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Since 2002, 4 Pillars has been educating and advocating for consumers to help them resolve financial crises and rebuild their financial future.

4 Pillars has helped consumers find solutions to successfully resolve billions of dollars of unmanageable debt for over 50,000 consumers across Canada.

On average, our consumers have been able to find solutions to  eliminate 80 percent of their debt.

With 4 Pillars, we review and educate consumers on all the options available to deal with debt and remove financial stress and provide programs to improve their creditworthiness.

4 Pillars advocates for the debtor—not the creditor. We’re one of the only companies in the industry with this approach of educating debtors on all options for resolving financial crises so they can make informed decisions.

Our services focus on providing programs and support to put debtors back on track and recover from financial challenges, help them rebuild their credit, and give them the tools to effectively manage their finances.

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Every review is verified by Trustpilot, ensuring all reviews are genuine and accurate. If you’re interested in 4 Pillars, we have offices coast to coast all across Canada. www.4pillars.ca/locations

OPTION #1: DEBTOR ADVOCACY SERVICES

The final category of debt relief companies in Canada is debt advocacy services.

In Canada, every debtor has the right to have a dedicated representative who looks out solely for their interests. 

A debtor advocate works within the debtor’s best interests and assists them in resolving their debt issues; educates the debtor and offers the debtor tools to help them achieve financial stability.

A debtor advocate will review all the options available to deal with overwhelming debt, this will include options other than a DMP or consumer proposal/bankruptcy and when required will help the debtors implement their chosen debt solution by working closely with other companies in the industry. 

A debtor advocate can provide additional services after the resolution of debt to help create long-term financial stability and improve overall financial literacy to help ensure you do not face financial challenges in the future, these services include financial literacy education, budgeting and money management, credit report analysis, and credit rebuilding.

A reputable debtor advocate should never charge a fee for debt advice and should be a member of the Canadian Debtors Association. 

Now you understand each category everyone falls into, here’s the list of best debt relief companies in Canada.

OPTION #2: LICENSED INSOLVENCY TRUSTEES (LITS)

A Licensed Insolvency Trustee (LIT) is a person licensed by the Superintendent of Bankruptcy in Canada to administer proposals and bankruptcies and manage assets held in trust.

The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor’s rights and the creditor’s rights are respected.

Technically, any Licensed Insolvency trustee in a province can help file for bankruptcy. All bankruptcy trustees in Canada are licensed by the Federal Government.

So basically, a LIT is the only person that can file a bankruptcy or consumer proposal which are both viable options to deal with unmanageable debt. 

LITs are an officer of the court and have a duty to both the debtors and their creditors. 

Here are some of the debt relief companies in the LIT category.

A Farber

Pierre Roy & Associés

Sands & Associates

MSI Spergel

David Sklar & Associates Inc.

Jean Fortin & Associés

Fontaine & Associates

OPTION #3: NON-PROFIT CREDIT COUNSELLING COMPANIES

Let’s start with the first type of debt relief company you get debt advice from. These are non-profit counselling services.

Credit counselling services are provided in Canada by non-profit organizations and credit counselling businesses to help persons who are experiencing financial difficulties. 

An assigned credit counsellor will address your financial situation as it relates to your income, expenditures, and debts. They will work with you to create a sound budget based on your income and expenses. 

They’ll help you comprehend your financial responsibilities and educate you on basic money management. 

Based on your financial assessment and debt review, the credit counsellor could recommend a Debt Management Plan (DMP). 

If you move forward with a DMP, they will speak with your creditors on your behalf to reduce interest rates and consolidate all your debts into a single monthly payment to the credit counselling agency.

Credit counselling does not reduce your overall debt in Canada and does not include all debts such as CRA, so instead, you may want to consider a consumer proposal or another option. 

Credit counselling in Canada is listed as an R7 on your credit record. This means it is damaging to your credit.

Credit counselling businesses typically receive funding from creditors, which might present a conflict of interest

The most well-known debt relief company in this category in Canada is called Consolidated Credit. You can find their locations in many Canadian cities.