If you're worried about the impact debt restructuring is going to have on your credit rating and you are considering a major credit purchase in the next 3-5 years and concerned you will not qualify or only qualify at high interest rates due to having gone through restructuring, stop worrying as solutions are available.
Certain circumstances require the ability to accelerate the credit rebuilding process and the credit acceleration loan program in conjunction with 4 Pillars personalized credit rebuilding program may be the solution. The credit acceleration loan is available through 4 Pillars partnership with an independent third party lender - The Phoenix Fund.
Through the credit acceleration loan program, you borrow the funds required to pay of a consumer proposal or another form of debt restructuring strategy. By paying off your consumer proposal it will immediately report as fully satisfied, allow you to correct trade reporting errors and making your regular loan repayments to the Phoenix Fund and entering the 4 Pillars credit rebuilding program, you quickly begin building back your credit rating. Within just 24 months you can achieve a 650+ credit score.
Paying out an interest free consumer proposal with an interest bearing loan is something that needs to be carefully considered to ensure the benefits of accelerated credit rebuilding outweigh the additional costs. Please contact your local 4 Pillars office to review your short and long term credit needs and determine if this is the right option for you.