About
Important information
- Additional Info:Money Mentors is a not-for-profit consumer debt counselling service that offers a number of debt repayment options. It is the only organization in Alberta legislated to provide the Orderly Payment of Debts (OPD) program. Under the OPD program, Money Mentors makes an application to the court on your behalf for a consolidation order. This order will allow you to make payments, which Money Mentors will distribute pro rata to your unsecured creditors. A consolidation order protects you from some legal actions. The interest rate is reduced to five per cent. Payment schedules are based on your ability to pay. Most secured (such as property mortgages or car loans) cannot go on OPD. If you choose to go on the program, you can maintain secured credit payments outside of the OPD program, but you cannot get any new credit. If you default while on OPD, the court will make an order permitting all registered creditors to proceed independently to enforce their claims. They do not have to sue you to proceed with legal action to collect the debt.
Overview
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