Once you get too deeply into debt, digging yourself out can be an insurmountable task. When these problems arise, many people fall victim to common misconceptions about options for debt relief strategies. Here are three common beliefs from your debt consultants at 4 Pillars in Victoria that you need to be aware of.
1. Bankruptcy is a Quick and Easy Solution to Your Financial Woes
You may hear stories about people with huge debts that file bankruptcy and just walk away. Everything is fine, and they live happily ever after. However, it’s simply not true. In fact, it’s a lot harder than most people think to qualify for this financial strategy. If you own a lot of assets and make a good living, you might not be able to file for bankruptcy protection. That’s why debt consultants like 4 Pillars in Victoria often recommend a more feasible strategy called consumer proposal.
2. You Have to Pay Off All Your Debts
When you take out a loan, it becomes a viable commodity on the market. In fact, loans and home mortgages are sold to investors and financial institutions all the time. So, your debts are not yours to do with as you please, as long as they remain unpaid. Yet, this is to your advantage. Many companies are willing to take a loss just to get rid of debts and clear them off the books, so you may only need to pay off a percentage of debts.
3. When Your Down on Your Luck, You’re On Your Own
You don’t have to go it alone when creditors are harassing you and calling all the time. Professional debt consultants like 4 Pillars in Victoria can help you find the perfect solution to your problems. It costs nothing for a consultation, and you might be closer to finding debt relief than you think.
When you need the facts on debt consolidation or relief, come to 4 Pillars Consulting Group in Victoria.To find out about a free consultation on your debt situation, visit us online now at https://www.4pillars.ca/.
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.
