Case Study – Recently Separated

Divorce is horrendous, there’s no doubt about it. Add in debt, and a bad situation gets even worse. Relationship breakdown is one of the common reasons people file a consumer proposal or bankruptcy. Not only do the assets get divided up, so do the liabilities. This brings many challenges as emotions run high. This case study will be zeroing in on such a situation.

Background

The couple, in this case, had a particularly messy divorce. They were locked into a custody battle for their children and every day brought new challenges. One of the bigger challenges was deciding what to do with their joint home. Both of them wanted to keep it, but neither could get approved for the mortgage individually. They decided to sell the property and split the profits – $15,000 each.

They were still in the process of disentangling their lives when one began to receive collection calls for the other’s bank loan. Although she had co-signed the loan, she had no idea why they would be reaching out to her for payment. This was when she learned that her ex-husband had filed for bankruptcy. This meant that all of the joint debt that they had accumulated during their marriage now defaulted to her. It was not just 50% of the debt – it was 100%. Already distraught by the end of her marriage, this was a devastating blow. She now had $60,000 of debt to deal with on top of everything else. She was able to use the proceeds from the house to pay some of it, but it still left her with $45,000. Feeling like she had nowhere to turn, she researched 4 Pillars and gave us a call.

The Plan

After her initial consultation, the first step for this client was to open a new bank account that was completely separate from her ex. Any accounts they held jointly could be accessed by him. We assured her that although him filing for bankruptcy had left her with all of the debt, she still had options. She hoped to be able to purchase a home within her budget at some point, so bankruptcy made her nervous.

A bankruptcy would damage her credit for 6 years past the date of discharge – for her this would mean over 8 years of having very limited access to credit. Instead, her debt relief specialist outlined what a consumer proposal might look like for her situation. We assisted in structuring a proposal that is filed with a Licensed Insolvency Trustee and would reduce her debt by 70%. As long as it was accepted by her creditors, it would have her paying back $13,500 instead of $45,000. Over the 60-month proposal, she would be paying $225/month.

Results

As with nearly every proposal 4 Pillars assists in structuring, it was accepted by her creditors. Such a massive drop in how much debt was hanging over her head was like seeing the light at the end of a dark tunnel. 4 Pillars continued to support her after her proposal had passed to give advice and answer any questions she might have without judgement. Unlike in bankruptcy, she was able to start rebuilding her credit while still paying off her proposal. 4 Pillars offers access to unique programs that can get people back on track sooner. Taking advantage of these programs as well as our aftercare portal, she was able to restore her finances and her life.

Conclusion

Divorce is ugly. Divorce when debt is involved? Even uglier. However, sometimes a crisis can become an opportunity. This can mean a fresh start for you and your finances. If a relationship breakdown has left you with significant debts, we may be able to help.

This article was written by David Moffatt. A Senior Debt Relief Specialist with 4 Pillars Halifax. 4 Pillars has assisted in creating plans that have helped save Canadians over $1 Billion dollars of consumer and tax debt since 2002. We believe that no consumer should have to struggle with the stress of overwhelming debt. Our debt restructuring plans can help you cut your debt by up to 80% with less than 3% of our clients ever getting into deep financial difficulties again. If you are struggling with debt please reach out. It hurts to continue to suffer financially.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Case Study – Recently Separated appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/case-study-recently-separated/

Case Study – Professionals with Kids

No one in the world is born with an innate sense of how to manage their money – this is a learned skill. It doesn’t matter what your income looks like if you don’t think about how you spend it you can quickly see your expenses eating up a discomforting chunk of your income. This was the circumstance that led the family in this case study to reach out to 4 Pillars for help.

Background

They started off with the world at their fingertips. They had both finished their post-secondary education and had started working in their fields. Although they had significant student loan debt, their income ensured that payments weren’t an issue. After about a year they decided to purchase a home. They fell in love with a house that was at the top of their budget, but still, they could afford it. Years passed and their family had grown to a total of 5 – an addition of 3 delightful children. However, their debt had also grown. They had always been able to make their minimum payments but now realized that making minimum payments was never going to pay the debt off. As they wanted to think seriously about education savings for their kids and retirement plans for themselves, they knew it was the right time to tackle their debt. By this point, though, they had accumulated $80,000 in non-mortgage, unsecured debt and had no idea where to start.

