Orderly Payment of Debts
Orderly Payment of Debts (OPD) works best for people who can still afford to pay their debts in full, but have trouble managing finances due to other issues such as high-interest rates or short-term payment requirements (for example, a payday loan). Here’s how an OPD works:
An application to the court is made to fix the amount of your debts and stop interest from accruing.
Arrangements are made for monthly payments over a term up to 3 years, which includes administration fees equalling 5 percent of the debt. This is much lower than rates charged by many creditors and allows you to pay off debt quickly – without pressure from your creditors.
The program in Alberta is run by Money Mentors, a not-for-profit organization. For more information, check out their website here. https://moneymentors.ca/