The Role Of 4 Pillars In A Consumer Proposal

In Canada, a Consumer Proposal is managed by a LIT or Licensed Insolvency Trustee. Our 4 Pillars debt consultants are not LITs, and they do not manage your Consumer Proposal.

However, our team of professionals can provide insight and education to consumers as to their debt relief options. This includes having a discussion about a Consumer Proposal and if it is the right option for your financial situation.

The Basics of a Consumer Proposal

A Consumer Proposal is used to structure repayment to creditors for unsecured debt. This is typically debt on credit cards or for other types of loans where an asset is not involved. As the debt addressed in the Consumer Proposal is not secured debt, there is no loss of assets in the process. The individual will keep their home, vehicle, or other types of assets and pay back creditors for the unsecured debt.

For those with the ability to pay back debt, this is a possible debt relief option. The 4 Pillars debt consultant can review your income and debt and help you to determine if this is possible given your current financial situation.

The Next Steps

After meeting with a 4 Pillars debt consultant and choosing a Consumer Proposal as the debt relief option, the LIT takes over the process, and our team is no longer involved. The LIT will file the proposal and work with the creditors, who will either accept or reject the Consumer Proposal.

To consider your options, including a Consumer Proposal, schedule a free consultation with one of our debt consultants.