The Plan

As always, we started by reviewing this family’s budget. Although their monthly income was higher than average, they were paying nearly $2000 a month just in minimum payments to their unsecured debts alone. Before looking at their budget, they had no idea they were spending so much to stay in the same place! A large portion of their debt was student loans at just over $40,000 combined that they had been paying for 8 years. As they were over 7 years old, these debts were able to be included in their restructuring process. The challenge in this situation was the interest – because the debt load was so high, the monthly payments had to stay high just to keep up with it. After reviewing all of their options, this family chose to file a consumer proposal. A proposal would reduce their overall debt load, including their student loans, with less severe credit impacts than a bankruptcy. It would also eliminate the spectre of interest that had been haunting them.

Results

This family’s consumer proposal reduced their debt from $80,000 of unsecured debt to $24,000. They began making monthly payments of $400 that are going directly to the principal instead of being gobbled up by interest. More importantly, though, they changed the way they think about money. Through their aftercare at 4 Pillars, their attitude towards their finances shifted. Instead of thinking of a budget as a shackle – something that would only restrict them – they now think of it as a spending plan. Resulting in making better choices about how they actually wanted to spend their money (hint: it’s not paying interest to credit card companies!). The money they already saved every month could now be invested into RESPs for their kids or RRSPs for themselves without sacrificing their lifestyle.

Conclusion

Doing nothing to tackle your debt can have more serious consequences than most people consider. Not only will the debt expand, but you also must consider the opportunity cost. What could you have done with that money if it wasn’t going toward debt repayment? If you’re looking at your finances and think debt is eating up too much of the pie, call 4 Pillars Halifax at 902-482-9748. We’d love to see if we can help.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Case Study – Professionals with Kids appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/case-study-professionals-with-kids/

Case Study – Business Failure

Debt troubles even those you’d least expect. This case study reviews the events of a family who seemed to have it all – two incomes, two cars, the house, the kids. One partner had even started their own business. Nevertheless, under the surface, debt threatened to ruin everything they had built.

Background

The couple had spent most of their lives together having two healthy incomes. This allowed them to purchase a nice house, finance brand-new vehicles, send their kids to sports camps in the summer – everything they had dreamed of! However, things changed when one partner decided to leave their position and open their own business. Because they had good credit, they had no issues accessing a $30,000 line of credit to get the business up and running.

Unfortunately, the business did not pick up as quickly as they would have liked and so they began to find it difficult to make their vehicle payments and other bills. They ended up taking out an additional loan to cover the business expenses. The more they tried to keep the business afloat, the deeper into debt they fell. Once the banks stopped lending and began asking for payment, they tried to adjust their budget. Quickly realizing that the debt had swelled past the point that they could budget their way out of it, they contacted 4 Pillars.

The Plan

During the initial phone call with 4 Pillars, we learned that this couple had approximately $80,000 in unsecured debt. They had a combination of credit cards, loans, and lines of credit from various institutions. To just cover their interest payments, they were paying nearly $1200/month. Even that was a struggle for some months. Although they had built equity in their home, it was not enough to help them get ahead of their debt and refinancing wasn’t a viable option. A friend had once mentioned filing bankruptcy, but after learning how asset “buy-back” payments work, they had serious concerns about the affordability of bankruptcy and the potential to lose their home. Although it would get them out of debt the fastest, it would likely cost them more per month than they were paying now. Instead, they opted for a consumer proposal. A proposal would protect the assets they had worked so hard for while significantly reducing the debt load.

Results

Their debt was reduced to $24,000, leaving them with a monthly payment of just $400/month. Several months after filing their proposal the business they struggled so hard to keep afloat finally began taking off and through the 4 Pillars Aftercare portal they were able to learn a plethora of money management skills to change their habits, rebuild their credit and keep them on the right path.

Conclusion

Becoming overwhelmed by debt is something that can happen to anyone. When a business is involved things are always more complicated and it can be easy to get lost in it all. Regardless of the circumstances that bring people to the breaking point, 4 Pillars is ready to talk to you about what your next steps should be. Reach out to 902-482-9748 if you’re troubled by debt to find out if 4 Pillars can help.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Case Study – Business Failure appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/case-study-business-failure/

Case Study – Illness In The Family

Case Study – Illness in the Family

One of the most common events that spurs a financial crisis is a sudden illness that prevents one from working. It can strike at any time and few of us are prepared for a long-term absence from the workforce. This problem was compounded for the family in this case – they had to face the loss of their primary earner’s income. Read on to learn how 4 Pillars was able to support this family through a difficult time.

