We help to reduce your debt by up to 80% and get you back on track. Up to 97% of families successfully complete the plans we create and become debt free.
From East Hill, Mission Hill, Harwood and Okanagan Landing to Coldstream, Armstrong, Enderby and Lumby, and south to Penticton, Summerland, Oliver and Osoyoos, Okanagan households are dealing with high housing costs, seasonal paycheques and fixed retirement incomes. When debt starts to take over, 4 Pillars helps Vernon and South Okanagan residents understand every option and choose a plan that fits.
Your first consultation is free and confidential, and you can start by phone or video.
We hear from staff at Vernon Jubilee Hospital and Penticton Regional Hospital, Okanagan College students, orchard, vineyard and winery workers, people whose hours depend on Silver Star, Apex or the summer lake season, tradespeople, and retirees stretching a pension in Penticton or Summerland. When work slows down or costs go up, credit cards and lines of credit often fill the gap. We start with your real numbers for the whole year, including the quiet months, then explain which options fit, from a tighter budget and money coaching and a debt management plan to a formal solution through a Licensed Insolvency Trustee. See all of our services.
If you can manage a regular payment all year, including the off-season, but can’t repay your unsecured debts in full, a consumer proposal is often the first formal option to compare. You offer creditors part of what you owe over up to five years, with no interest, and you generally keep your assets. Only a Licensed Insolvency Trustee can file it, and your creditors vote on it. 4 Pillars is not a trustee. We help you prepare and connect you with one. How a consumer proposal works.
Bankruptcy may be the more realistic route if your income is limited and you have little to protect. Only a Licensed Insolvency Trustee can file it, and B.C. law decides which assets you keep. If you have RRSPs or a pension, a trustee will explain how they’re treated. We’ll go through what bankruptcy would mean for you before you meet one. Learn about bankruptcy.
With good credit, a consolidation loan can combine several payments into one, but it doesn’t reduce what you owe. Borrowing against your home, including a reverse mortgage or home equity line of credit, moves unsecured debt onto your property, so compare options for homeowners first. Once your debt is under control, we help with credit rebuilding.
Elsewhere in the B.C. Interior? See our Kelowna and Kamloops pages.
You have more than one option. Your pension, savings and any home equity all affect which one fits. We’ll compare a budget plan, a debt management plan and a consumer proposal with you before you decide anything, and a trustee can confirm how your pension and savings would be treated.
A consumer proposal usually has a set monthly payment, so it needs to work in your leanest months too. We’ll build a budget around your full year before you decide whether a proposal is realistic.
It depends on what they’re worth and what you still owe on them. In a consumer proposal you generally keep your assets, but your offer to creditors has to reflect any equity you have. In a bankruptcy, assets above B.C.’s exemption limits can be sold. If you’re still making loan payments on them, keeping them depends on keeping up those payments.
No. Call 250-410-3963 or use the form on this page to book your free consultation by phone or video.
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