For Canadians struggling with mounting debt, finding relief can be incredibly challenging. It does not help matters that there are many potential paths to take, and that the language used in the debt relief industry can be more than a little confusing. For instance, what is the difference between debt consultants in Victoria and trustees? Actually, the differences are quite stark.
Debt Consultants in Victoria Work for You
Perhaps the most important difference between debt consultants and trustees is in who each one works for. Ostensibly, both should work for you, since you’re the one hiring them. However, that’s not really the case. Once a trustee is hired, they actually work for your creditors. It is their job to ensure that each creditor receives a fair amount of your money. With debt consultants in Victoria, the goal is to save as much money as possible.
Debt Consultants Offer a Free Initial Debt Analysis
Another reason to consider working with debt consultants in Victoria is that you’re able to benefit from a free, no-hassle debt analysis. This is a vital step forward and will provide the consultant with the information necessary to develop an accurate picture of your unique financial situation. This includes not just your creditors, but also any charge-offs, all sources of income, and other factors that affect your life.
Debt Consultants Focus on Debt Settlement
With a trustee, there are usually two courses of action on the table – filing a consumer proposal or filing bankruptcy. With debt consultants in Victoria, the goal is always the same – debt settlement. Why go the settlement route rather than filing for bankruptcy? There are quite a few reasons, actually.
One of those is that you’re able to arrive at an agreement with your creditors that benefits you, while ensuring that you save as much money as possible. In fact, a common settlement amount is around 20% of the debt owed. So, if you owed $20,000, it might be possible to settle your debt for as little as $4,000. In addition, the repayment would be structured so you could pay it off in installments over time.
As you can see, there are quite a few differences between a trustee and debt consultants in Victoria. If you are struggling with debt, we invite you to schedule your free financial analysis. Call 4 Pillars at 866-690-DEBT (3328) today.
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