There is no quick way out of debt. But there is a way. The Alberta Orderly Payment of Debts program has helped thousands of Albertans become debt free in five years or less.
Pretty much all Albertans have some debt. But when some debt becomes too much debt, it can be difficult to imagine how you will pay it all off. Money Mentors offers a unique debt consolidation repayment plan called the Orderly Payment of Debts (OPD) program. If you qualify for the OPD program you benefit from a fixed interest rate and can rest easy knowing that you will pay off all your debt within 5 years.
What our clients have to say
Ron H.
1730748085
Money Mentors rescued me from a debt problem I could never seem to overcome. After years of best intentions, trying to be responsible, borrowing from one source to pay another, and then losing my job, it became impossible to just get by another month. The stress and anxiety were bringing me down, and worse, bringing my wife down with me. I feared it would feel like defeat, and an embarrassment, to reach out for help, but I could not have been more wrong.I reached out to Money Mentors. We met with Alexander Martin who guided us through our options and setting up my OPD program. Alex was fantastic – empathetic, patient, kind, informative and thorough. For the first time in years it felt like there was light at the end of the tunnel. The strain and stress on our immediate lives changed almost overnight.It has taken some time, but the debt is now cleared. My responsibilities to creditors have been met, which was important to me personally. My wife and I communicate better about finances and budgeting. Now I’m working on gradually restoring my credit record to good standing, with a clear plan and timeline in place to accomplish that.I can’t imagine getting here without the incredible help of Money Mentors, we’re very grateful.Thank you, Alex!
Jennifer E.
1712853272
I was drowning in debt—there was so much of it. The calls from creditors didn't stop. My bank was no help.I contacted Money Mentors to inquire about the OPD program and their advice. I was prepared to dedicate myself to clearing my debts. I was ready to cut up my credit cards. My counselor and I worked through some homework before we created my payback schedule. Since I was determined to pay off this personal debt on my own, I made large monthly payments. The phone calls from creditors stopped, which was a relief.Despite some difficult months, I am debt free after 56 months! It has not sunk in yet. My perspective has changed from one of spending and worrying about it later to one of saving and planning. Though I still worry about going back into debt, I can always turn to the Money Mentors website for helpful guidance.
Susobhan S.
1700768997
We had a life changing experience with Money Mentor ! My wife and I had a loan of almost $100,000 almost 6 years ago. Our lives were suffocating, sometime taking one loan to pay another. I used to work in the University of Calgary, and one day somebody gave me a brochure of Money Mentor and told me about it. We signed up for the OPD program with Stacey Townsend, our Counsellor Lead. Believe it or not, we were able to pay the loan with the help of Stacey of Money Mentor. Stacey was amazing, a very nice and pleasing personality person. Each and every step she guided us over last 6 years. She addressed any of our questions or queries with e-mail thoroughly, and by phone as and when it was necessary. Thank you Stacey. Some people told us that we we're never going to get credit cards or loan or mortgage in future if we go to this program. They were wrong. We were able to get the unsecured credit cards from bank right after we finished the program. We have qualified for the loan and mortgage as well. Money Mentor,s OPD program is great - it indeed gave us a new life ! No question about it. We are grateful to Money Mentor and of course Stacey. I would highly recommend to anyone who are going through hard times. Again thank you Money Mentor and thank you stacey. It is a great organization.
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What is the Orderly Payment of Debts (OPD) program?
The established Orderly Payment of Debts (OPD) program is a debt consolidation program legislated under the federal Bankruptcy & Insolvency Act (BIA) and monitored by the Province of Alberta. Designed to be flexible, it can be tailored to any Albertan’s busy lifestyle and life circumstances. It is the stress-free way to consolidate all your debts into one easy payment plan, making life more manageable. Based in Alberta, Money Mentors is a non-profit organization and the exclusive provider of the OPD program.
FREE OPD Assessment: How much will your payments be?
This is an estimate only. For more information on the Orderly Payment of Debts, including answers to common questions about the OPD program, check our FAQ page or call 1-888-294-0076.
How Cheryl Created a Debt-Free Future for Her Family
What is the difference between the OPD program and bankruptcy?
If you’re having trouble paying your debts and are considering an insolvency program like bankruptcy, we can help. As a positive alternative to bankruptcy or a Consumer Proposal, Alberta residents are eligible for the Orderly Payment of Debts (OPD) program through Money Mentors to pay back your creditors fully. This program combines your unsecured debts into just one monthly payment, at a fixed 5% interest rate. Even better, you get to keep your assets, and it only stays on your credit report for two years after program completion.
Benefits of debt consolidation through the OPD program:
- No start-up fees
- Fixed 5% interest rate
- Federally legislated
- Protection against creditor action
- Collection calls stop
- Wage garnishments stop
- All unsecured debts are consolidated into one program
- Access to a debt counsellor for added guidance and support every step of the way
- Clients improve money management skills by enrolling into FREE financial seminars and courses
Debts covered under the OPD program:
- Credit cards
- Personal loans
- Overdrafts
- Lines of credit
- Unsecured loans
- Utility and cell phone bills for discontinued services
- Student loans
- Payday loans
- Income tax and over-payment of social services
- Term loans
Debt relief options and resources
Everyone’s debt situation is different, which means every client needs a unique and customized approach. Our credit counsellors have access to a wealth of additional resources, so clients can get the assistance they really need.
- Trustees: Our counsellors can explain the process, effects and costs of bankruptcy and Consumer Proposal options. To find a trustee near you, visit the website for the Office of the Superintendent of Bankruptcy or search via Google or Yellow Pages.
- Legal services: Pro Bono law, legal aid and other resources are available
- Service Alberta: Offers tip sheets and other resources
- Community services: Food banks, Family and Community Support Services (FCSS)
Our debt counsellors will explore debt relief options with you and provide information so you can confidently tackle your debts in the best possible way. To speak to someone on our Client Services team about the OPD program, please give us a call at 1-888-294-0076 or email us.
Success Stories
Thousands of Albertans just like you have struggled with debt. Here are their stories.
Read MoreHow Cheryl Created a Debt-Free Future for Her Family
Alberta couple, Cheryl and her husband, were facing a harsh financial reality: with over $30,000 in consumer debt from four credit cards and one line of credit, making the monthly minimum payments had become nearly impossible. The weight of their debt was taking a toll on their lives and their relationship. “My husband didn’t realize […]
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Life is all about those curveballs, but for Ryan, the ones thrown his way severely impacted his life in ways he didn’t expect. After being continuously chased by creditors and seeing no end in sight to his debt, Ryan was faced with another obstacle: homelessness. “I became homeless for a month, sleeping in my car […]
How David Paid Off $36,000 of Debt to Regain Financial Freedom
David showed up at Money Mentors with a staggering $36,000 of debt weighing down on him every day. He heard about Money Mentors from a colleague and made an appointment to see his new credit counsellor the very next day. David spent a few minutes talking about his experience with Money Mentors, and the fear […]
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