4Pillars in Guelph – Tips from Ted

by Ted Michalos on January 31, 2012

Yesterday I received this month’s coupon booklet in my mailbox – I usually leaf through it quickly just see if there are any great deals to be found and low and behold, on page 5, there’s an ad promising to reduce my debt by up to 75%! What a great deal.

Or is it?

The ad is for a company called 4Pillars Personal Debt Restucturing and it reads pretty well – reduce your debt, protect your assets, avoid bankruptcy, low payments and 0% interest. I think the “The Procedure” that the ad is selling you (that they don’t mention by name) is something called a consumer proposal.

What the ad doesn’t tell you is that 4Pillars is not licenced by the government to file consumer proposals. To file a consumer proposal you MUST deal directly with a trustee in bankruptcy.

So what’s their angle? They offer a “free no obligation consultation” so presumably they’ll tell you right away that to file a consumer proposal you need to see as trustee and send you on your way. (That’s what they do with people that need to file bankruptcy, or so I have been told by people that have contacted them).

Nope. After your first free session you’ll sign an agreement and pay them a fee. These fees run into the hundreds and even thousands of dollars. Only after you’ve paid your fee will you be sent to a trustee to actually deal with your debts.

So what’s wrong with that?

Well, you can save the fee by speaking directly to a trustee. There are no upfront fees.

It’s your choice, but before you sign any deal, before you pay 4Pillars any fees, give us a call. We’ll review your situation and your options for free. If after you’ve spoken to us you still think 4Pillars is the way to go then go back to them. It will cost you a few minutes of your time to talk to us, but it will save you hundreds or even thousands of dollars in useless fees…

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