Background

Debt had never been an issue for this family until they found out that the breadwinner of the family had a serious health problem. This left him off work for an undetermined amount of time while he sought a diagnosis and treatment. At first, debt was the least of their problems. Naturally, their focus was on their sick loved one. Debt crept in slowly though, as the bills went unpaid while they were waiting for financial assistance. Hospital parking fees, hotels for appointments out of town, and hundreds of dollars spent on trialling medications all went on their credit cards. Before long, all their credit cards were maxed out, bringing their debt load to $27,000. Unable to make payments, the interest continued to grow until they were nearly $30,000 in debt. This is when the collection calls started. The last thing they needed was more stress and anxiety.

Our Plan

This couple really needed someone to represent them and their best interests when dealing with their debt. At the time they reached out, it was apparent that they had enough stress on their shoulders and needed relief. They had tried reaching out to their credit card companies themselves to make arrangements, but without a lump sum payment to put towards the debt, those companies weren’t interested.

Initially, they thought bankruptcy would be their only option and were ready to file, but thankfully they saw an ad online for 4 Pillars and thought to get a second opinion. They were hopeful that their income would return to normal within the next year or so and learned that if it did, they could end up paying a much larger monthly payment in bankruptcy. After reviewing the risks of bankruptcy, they no longer felt it was their best option. A consumer proposal would offer them a predictable monthly payment that wouldn’t change if their situation improved. This offered them a lot of comfort at this unpredictable point in their lives.

Results

During their restructuring, the couple and their creditors agreed to a monthly payment of $150/month that would have them paying back only $9,000 of the original $30,000 owing with no interest accumulating. Because they were able to avoid bankruptcy, they did not have to worry about their monthly payments increasing. Their focus could return to making sure their family is healthy instead of constantly worrying about money. One of the most important aspects of aftercare for this couple was understanding and purchasing the right insurance products to avoid the trouble that started their debt problems in the first place. No longer would they fear the unexpected.

Conclusion

Unexpected ailments that cause missed time from work are one of the most frequent ways people run into debt problems. We all hope that it won’t happen to us, but it comes when you least expect it. If a long-term illness or any other situation has you feeling like your debt is out of control, reach out to 4 Pillars for help.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Case Study – Illness In The Family appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/case-study-illness-in-the-family/

Case Study – Single Parent Family

Case Study #3: Single Parent Families

Being a single parent is one of the hardest jobs in the world. Balancing a budget is daunting enough, never mind when you have little ones to worry about. It’s not surprising that lone parent families are more than twice as likely to use payday loans than couples with children. The focus of this case study is a single mother who was drowning in debt and how she was able to turn it around.

Background

When the client came to us, she was near the end of her rope. Although she was working two jobs, she was struggling to make ends meet for her and her young daughter. She had maxed out two credit cards to $5000 each trying to support her family. When she was no longer able to get credit from the banks, she went to pay day loan company. This is when she got stuck in the pay day loan cycle. Unable to pay back the original loan within two weeks, she was left going to another pay day loan company to cover the bills. The interest rates on these loans were over 23% and the associated fees kept piling up. With so many debt payments, necessities like rent and groceries were getting harder and harder to pay for. The original debts of $6000 total to pay day loan companies quickly ballooned into over $9000, and this is in addition to the $10,000 she already had on credit cards. She knew her finances were in serious trouble and she needed help.

Our Plan

After listening to her story, it became clear that she had reached the upper limits of her credit and that a consolidation loans from the bank was out of the question. Learning more, it became apparent that she would not likely be able to pay back the debt in full without cutting into her daily living expenses. This left her with two options: bankruptcy or a consumer proposal.

At this time, she was being considered for a promotion at one of her jobs. If she were to file for bankruptcy, her income would be tracked during the term of the bankruptcy and her payments would increase if she began to make more money. Because monthly cash flow was already a problem for her, this would not be an ideal situation. Alternatively, a consumer proposal involves a fixed payment over a longer period of time. This client was much more intrigued by a consumer proposal as it would leave more money in her pocket now and let her keep extra earnings going forward.

Results

This client was very happy with her decision to file a consumer proposal. Her proposal was accepted by her creditors to pay back $6400, down from $18,000. Her monthly payment was $107 over 60 months – that’s how much she was paying each creditor in minimum payments before! After getting the promotion she desired, she was able to keep the extra cash flow in her monthly budget. The consumer proposal helped her finally get out of the pay day loan cycle and she was able to set up an emergency fund to ensure she’d never have to use them again. In addition to her monthly bills and proposal payments, she was able to set aside some money every month in a RESP for her daughter. This was something she never thought she’d be able to do.

