4 Pillars Shares Misconceptions About Debt

Many people treat debt as a taboo topic they don’t want to discuss with anyone outside their spouse or immediate family members. This strategy has caused many misconceptions about debt to circulate that may not show a clear picture of debt consolidation loans in Victoria. 4 Pillars Debt Consolidation is pleased to share the truth behind these misconceptions.

Creditors Can Always Sue You Over Debt

Some individuals fear that their creditors can sue them for the remainder of their debt after getting a debt consolidation loan in Victoria. These programs often result in less money owed. Fortunately, when Canadian citizens go through this debt consolidation process, their creditors no longer have the right to sue them for the remainder of the money owed. Individuals can rest assured that they will never owe more than the amount settled on.

Government Debts Can’t Be Forgiven

Debt owed to the government seems to hang over your head, no matter what you do. While some creditors may give up over time, the government never forgets. The good news is that a debt consolidation loan in Victoria can also help you clear these debts. The Consumer Proposal grants individuals protection from most debt types, allowing them to get relief from the money they owe the government.

Spouses Are Always Responsible for Debt

Sometimes, one spouse will file for a debt consolidation loan in Victoria, while the other doesn’t. Under a Consumer Proposal, an individual can claim all their debt without worrying about whether it will automatically transfer to their spouse unless it is already a joint debt. This rule applies to any debt acquired before the marriage or cohabitation, along with any debts only under one spouse’s name.

If you think a debt consolidation loan in Victoria can help you, contact us to schedule an appointment with our knowledgeable consultants.