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4 Pillars Stories

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Burnaby, Coquitlam, New Westminister

4 Pillars

My name is Peter Temple.    We help people out of debt by providing debt consolidation and debt re-structuring services resulting in low debt settlements for my clients throughout Burnaby.

Being in debt is a very scary experience and has likely caused you many sleepless nights and stress within your family. Making the minimum payments each month is disheartening when you see that the amount owing is not going down due to interest being added back on again!

Your first step to get out of debt should be to research your options thoroughly and ignore the advertising hype from some of the less respectable companies out there making unrealistic promises.

Ignorance and fear stops many people from either taking any action to get out of debt or causes them to make a hasty decision which they regret later on. Make sure it is not you! Do Your Research.

 

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Helping Families

Finding Peace of Mind

Peter, our consultant at our Tricities office based in Burnaby.   When meeting with him, he will take time to first explain to you what ALL your options are and he will make sure that your questions are answered simply and clearly.

Our goal is for you to to feel confident that you are fully informed and able to make a decision that best suits your situation and long term goals. You may or may not require Peter’s assistance depending on which option you choose to get out of debt.   Either way he will always be available to answer your questions so that you can make the correct decision.

To date Peter has assisted over 500 families in Burnaby and the Tricities with debt consolidation plans to set them on a path of long term financial recovery.  Many of these families are still in touch with him today for advice on budgeting, credit building, financial planning or even just for a casual chat. 

PROUD SPONSOR OF

To Your Health

Our Pledge

We recognize the stress that comes with being in debt can have a negative impact on the emotional well-being of our clients.

The mental health of individuals living with debt has become a concern for the health and financial services sectors. At 4 Pillars, we support programs that benefit mental health in our community.

4 Pillars Burnaby will donate $50 from every client fee to the Mental Health and Substance Use Program at Burnaby hospital. We know that good mental health is key to your financial recovery.

 

4 Pillars was established in 2002 and now has 50 offices across Canada. We have assisted thousands of Canadians to get out of debt and last year we restructured over $2 million of consumer debt in Burnaby alone.

With a population of approximately 290,000 in Burnaby and New Westminster, 4 Pillars recognizes there is large diversity of nationalities and ethnic groups needing help in our community and we are respectful of their traditions and beliefs. We take time with every client to ensure that they fully understand the processes and procedures involved in debt restructuring and will recommend a translator when necessary.

We believe in maintaining long term relationships with our clients and we are always available to assist with financial challenges. Our offices are local to the community they serve, thus making us easily accessible for face-to-face meetings when required.

WHAT GOOD PEOPLE ARE SAYING

Testimonials
  • Peter at 4 Pillars helped us figure out what we were spending too much on and gave us a plan to get out of hour hole. Without his help, we would not be where we are today. We are growing and we are making wiser decisions.

    Shaun - Burnaby
    Associate
  • 4 years ago, I was revolving credit to pay of credit cards. It was not a good cycle. I was close to $30,000 in debt. With Peter’s help, we found the best solution for me and my family. We were able to rebuild our credit and have doable payments with his solution. He knew exactly what were needing and educated us about debt and how to rebuild our credit. Thank you.

    Ewan
  • Peter’s approach was so level headed. He gave us options and also explained our rights as a consumer and business owner. We found out what bankruptcy would do to us and gave us another alternative and plan. The debt industry does not tell you all your options and we are thankful for 4 Pillars Burnaby, Coquitlam, New Westminster for being there for us.

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MOST ASKED QUESTIONS

What debts can you help with?

We can assist with most debts including but not limited to:
Credit cards
Lines of credit
Personal loans
Student loans
Payday loans
Phone bills
Debts in collection
Taxes

We do not deal with secured loans such as car loans and mortgages.

Will filing a consumer proposal affect my credit?

Yes, any debt restructuring which involves forgiving some of the debt which is owed or paying back at a lower interest rate than agreed will affect your credit. We have one of the most comprehensive credit rebuilding services in Canada which will help you rebuild your score. You should also remember that your credit worthiness also depends on your debt to earnings ratio and therefore you must also have a low debt level compared to your income if you are to qualify for new credit. So, your action plan to become creditworthy must include two things: 1 Reduction of debt 2 Building of credit score

What is a consumer proposal?

A consumer proposal is the alternative to bankruptcy for those who wish to avoid bankruptcy and attempt to pay back some of which is owed. A consumer proposal is an offer to pay your creditors a portion of what is owed as full and final settlement of the full debt, paid over a period of up to 5 years at zero percent interest rate. When a consumer proposal is filed the debtor is legally protected from his or her creditors.

What is difference between a consumer proposal and bankruptcy?

If a debtor files for bankruptcy all their assets (subject to exemptions) are assigned to a licensed insolvency trustee who will liquidate them and distribute the proceeds to the creditors. The ongoing monthly payments in a bankruptcy are based on the debtor`s monthly income which is constantly monitored. If a consumer proposal is filed all the debtor`s assets are protected from the creditors and the agreed monthly payments are based on the debtor`s financial status at the time of filing with no ongoing monitoring.

For further information on this topic:

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WATCH VIDEO

What is the difference between 4 Pillars and a Bankruptcy Trustee (Licensed Insolvency Trustee)?

A Licensed Insolvency Trustee (LIT) is an officer of the court with a duty to act impartially and represent the interests of both the creditors and the debtor. He cannot be an advocate for the debtor. In fact, the more he recovers for the creditors the more he is paid which some say is a conflict of interest. 4 Pillars is an advocate for the person in debt and only represents their interests with the objective of achieving the lowest possible settlement for our clients. 4 Pillars also has a client for life program with a focus on aftercare once the debts have been restructured. This aftercare comprises the delivery of credit rebuilding, budgeting and financial literacy programs to ensure a robust long-term financial recovery. Clients can contact us anytime after their proposal has passed for help and there is no time limit.

Do you charge a fee?

For some options we do charge a fee which is rolled into any payment plans we quote to you. Any fees will be explained to you at our free consultation.

Why would banks settle for less?

If you are really struggling with your debts the banks realise that you may be considering the option of bankruptcy in which case, they may receive next to nothing. When an offer is made to pay more than what they would receive in a bankruptcy they are usually happy to negotiate.

Will I still be able to purchase a house?

Any process which involves forgiving some of the amount owing to a financial institution will affect your credit, but the good news is that your credit may be rebuilt thus enabling you to qualify for a mortgage. Bear in mind that the banks will also consider your debt to earnings ratio when you apply for a mortgage and you must therefore reduce your debts to an acceptable level. We can assist you with this. It is also necessary to place a down payment for a house and in order to save for this you must first gain control of your high interest debts.

How do I stop the creditors chasing me?

If you send this letter to the creditors, they must stop calling you and can only contact you in writing. If a creditor continues to harass you after receiving this letter please contact us and we will advise you of the steps to take.