If you are looking for a company to assist you with overwhelming debt, then 4 Pillars has THREE compelling reasons why choosing 4 Pillars is your best choice.
4 Pillars is one of Canada’s largest independent debt restructuring companies. There are reasons why Canadians choose 4 Pillars when looking to consolidate their debt.
4 Pillars is one of the most awarded debt restructuring companies in Canada. We have worked hard to build excellent programs to assist consumers struggling with debt. More importantly, our dedication to customer service and excellence is unparalleled.
We know you have choices. We also know it can hard to know who to trust, especially when you are feeling vulnerable and unsure of what to do or what happens next. This is why we have put together this industry comparison chart to help you.
| 4 Pillars Counsulting | Credit Counsellors | Bankruptcy Trustee (LIT – Licensed Insolvency Trustee)* | |
| Only represent you, the consumer | Yes | No | No |
| Advocates for you to obtain the lowest repayment terms | Yes | No | No |
| Personalized education and credit rebuilding programs | Yes | Depends on the agency | No |
| Act as your exclusive advocate and debt consultant | Yes | No | No, prohibited by law |
| Comprehensive review all debt options | Yes | No | No |
| Statutory Duty to or funded by the creditors* | No | Yes | Yes |
* An officer of the court is a Licensed Insolvency Trustee who is the only person who can legally file a Bankruptcy or Consumer
Proposal
Understanding the Canadian Insolvency System and the role each party plays in the process is imperative for Debtors.
Knowing the specific services of debt solution providers is key in helping Debtors to choose the best kind of assistance for themselves. The chart below provides some insight about these services.
| Who | Role | How are they paid |
| Bankruptcy Trustee also known as an LIT, Licensed Insolvency Trustee | Officer of the Court,legally allowed to administer insolvency procedures regulated under the Bankruptcy and Insolvency Act (BIA). Statutory duty is to the creditors and the administration to the BIA. Prohibited from acting as an “advocate” for Debtors. Do not focus on obtaining the best possible consumer proposal results for Debtors. |
Fees in a consumer proposal
|
| Intermediary, known as a Debt Consultant and Debtor Advocate | Reviews all options and potential solutions available to manage debt. Advocates for the best possible outcome of the Debtor’s chosen debt solution and help s to implement that solution. Provides comprehensive financial rehabilitation programs that educate and improve the financial literacy of Debtors. Credit rebuilding and credit education helps reduce negative impacts for credit ratings. Access to a large network of Licensed Insolvency Trustees (LIT) who administer consumer proposal or bankruptcy under the BIA. |
Fees and services fully explained and outlined in a service agreement. The Debtor pays a flat fee for the services that they select. |
| Non-Profit Credit Counsellor | Most credit counselling agencies offer free educational materials, workshops and initial counselling sessions. Also offer debt management programs/plans, known as DMPs, as a structured way to assist the Debtor to repay their debt to creditors. Repayment is 100% of the debt. Creditors give agencies a percentage of the DMP payments in the form of donations/contributions. This percentage ranges from zero to 10% or 15% and banking institutions typically donate up to 22%. |
Debtors typically pay a monthly fee equal to 10% of the monthly payments made to the Debtor’s creditors, up to a maximum of $75 per month. |
