Frequently Asked Questions
When it comes to debt and money management, people often have a lot of questions. Here are a some of the most common questions we hear:
- Unbiased advice and information
- A fixed 5% interest rate
- Legal protection from creditors
- Collection calls are eliminated
- All unsecured debts are covered, including Income Tax and Student Loans
- A government approved program
- A choice of in-person, telephone or Skype credit counselling appointments
The Orderly Payment of Debts (OPD) program allows Alberta residents to consolidate all unsecured debts into one affordable payment with a fixed interest rate of 5% regardless of credit rating. The OPD program is available to all residents of Alberta with a current Alberta address at the time of application.
- Credit cards
- Personal loans
- 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
- Arrears for existing services (including utilities and rent)
- Corporate taxes and/or GST for a current business
- Court-ordered payments such as spousal or child support
- Secured loans such as car loans/leases or mortgages
- Debts incurred as a result of fraud
No, because the Orderly Payment of Debts (OPD) program is covered under federal legislation, ALL unsecured debts are consolidated into one program.
Hence, debts from companies such as Bell and Virgin are mandated to be included in the program.
- Inquiries from creditors stay on your credit report for at least 3 years. Getting a copy of your own credit report will not show up to future creditors.
- Debts that go into collections will stay on your credit report for 6 years from the day of the last payment.
- Trouble making ends meet
- Irritating collection calls
- Increased stress
- Difficulty sleeping
- Strained relationships