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Case Study: Kitchener Resident Faces Bankruptcy

By Scott Patton

In 2014, I met a Kitchener resident who was facing such terrible financial difficulties that they were considering filing a bankruptcy through a trustee.

The individual was highly educated but had recently become unemployed after buying a new home. She also had an older unreliable vehicle that was costing more to fix than what it was worth even though it still had an outstanding loan of $14,000 on it.

The First Meeting

At our first meeting in my Kitchener office there was a lot of fear, stress, and even a bit of skepticism as I discussed all of their options.

We discussed how there were going to be lots of decisions made over the next couple of months.  We would start the process by looking at their budget to make sure that the right solution would be structured based on their ability to pay.

During this first meeting, I explained how we could avoid bankruptcy, keep their home, buy a newer vehicle, and save them a lot of money in the process.

We discussed the plan in detail and showed them exactly how we would work through the debt problems, learn about credit rebuilding, and provide them with the tools to live a better life.

By the end of the meeting they thought it sounded too good to be true. We hear this a lot at the end of our initial meetings but I told them it was early on and to let me know how they felt at the end of the plan.

We always work for the benefit of our clients and everything we do is about making sure they have a successful outcome.

During the Consulting Process

The first few weeks were spent gathering all of the necessary financial details, documentation, and discussing and reviewing their budget. Once we had a realistic budget we realized that the plan developed would work, and it was time to put the plan in motion.

Part of the debt restructuring plan was making a one-time payment of $8,000 towards their $40,000 of credit card debt, loans, CRA debt, overdrafts and line of credit.  The $8,000 was borrowed through our consolidation loan – an exclusive lender through 4 Pillars – that was approved within 48 hours of the application. No other company in Canada can offer such an amazing loan product.

The other financial concern was the aging vehicle and the current cost of repairs. We discussed the client’s situation with a local car dealer and we got them approved for a brand new vehicle. They had a reliable vehicle for those cold winter days – without the endless repairs – and included the old vehicle loan as part of their debt restructuring plan through the consumer proposal.

With their financial situation stabilized, the budgeting in place, and the consolidation loan approved it was now time to have them file their consumer proposal with a local Trustee in Bankruptcy.  The offer was presented to their creditors and at the 45-day mark (creditors are given 45 days to vote yes or no to a consumer proposal) the proposal was accepted.

The client signed the loan documents but because they were still unemployed asked for a bit more to cushion any unexpected emergencies in their budget. Within a week of the consumer proposal being accepted by the creditors the consumer proposal was paid in full and the remaining borrowed money was forwarded to their bank account.

The Final Outcome

Soon we met to discuss the next steps in their plan that included credit rebuilding and strategies to stabilize their financial situation.  With all of their debt problems fixed and being stress-free, she soon found an amazing job and began rebuilding her credit. This all happened in a matter of just 4 months!

When I asked the client what they thought of the restructuring plan here is what they said:

Hi Scott,

I wanted to take a moment to thank you and 4 Pillars for helping me through a very difficult time. With your expertise and compassion for my situation, we were able to achieve the best possible plan for my debt restructuring. To say that this is life-altering would be an understatement.

We were able to tailor-make my solution, rather than “box it into” a conventional plan that wouldn’t guarantee my personal success at all. This experience has been a very positive one, despite the circumstances, and I must also thank you for doing what you said you would do. It also was incredible that I was able to reach out and contact you when questions would crop up.

I can now face each day knowing that everything has been taken care of and that there is a time defined “light at the end of the tunnel”. How comforting is that! I would highly recommend you Scott and 4 Pillars for helping me successfully win the debt battle! It’s a battle I could never win alone…

Warmest regards and with sincere appreciation…Rhonda

My client was ecstatic and the 4 Pillars debt restructuring plan turned around their life. They no longer thought that it was too good to be true and never realized how much of a difference it would make in their life.  To be honest, we were just doing our job.

Contact 4 Pillars Kitchener office to see how we can tailor debt restructuring plans to solve your financial problems.

Scott Patton

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