that plague and immobilize a many debt-ridden families that continue to experience stress in the face of overwhelming money problems.
Consumers Privacy is Protected
The federal government brought in laws January 1st, 2004 that protect the privacy of consumer’s personal & private information. Consultants and companies in trust who gather personal information cannot reveal any consumer information without the consent of the consumer.
So Who is Really Going to Know
Let’s go through who really finds out about your recent money problems. Well, your creditors do but they are bound by the privacy act so they can’t even reveal you are their client so they certainly can’t tell anyone you have not been paying your bills. Obviously your 4 Pillars Consultant knows but we are also bound by the same high standard to protect your privacy. If part of your debt restructuring includes filing a consumer proposal or a bankruptcy through a licensed trustee in bankruptcy they must be notified and finally your personal documents are sent to the OSB (office of the superintendent of bankruptcies), recorded on your credit bureau and sometimes Revenue Canada. All these organizations are bound by the same privacy laws that are meant to protect consumers.
If the fear of having your neighbours, closest friends or family find out you are having money problems then its never been a better time to reach out and get help. Call today and let 4 Pillars give you a 2nd chance to have a better life for you and your family.
About the Author:
Robert Osborne operates the 4 Pillars Consulting Kootenay’s office with many years of experience. His clients love the work he does when he helps people with money problems deal with their debt and then rebuild their credit after.
Robert Osborne
Direct Line: (250) 365-8070
Website: https://www.4pillars.ca/bc/kootenays
