Frequently Asked Questions

With over 50 offices all over the country, 4 Pillars Consulting is the largest debt restructuring company in Canada. We have helped thousands of Canadians on their journey to debt-free in the last 18 years that we have been in business. Our highly trained and qualified staff work only for the benefit our clients. We offer a welcoming, confidential and judgement free environment where our clients can discuss their finances with ease. 4 Pillars’ services range from debt reduction services to financial literacy, credit rebuilding and budgeting.

Not only are we the oldest and most trusted debt restructuring company in Canada, but we are one of the only few companies that work in the favor of the debtors. We do not get paid by the creditors and our goal is to structure a payment plan as low as possible. The debt restructuring piece is only a small part of the 4 Pillars program. The key part of our program is to implement a comprehensive credit rebuilding plan. This credit rebuilding focus is what sets us apart from our competitors. Our goal is to get you back into mainstream banking and lending products in the shortest time possible. We provide unique products exclusive to our program that accelerates your return to financial stability.

We are extremely transparent and up front about are fees. Your investment will depend on the situation you are in, of which we take into consideration when creating an affordable reduction plan. We offer a free initial consultation with one of our qualified debt specialists who will go over the options available to you along with the fee structure.

To begin the process, we request you to fill out the contact form on our website. A team member will get in contact with you the same day or the following working day to collect some basic information about your debts and finances. Please, note that no account numbers will be required. Once, they have the information, they will book a free consultation with one of our debt
specialists. At the meeting, you will be provided with all the options that are available to your current scenario. When you are confident about the path you wish to take with 4 Pillars Consulting, you will make the first payment as discussed in the meeting.

Our services include, but are not included to:

  • Debt restructuring
  • Credit Rebuilding
  • Budgeting

Many companies that mention they are free, have their fees incorporated into your monthly payments. On the other hand, we are transparent about our fee structure both pre and post debt restructuring.

No, we are not a non-profit organization.

Unsecured debts are debts that are not attached to an asset. These types of loans do not require a collateral. Some examples of unsecured debts include-credit card debt, personal loans, payday loans, Personal Line of Credit, Overdraft. On the other hand, secured loans are issued against a collateral. These types of debts include- mortgages, vehicle loans, home equity and pawn shop loans.

A consumer proposal is a legally-binding agreement that allows you to keep your assets, while reducing or eliminating some or all of your unsecured debt. You’ll be required to make monthly payments as part of your consumer proposal. A bankruptcy, on the other hand, requires you to surrender your assets to creditors. You’ll need to make monthly payments following bankruptcy too.

Debt relief refers to any measures used to reduce or refinance your debt. In practice, debt relief can be anything from cancellation of part of all of a debt you owe to the slowing or stopping of debt growth. It’s useful for people or businesses struggling to meet debt repayments.

Our debt relief program is based on finding a plan that is affordable for you. Our goal is to see our clients pay off their debt and increase cash flow to meet their long-term financial goals. Some of our clients have reduced their debt by up to 80%. The payment plan is also at 0% interest.

Any time you do not pay the creditors as per the original terms of the lending conditions there will be an impact on your credit rating. Credit can be rebuilt. We will help analyze if the temporary effect on your credit is worth the savings that allows you to meet your financial goals at a much faster pace.

Yes! Under provincial legislation, certain assets are exempt.  We will help you understand which assets are protected and structure the proposal so that you retain the assets and deal with your debt.

As one of the oldest debt restructuring companies, we have had over 97% success rate of our proposals being approved.

Yes, once accepted, the process is legal and binding on your creditors

Yes, we are bound by our privacy policy and all the information you provide remains confidential. We only share information with your consent to parties critical to the restructuring process (ie the officer of court and your creditors).

Yes, we can discuss the options to work towards reducing your credit card debts and structure a plan that works for you. We will also review the advantages and disadvantages of doing this and how it may restrict some options available to you. Education is key in our program!

Depending on the program you are in, you will not lose any assets. You can continue making payments against them as per usual.

We mainly work with unsecured debt. Unsecured debts are debts that are not attached to an asset. These types of loans do not require a collateral. Some examples of unsecured debts include- credit card debt, personal loans, payday loans, Personal Line of Credit, and Overdraft.

Yes, however there are some stipulations surrounding student loans. Legislation states that for a student loan to be considered in a debt relief program, the debtor has to have completed their studies for at least 7 years ago.

The catch with credit card debt settlements is that the payment usually has to be paid in a lump sum. Remember that
settling with one creditor doesn’t always solve your problems and it does not mean the other creditors will accept the same amount.

Yes, depending on the types of debts that you owe, there is a possibility that you can undertake the debt restructuring process without your spouse’s involvement.

We do not assist with secured loans like mortgages, Car Loans, HELOC’s, and property taxes can not be included in our plan. The other types of debt which can not be included are family maintenance, alimony, theft of trust money, or any other fines.

No, there are laws in Canada which are applicable to all creditors.

Yes, this program is for anyone who is tired of living paycheck to paycheck trying to pay off their high interest debt payments. Our clients find that they can free up cash flow which they can use for their future financial goals.

If you are in any of our debt relief plans you can continue to make your mortgage payments. And more importantly, you can continue to stay in your home. As long as you are up to date on your mortgage payments, your mortgage lender will usually have no problems whatsoever renewing your mortgage.

Mortgages are secured loans that use the property itself as collateral. A foreclosure is the result of not meeting your mortgage obligations. Our debt reduction plans focus on unsecured debts. Our debt relief plans allow you to continue making your mortgage payments while significantly reducing your unsecured debts.

To qualify for a mortgage, your income must support both the current debt payments and the new mortgage payments. There are 3 factors that affect your ability to obtain a mortgage: credit rating, income, and the down payment. After going through our restructuring program, you are usually in a better position to meet the debt service ratios which mortgage lenders use to determine your eligibility. With a significant reduction in debt, this will increase your cash flow making it easier to save for your down payment. Our credit rebuilding program is tailored to meet the CMHC mortgage lending guidelines. A well-executed debt restructuring plan can make home ownership a reality much sooner.

It depends on what you are looking for. If you are looking to get a loan to pay the foreclosure amount it will be very difficult to find a lender if you don’t have the equity. However, if you feel you have the income to support this, then this may become a viable option as we can look to reduce your other debts through a debt restructuring plan. If you are looking for protection from the creditors and a plan to deal with any short fall, then we can certainly help you.

Creditors can put a lien on your property once they have obtained a judgement through the courts. This can be prevented if you deal with the debt early in the process.

A HELOC is different from a regular line of credit because you have pledged your house as security. As a result, a HELOC cannot be included in a debt relief program. However, we have solutions for certain clients in these situations. We look forward to discussing this further in one of our FREE consultations.

What many consumers don’t realize is that not all types of credit are the same. You have to know how to start and how to build on each new credit product. Its understanding how the credit system works, having access to the right products at the right time, and making sure you stick to a few basic rules that builds a strong credit score.

Everybody needs to build their own credit score. Students, men, women, and seniors. It is one of those things you never realize how important it is until you need it. Remember, once you have built up a strong score you will have access to the best rates and you will not be reliant on short term, high interest rate loans that can be financially crippling.

A good credit score has nothing to do with the house you live in, the car you drive, or how much money you make. It is about following a few simple credit rebuilding rules and the rest is pretty straight forward. Anyone can have amazing credit and having good credit is the key to creating wealth.

You must be 19 years or older to start building your credit rating. You must be
careful as you need to understand how to manage the credit you obtain. The
risk is that a good credit score will lead you to potentially acquire more credit
than you actually need.