Conclusion

Balancing a budget for any family is a challenge, and it’s even more challenging for a single parent. Children are expensive! If you ever find yourself in a debt situation that you just can’t break free from, give 4 Pillars a call. That call could be the first step in a process that changes your life.

The post Case Study – Single Parent Family appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/case-study-single-parent-family/

How Much Is Too Much Debt Infographic?

Our friends over at Easelly were kind enough to design and create the infographic below! Enjoy!

How much debt is too much debt infographic

The post How Much Is Too Much Debt Infographic? appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/debt-infographic/

Retirement / Fixed Income – Case Study

Case Study – Heading into Retirement with Debt on Fixed Income

Intro

Regardless of what age you’re hoping to retire, many Canadians are entering their golden years with higher levels of debt. The percentage of senior families still carrying debt jumped from 27% in 1999 to 42% in 2016. As you move to a fixed income, it gets even harder to get ahead. This case study will examine a couple who retired with $34,000 of consumer debt but were able to file a consumer proposal to bring it down to $10,200 without sacrificing their assets.

Background

When the couple retired in 2010, they had a relatively small amount of consumer debt on their individual credit cards. Together it totalled approximately $10,000. However, the couple were surprised by an unexpected home repair bill shortly after leaving the workforce. They ended up getting a line of credit for the repairs. Unfortunately, the repairs were higher than originally estimated and so they ended up with a balance of $24,000 on their line of credit. When they were still working, they would often work extra hours to pay for unplanned expenses like this. Now on a fixed income, it became hard to make payments towards the line of credit as well as their two credit cards. At the time they reached out to 4 Pillars, they were considering having to return to work. Obviously not ideal!

Our Plan

When the couple came to our office, one of their main priorities was being able to keep their home. They had some equity in the home, but not enough to qualify for refinancing to cover the debt. The couple thought their only option was bankruptcy. However, if they were to file bankruptcy they would end up having to “buy-back” this equity, making their monthly payments far more than they could afford. Instead we discussed the option of them filing a consumer proposal – this would protect their assets while still allowing them to tackle their debt. It took several weeks of collecting and reviewing paperwork, working with a Trustee to file and administer the proposal, and awaiting creditor votes, but we were able to structure a proposal that reduced their debt and brought their monthly payments down to a single payment of $170/month. They had been paying over $300 just in minimum payments before filing! Now instead of continuing to grow the debt with interest, they’re entire payment goes towards the principal.

Results

By avoiding bankruptcy, the couple was able to keep their home and other assets. Instead of endlessly making minimum payments, they were able to pay off their debt in less than 5 years. The extra $130/month they saved in monthly payments was put into an emergency fund so they could be prepared for any other unexpected expenses. Once their proposal is paid off, the couple plans to use the extra cash flow to pay off their mortgage faster, getting them closer to being truly debt-free in their retirement. Additionally, the couple was able to purchase adequate life insurance to ensure that none of their children would be left with the financial burden often experienced when someone passes.

Conclusion

The last thing you want to worry about in retirement is paying off debt. Doing so on a fixed income can become quite difficult and leaves little room for unplanned expenses. No matter what age you plan to retire, it’s critical to eliminate as much debt as possible before that day comes. If you’re looking for a way to deal with debt, reach out to 4 Pillars Halifax. We’ll come up with a plan to get you out of debt that accounts for your goals and the things that are important to you.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Retirement / Fixed Income – Case Study appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/retirement-fixed-income-case-study/

Student Loans – 4 Pillars Case Study

Case Study – Student Loans

The average Canadian graduate’s post-secondary school with $25,000-$30,000 in student debt. That’s already a significant debt load to start your adult life with. This level of debt is above the average Canadian debt load. More and more we are seeing clients still struggling to tackle this debt later into life. In this case study, you’ll see how a 4 Pillars client was able to use a consumer proposal to reduce their debt from $54,000, which included $34,000 in student loans, to a mere $16,200 with an affordable monthly payment.

Background

When the client contacted 4 Pillars, they had a total of $54,000 in consumer debt. The largest share of this was a student loan of $34,000. The rest was a combination of several credit cards with very high-interest rates. The client had been making payments of $200 per month for 8 years towards the student loans but was still years away from paying it off. Meanwhile, the balance on their credit cards kept growing. Making the minimum payments of approximately $100 a month on each card was doing nothing to reduce the principal balance.

As the client had a long-term goal of purchasing a home in the future, we knew they would be better to avoid the long-lasting credit impacts that bankruptcy brings. Providing a plan for credit rebuilding would also be critical.

