Debt Solutions are Available to You, Don’t Get Bogged Down By Debt

David was a 25-year-old honors student fresh out of University with an accounting degree, starting a brand-new job in Muskoka. David was successfully able to get a mortgage loan and begin living on his own on a beautiful lakefront property.

David loved his life. His amazing GPA helped him get his dream job and everything was going great for him. He had a plan to pay off his student loan debt and his mortgage loan, while living and working in Muskoka, but a year after moving into his new home some unexpected events took place.

One day during the winter when driving into town for work, he lost control of his car and was hit by another launching him off of the road. The accident totalled his car and sent him to the hospital for three months while he recovered from the wreck.

David’s recovery in the hospital meant that he was absent from work for three months and because of this his mortgage and student loans began to stack up at an alarming rate due to lack of payments. With no car to drive, David had no way of getting into town for work which meant he had no income to help him pay for anything which began his downward spiral. Eventually he began to receive notices in the mail and was forced to move out of his home.

David moved in with his parents because they lived in town closer to where he worked and he began trying to pay off his debts once he began working again. By that point his debts were racking up and were beginning to make him feel very overwhelmed. He began to wonder if he would ever be able to successfully pay off his debts and he began to question why he was even trying any more. The stress of having such a large amount of debt began to take effect on him and he began to give up on everything.

While talking to one of his co-workers one day at work, he opened up about his debt and how he was struggling to pay off everything since the accident. He told his co-worker that he didn’t know what to do and that he was on the edge of giving up on everything.  His co-worker suggested to him that he try getting in touch with 4 Pillars Consulting Group and told David that they could help him recover from his current financial situation and regain control of his life again.

David got in contact with his local 4 Pillars Muskoka branch the very next day and soon after that, they began helping him layout a plan to pay off his debts, they helped David realize that he was not alone in his current financial situation and with some hard work helped him get a better grasp on his debt and how he could become free of it.

4 Pillars Muskoka can help you with a variety of different services, including professional financial consultation, debt restructuring, budget evaluation for your family or individual needs, as well as asset protection and refinancing recommendations. Once you’re out of debt we continue to work with you in order to ensure that you maintain your financial situation and avoid falling back into debt again. If you or someone you know is suffering from debt and are interested in learning more on how to escape it, give 4 Pillars Muskoka a call and let us walk you through the process of rebuilding and reclaiming your debt.

Debt Consolidation- What is it?

Debt consolidation is a form of debt relief often used to avoid failing to pay interest on an existing debt. It is commonly used by people in order to pay off loans or eliminate their own credit card debt. The act of debt consolidation usually requires the debtor to take out a new loan in order to help pay off a previously existing loan. Essentially, debt consolidation allows for someone to pay off multiple different debts at a time, by shifting them into one debt for them to focus on. Taking multiple different debts and shifting them all into one main focus can help the debtor relieve some stress by not having to worry about multiple companies coming after them for money owed.

Close the Books on Older Debts

Sudbury debt consolidation can benefit the debtor in many ways, which is what makes it such an appealing option for both the individuals and businesses that use it. One of the main advantages of debt consolidation is that doing so can help you close the books on older debts. Being able to pay off your current debts gives you a better reputation and lets other creditors know that you are able to pay off your debts in the event of you needing a financial loan again. Debt consolidation also allows you to reassess and organize your financial planning by moving multiple loans with interest rates that vary, into one main payment that you can put your attention into.

Avoid Bankruptcy

Being able to consolidate your debt allows you to gain better control of your finances, which can then help you avoid bankruptcy. Most people use bankruptcy as a tactic to prevent collectors from coming after them about debt owed. Filing for bankruptcy can ruin your credit score and stay with you for up to nine years after your initial filing. The effects of bankruptcy include the possible loss of your property and other personal possessions.

Bankruptcy can also ruin your chances of getting jobs in the future as well as obtaining a mortgage loan. In other words, filing for bankruptcy can be a ripple effect that ends with you in an even worse financial position than you were in originally. By consolidating your debt, you can avoid having to deal with bankruptcy and make progress in the direction of improving and stabilizing your current financial situation, instead of digging yourself into a deeper hole.

If you’re suffering from debt and are interested in learning more about how debt consolidation works in Canada, give 4 Pillars Sudbury a call and let us walk you through the process of consolidation and reclaiming your debt. We can help you with a variety of different debt management services, including professional financial consultation, debt consolidation, budget evaluation for your family or individual needs, as well as asset protection and refinancing recommendations.