I need help

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blue

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Re: I need help
« Reply #15 on: November 04, 2016, 11:15:05 AM »
Thank you! You are the one that let me know about them :)

I also feel like I don't get to know how it will work out until after I've paid 4 Pillars, you know? I don't know, there's a lot of trust required on my part to allow them to ruin my credit, and pay them to do so... all so it "might" work out. It's a tough pill to swallow!


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Jennykk

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Re: I need help
« Reply #16 on: November 04, 2016, 11:29:49 AM »
You're welcome!

I was really scared when I did this proposal. Scared that I'll lose my house, that creditors will garnish my wage, call my boss or call me at work. But all these things didn't happen. I did get annoying collection calls (lots of it) after I stopped paying my credit cards. That was the hardest part. I felt ashamed, guilty and had anxiety attacks whenever my phone rings. It was a painful process.
On the bright side, I'm glad I made the decision. My credit score is really pathetic right now. That's the downside of filing a proposal. So I am working on improving it. It will take time of course. But at least I got that debt load off my back.
I hope you make an informed decision. I wish you luck!
« Last Edit: November 04, 2016, 11:32:43 AM by Jennykk »

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cityfarmgirl88

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Re: I need help
« Reply #17 on: November 04, 2016, 03:18:22 PM »
U said u live in Edmonton area.   Suggest to look up debt relief or trustee in yellow pages. Or website.   Visit 2 or 3. Before u make a decision.  Mnp was my 2nd visit.  I went to bdo  first. When mnp 2nd.  When a trustee and I first met.   Then discussed. I felt comfortable with her. Then I decided to go to mnp   

Yes. I was embarrassed, felt bad. Now. None of that matters to me. I just focus to keep my credit card. Below 1000 a month and pay off every time   And have able to save $ while I couldn't do before   Good luck making a decision which u go to.

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blue

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Re: I need help
« Reply #18 on: November 04, 2016, 03:25:16 PM »
U said u live in Edmonton area.   Suggest to look up debt relief or trustee in yellow pages. Or website.   Visit 2 or 3. Before u make a decision.  Mnp was my 2nd visit.  I went to bdo  first. When mnp 2nd.  When a trustee and I first met.   Then discussed. I felt comfortable with her. Then I decided to go to mnp   

Yes. I was embarrassed, felt bad. Now. None of that matters to me. I just focus to keep my credit card. Below 1000 a month and pay off every time   And have able to save $ while I couldn't do before   Good luck making a decision which u go to.

Thanks!

As far as I understand, going with a place like 4 Pillars, they are more working on my behalf VS a trustee who is working more on behalf of the lenders. So while it might cost a fee to use them, their interest is more for me to get the best result whereas a trustee is paid based on how well they do for the creditors.

Am I understanding that correct?

Thanks!

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NotATrust-E

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Re: I need help
« Reply #19 on: November 05, 2016, 12:03:26 PM »
I know that some of the work that 4Pillars does duplicates work that the trustee would have to do, such as preparation of documents. I also know that they aren't regulated in the same way as trustees are.
 
If your plan is to file a proposal - which only a trustee can do - I'm not sure why going to 4Pillars would be helpful. At the end of the day, the trustee has to sign off on the proposal and decide that it's worth their time.

Does anyone else have experience with the other services that 4Pillars offer?

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blue

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Re: I need help
« Reply #20 on: November 05, 2016, 01:52:58 PM »
I know that some of the work that 4Pillars does duplicates work that the trustee would have to do, such as preparation of documents. I also know that they aren't regulated in the same way as trustees are.
 
If your plan is to file a proposal - which only a trustee can do - I'm not sure why going to 4Pillars would be helpful. At the end of the day, the trustee has to sign off on the proposal and decide that it's worth their time.

Does anyone else have experience with the other services that 4Pillars offer?

How they explained it to me is that a trustee is paid based on getting more for the creditors. Whereas 4Pillars is not getting paid that way, they are an advisor working on my behalf, and they don't have the vested interest in getting more for the creditors. They are like a consultant who can advise in my best interest based on their experience and knowledge. Their interest is in doing well for me so they can maintain a good reputation for their services.

That is my understanding.

Thanks

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Jennykk

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Re: I need help
« Reply #21 on: November 16, 2016, 03:08:59 PM »
I know that some of the work that 4Pillars does duplicates work that the trustee would have to do, such as preparation of documents. I also know that they aren't regulated in the same way as trustees are.
 
If your plan is to file a proposal - which only a trustee can do - I'm not sure why going to 4Pillars would be helpful. At the end of the day, the trustee has to sign off on the proposal and decide that it's worth their time.

Does anyone else have experience with the other services that 4Pillars offer?

Just finished my first credit counselling and credit rebuilding session. For the credit rebuilding options, they offer secured and unsecured credit cards - home trust and affirm. They also have gic loans, income protection and life, disability insurance. All financial products will report to the bureaus.

Since I already got the capital one cc, I declined the cc. But I signed up for the gic loan.

Now, had I known that going directly to the trustee is something i should've done before, I would of course have done so. Having more options is a lot better, hands down.

But I already did what I did. The most important part of the process is that my proposal is approved and I'm starting to rebuilt my credit.


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Wetcoaster

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Re: I need help
« Reply #22 on: November 16, 2016, 06:44:58 PM »
   4Pillars charges a fee and work in your interests compared to a Trustee.  You have to decide if their fee is worth it or not.  In our case the fee was well worth it as I saw 2 Trustees.

 One said bankruptcy was the only option and the other said they might get a CP at $1400-1500 a month for 60 months.  4Pillars got a CP for $860 a month for 60 months and a 25% discount for early pay out.

But each case is different...... but in our case their fee was well worth it as we kept our house....both vehicles and all our assets and RRSP's.

 

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