A smiling father smiling with his kids, representing hope and financial recovery after paying off $60K in payday loan debt through Alberta’s Orderly Payment of Debts (OPD) program.

How the Orderly Payment of Debts Alberta Helped This Father Pay Off $60K in Payday Loan Debt

Trevor, a hardworking father from Alberta, got caught in a payday loan cycle that quickly became a $60,000 disaster. Even though he worked two jobs, he struggled with managing his money. Payday loans seemed like an easy fix, but they only made things worse. Every time he borrowed, he ended up owing even more, and soon, the debt felt impossible to escape.

When Debt Took Over and Life Fell Apart

The stress of high-interest loans, unpaid tax debt to the Canada Revenue Agency (CRA), and nonstop bills pushed Trevor to his limit. Things got even worse when he lost his apartment because he couldn’t afford rent, adding another $2,400 to his debt. Around the same time, his father passed away, and he lost his job. With everything falling apart at once, Trevor realized he couldn’t fix his finances on his own.

How Money Mentors and the Orderly Payment of Debts Program Changed Everything

Desperate for help, Trevor searched online and found Money Mentors. He met with a counsellor named Dolores, who gave him free credit advice and helped him make a plan. Trevor joined the Orderly Payment of Debts (OPD) program in Alberta, a government-approved debt solution that helps people avoid bankruptcy. This program combined all his debts into one monthly payment with a fixed 5% interest rate, much lower than the sky-high payday loan rates.

“My first meeting was great. I left feeling relaxed, not judged. It was one of the few times where I felt like I have a handle on this debt!” – Trevor

The Debt Repayment Plan That Finally Got Him Ahead

While looking for a new job, Trevor’s creditors agreed to lower his payments to just $90 a month. This gave him some breathing room. Once he found full-time work, things started to change. For the first time in years, he got a tax refund from the CRA. Determined to get out of debt, Trevor put every extra dollar — including his tax refunds and credits — toward paying off his OPD balance. Slowly but surely, he worked his way to financial freedom.

Becoming Debt-Free and Planning for a Better Future

Trevor made his final OPD payment and finally became debt-free. He paid off his payday loans and cleared his tax debt. Now, instead of worrying about debt, he’s focusing on saving for a house for his family. One lesson from his first credit counselling session stuck with him: Always think about how many hours you have to work to pay for something. He now uses this advice to make smarter money decisions and even teaches his kids about financial responsibility.

How to Escape Payday Loan Debt and Take Control of Your Finances

Payday loans often trap people in endless debt, making it harder to get ahead. The Orderly Payment of Debts (OPD) program in Alberta offers a way out by helping with debt consolidation and setting up a structured repayment plan. OPD benefits include:

One easy monthly payment
Lower interest rates (5%)
Legal protection from collection calls and wage garnishment

If you’re struggling with debt, Money Mentors is here to help. Speak with an accredited financial counsellor to explore your options and start your journey to financial freedom.