Our Plan

When meeting with the client to get a clear idea of their situation, we reviewed all available options and were able to come up with a plan for reducing their debt. Together, we determined their best option would likely be a consumer proposal. A consumer proposal would serve to reduce their debt but has less severe credit impacts than a bankruptcy. After some time spent collecting documents, verifying information, and helping them structure a proposal in their best interests, we connected them with a Licensed Insolvency Trustee, to administer the proposal. We walked the client through the whole process start-to-finish to make sure they were always clear about what their options were and what they could expect.

Results

Fortunately, we were able to assist the client in structuring a proposal that was accepted by their creditors. This left them paying back $16,200 over a period of 60 months with a monthly payment of $270. This was much more agreeable than paying back $54,000 with no end in sight. This left them more room in their monthly budget to set aside an emergency fund, save for a down payment and they no longer had to use credit cards for unplanned expenses. Because they were able to avoid bankruptcy, they could begin looking at purchasing a home two years after paying off their proposal.

While participating in the 4 Pillars credit rebuilding process, they were able to ensure all errors on their credit report were corrected, they got the education they needed on how the credit system works and obtained carefully selected credit rebuilding products to begin repairing their damaged credit. They also had the opportunity to learn money management skills that would help guard against future insolvencies.

Conclusion

It can be hard to believe that education can be a poor investment, but student loans can become burdens that weigh you down for decades. If you’re struggling with student loans or any other kind of debt, reach out to Halifax 4 Pillars. A consultation is free, and we’d be happy to take a look at your options with you.

4 Pillars Halifax services Halifax, Dartmouth, Bedford, Sackville and the entirety of HRM.

The post Student Loans – 4 Pillars Case Study appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/student-loans-4-pillars-case-study/

Will debt consolidation affect my security clearance

Will debt consolidation affect my security clearance?

This question is asked by our clients that mainly work for the government. While we cannot answer this question with 100% certainty, we can answer it based upon having assisted several government employees consolidate their debts.

Based on our client’s experience the answer is no. Debt consolidation will not affect your security clearance. Our clients have informed us that their security clearance department brought it up to them when renewing their security clearances or applying for a new security clearance. However, no one had any real issues.

In saying this, our recommendation to our clients is always to check with the department that handles their security clearances.

The post Will debt consolidation affect my security clearance appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/will-debt-consolidation-affect-my-security-clearance/

4 Pillars – Why we should ALWAYS be your first choice

4 Pillars – Why we should ALWAYS be your first debt relief choice

With the marketplace being full of debt professionals and debt relief options it is very difficult to know what option to choose when dealing with debt.

How do you know who to trust? Who works for who? What companies are legitimate? Is this too good to be true?

Obviously we believe we are the best choice in the marketplace when you are looking for a debt professional. Let’s break down why.

We work for you, not your creditors

4 Pillars – This is one of the main advantages that we have. The only individual we work for is our clients, the debtors. We do not, in any way, assist creditors. We are paid by our clients and only our clients. Because of this, we are contractually obligated to assist our clients to help them obtain the best possible outcome for their debt situation. Period.

Competitors – Licensed Insolvency Trustees have a fiduciary duty to creditors and have to ensure that consumer rights are respected. By law, they are supposed to be impartial. Their fees are governed by a Tariff – meaning the more a consumer pays, the more the Trustee makes. Non-profit Credit Counsellors are largely funded by creditor donations and also charge a fee for their service.

Our Position – We believe that it is impossible to represent BOTH the interests of creditors and the debtors. Similarly to how a lawyer cannot represent both sides of a legal matter, we believe that consumers struggling financially deserve their own representation when looking to resolve their debt issues.

Our fees are completely transparent – Always

4 Pillars – Our fees are based upon the complexity of your situation, the services we provide and your affordability. Before you engage our services you will have a clear outline of the services being provided and our fees.

Competitors – We have heard horrendous horror stories from our clients about how they had no idea how much their debt solution provider was paid or how the fees were calculated. Some weren’t even aware there was a fee.

Our Position – We believe that a consumer should be fully aware of all the fees associated with the restructuring process, the services they are receiving, and the services they are not receiving. Transparency is critical. Consumers shouldn’t be confused and overwhelmed by a process that is designed to help resolve stress not cause more.

We help our clients get the best deals

4 Pillars – Because our interests are completely aligned with our clients we will fight tooth and nail to ensure they get the best outcome. We are paid to not just sit back and do nothing. We are paid to assist our clients in structuring the best plan and helping our clients rebuild their financial future in the shortest time possible.

