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LET’S DISCUSS DEBT RESTRUCTURING

By Geordie Montgomery

LET’S DISCUSS DEBT RESTRUCTURING

You’ve stretched your credit cards to the absolute limit, you’ve borrowed money time and again to pay off bill after bill, and perhaps you’ve gone to the wall on a line of credit. In short your household debt is completely out of your control.

Your money is in charge of you, not the other way around.

The phone calls from creditors are coming in non-stop at home, and maybe at the office and debt collectors won’t leave you alone. Your envelopes of unopened bill payments pile up because you know you can’t even afford to make the minimum payments.

You have finally decided that you’re fed up with the non-stop, unrelenting debt spiraling in your face.

IT’S TIME TO FACE YOUR DEBT CRISIS It’s time to sit down and talk with Geordie Montgomery your 4 Pillars Quinte Area debt consultant about your debt crisis. Debt restructuring in most situations is an easy solution for your complex issue of household or small business debt.

Geordie will help you solve the debt crisis plaguing your everyday life, help relieve the stress of the situation and get you on the road to a fresh start.

Debt restructuring allows you to dramatically reduce the amount of money you owe to your creditors, rebuild your credit through a comprehensive plan, and save you an eye-popping amount of money, which will allow you to recapture fiscal sanity in your life.

Debt restructuring allows you to create a plan that suits your personal situation.

WHAT ABOUT A CONSUMER PROPOSAL?

If a consumer proposal is carefully planned and structured, you may be able to reduce the total amount of money you owe your creditors by a very significant amount. If your creditors vote to accept your proposal – and it only takes those creditors who hold at least 51 per cent of your debt to say yes to accept your proposal – you have restructured your debt in a way that will truly change your life. And a consumer proposal also offers you legal protection from your creditors.

A consumer proposal is a provision under the Bankruptcy and Insolvency Act. You may have heard of bankruptcy trustees before, and likely heard them advertise that only they can file a consumer proposal or bankruptcy, but did you know that the trustee’s role is to represent the financial interests of your creditors? And did you know you are also entitled to your own professional representation. 4 Pillars represents you the debtor to ensure your needs are understood and met, and in turn levels the playing field in an industry that can be heavily biased towards the needs of the creditors.

When 4 Pillars represents a consumer filing a proposal, the client can reduce their debt by up to 80%, even better the new amount is paid back interest and penalty free. You also have the option of paying off your proposal early without having to pay any penalties or fees. If you earn extra income while paying off your proposal you do not have to pay more to your creditors. Calls from collection agencies and letters from bill collectors stop once your proposal is filed. Most wage garnishments also end immediately too.

You will make interest free monthly payments on your proposal over a number of months in an easy, convenient, and affordable manner that allows you to get back on a solid financial footing. You can also begin the process of credit rebuilding once your proposal has been accepted.

You shouldn’t be paying huge and unaffordable massive high-interest credit-card and loan payments that you may never pay off. There is a better way to deal with your debt and Geordie your 4 Pillars Quinte Area debt consultant can provide you with the proper advice today.
WHAT ABOUT CONSIDERING BANKRUPTCY?

Sometimes your debt is simply overwhelming. It has reached the point where it is completely unmanageable and a consumer proposal may not be your best option. In that particular case, bankruptcy, usually seen as a last resort, may be the best and most appropriate step for you to take.

Geordie will work with you through the process to help you rebuild financially and will provide budgeting and credit rebuilding services so you are not vulnerable to future financial challenges.

WHAT IS INVOLVED IN BANKRUPTCY?

Most people who are “In Bankruptcy” are in for a term of 21 months, but can be in bankruptcy for as short a time as nine months. Second-time bankrupts can be in bankruptcy for a longer period, between 24-36 months.

With both the consumer proposal and the bankruptcy most wage garnishments stop right away and collection agencies will no longer call or contact you. In addition, interest stops accumulating on your debt. You can also begin the process of rebuilding your credit.

You are also required to provide full disclosure of all your assets, liabilities, income and expenses. This means that you cannot pick and choose the debts you include. In most cases you cannot include student loans that are less than seven years since the last date of study and cannot include secured debts like mortgage and car loans unless you’re willing to give up the asset that the lender holds as security. You are usually allowed to keep certain assets like RRSPs.

Geordie Montgomery your 4 Pillars Quinte Area debt consultant can help you restructure your debt and find the financial freedom that you need. Call today for your free consultation (613) 827-4041 or email geordiecm@4pillars.ca


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