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.
WHO CAN BENEFIT FROM USING CHRIS GREW & THE 4 PILLARS TEAM?
Chris Grew helps people throughout Southern Vancouver Island who are struggling with their debt.
We help families and individuals who have at least $10,000 in unsecured debt who want to relieve the stress and uncertainty of their high debt levels and are motivated to take control of their debt. 4Pillars can create a repayment plan at zero percent interest. If you have $10,000 in unsecured debt or more, you may be in a position for a debt restructuring plan. Contact Chris Grew in Victoria and discuss what the best options will be for your situation.
IS DEBT RESTRUCTURING AN OPTION WITH A LIMITED INCOME?
Yes. A Consumer Proposal is structured more on what you can afford to pay, rather than how much you owe.
WHY DOES 4 PILLARS CHARGE A FEE? CREDIT COUNSELLORS DO NOT.
This is not true. The Credit Counselling Society of Canada charges ‘administration fees’ that are added on to your monthly payments. These are usually $75/mo. When calculated over the repayment term of 60 months, this adds up to a total of $4500! In addition, you will repay 100% of your original debt.
4Pillars fees are based on how much we can save you and the complexity or your file. As we represent you and not your creditors, we are motivated to reduce your debt as much as possible. Our clients often have their Proposal accepted between 20 to 25 cents on the dollar.
At 4Pillars, in Victoria, Chris Grew and his team work exclusively for you. Credit counsellors work for and are mostly funded by the financial community. This means they are working for your creditors and are motivated to collect as much as possible. Usually, 100% of the original debt.