Competitors – Licensed Insolvency Trustees are paid to administer the Bankruptcy and Insolvency Act, because of their duties under the act, they can not advocate solely for the ‘debtor’ to get the best outcome and favour one stakeholder over another. Credit Counsellors only help with debt management programs which are not always the best option when all options are presented.

Our Position – Debt Restructuring is extremely complicated. Most consumers are simply unaware of the process and the options they have. When we are involved we help our clients navigate the complexities of debt restructuring.

We believe our clients have one of the lowest repeat rates in the industry

4 Pillars – Our clients have less than a 3% chance of ever getting into severe financial difficulty again. 97% of our clients successfully complete the debt reduction programs we assist in implementing.

Competitors – The insolvency industry has an estimated 20-25% repeat rate. Meaning about 1 in 4, or 1 in 5 consumers who file bankruptcy or a consumer proposal end up filing again…. within 10 years. Consumer proposals have an estimated failure rate of around 1 in 3.

Our Position – We are in the industry to ensure our clients are set up successfully for the future. The last thing we want is repeat business.

We actually help people rebuild credit and teach financial literacy

4 Pillars – We have a robust 12-month long post-filing aftercare program. This consists of teaching our clients about financial literacy and rebuilding credit. We are accessible to our clients for as long as they need us. We are constantly evolving our programs to provide more value. Aside from this, we spend time teaching financial literacy and budgeting prior to our clients actually restructuring their debt and continue to support them throughout their journey to financial stability.

Competitors – Most only provide 2 mandatory counselling sessions of about 30-45 minutes each.

Our Position – Insolvency is one of lifes greatest teaching moments and adequate time must be spent to maximize this opportunity to improve financial literacy and start credit rebuilding.

Makes sense… Doesn’t it?

Our position is that every single resident of Nova Scotia that is considering a debt solution should come to 4 Pillars for an initial consultation. Our services are not for everyone – but every single person we have a consultation with will leave their appointment more informed of their options. They can then make an informed decision about which option they pursue and who they work with.

So – What do our competitors say about us? We believe it is always important to understand the other side. In no particular order here are the most common competitor complaints:

4 Pillars’ fees are an extra cost – This is an argument that doesn’t really hold any weight. This argument is usually used in two ways:

You can do it yourself. You can buy a house without a realtor, do your taxes without an accountant, represent yourself in many legal matters, build your own house, fix your own electrical issues, or fix your own plumbing problems. Hiring a professional often time means you will get a better outcome than if you do it alone. This is obvious in most other professions but is a very easy one for competitors to attack.
The second way it is used is to insinuate that because you pay a fee to 4 Pillars you have automatically paid more. However, similar to hiring a realtor, an accountant, or a lawyer to help you with legal matters you will often save more than you otherwise would have if you go it alone.

4 Pillars isn’t licensed – Yes, this is correct – 4 Pillars is not licensed to administer the bankruptcy and insolvency act and can not file a consumer proposal or bankruptcy. We do not administer the bankruptcy and insolvency act so we can solely advocate for our clients’ best interest without conflict and help our clients get better outcomes than they would alone.

You don’t need 4 Pillars – While some consumers may have the time to fully understand all debt relief options that are available in Canada, the majority will not. So yes, for those who have do have an in-depth knowledge and have done their research they might not require our services. However, the majority of people will benefit from our services. It is also important to ask – why would competitors say this? Is it because they can potentially make more off of a non-4 Pillars client than a 4 Pillars client?

4 Pillars has no formal complaint process – 4 Pillars has been in business since 2002, has 60+ offices across Canada, and is one of Canada’s largest debt restructuring and financial rehabilitation firms. While every office is independently owned and operated I would challenge any competitor to email our head office to see how quickly they respond to a generic email, let alone a complaint email. While extremely rare (Check out our local reviews, or our national reviews) we handle them promptly. We are also registered with the BBB.

Conclusion

In our opinion, as biased as it is, we believe we are by far the best option to remove the confuse from the debt industry and ensure the impact of debt restructuring is minimized through ongoing education and financial rehabilitation programs. Dealing with debt is incredibly hard the first time, having to do it again is emotionally and financially devastating.

The post 4 Pillars – Why we should ALWAYS be your first choice appeared first on 4 Pillars Halifax.

source https://www.halifaxdebtfreedom.ca/4-pillars-why-we-should-always-be-your-first-choice/