The Orderly Payment of Debt (OPD) program is also known as a debt consolidation order where the court grants an order to consolidate all of your unsecured debt. Money Mentors administers the OPD program in the Province of Alberta. You make one single monthly payment to Money Mentors who in turn distributes the money pro rata to all of your unsecured creditors.
Under the OPD program, you pay your unsecured creditors in full, plus 5% interest. There is an income qualification requirement based on your total unsecured debt that must be met to gain acceptance into the program.
This program is best suited for individuals with a low amount of unsecured debt who have secure employment with a consistent monthly income stream and are in arrears or will soon be in arrears with payments to the unsecured creditors, thereby requiring protection from collection and legal action by the creditors.
Call Faber Inc. today to learn more about the OPD program and to discuss other debt restructuring plans that are right for you.