FAQ’s

FREQUENTLY ASKED QUESTIONS

DO I GET TO KEEP ANY CREDIT CARDS?

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. In other restructuring options, you can keep the credit card if it has a zero balance.

WHAT IS DEBT RESTRUCTURING?

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.

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 or you do not pay back the debts on the original terms and conditions, 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. In saying that, let’s remember, the goal is to become debt free and have better cash flow from month to month instead of burning your hard earned money paying interest.

WILL DEBT RESTRUCTURING AFFECT MY CREDIT RATING?

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.