Orderly Payment of Debts (OPD) in Edmonton, Alberta
The Orderly Payment of Debts (OPD) in Edmonton, Alberta is, as an alternative to bankruptcy, offered under the Bankruptcy and Insolvency Act to help you get your debts back on track. OPD is a bit like a consumer proposal, as it gives you an extended time over which you can repay your debts but, unlike a consumer proposal, you cannot freeze the interest or negotiate a reduction to the principle.
Some of the advantages of Orderly Payment of Debts include the following:
- Protection from some legal actions
- Assistance from a counselor
- Payment plan based on your ability to pay
- Creditors are contacted on your behalf
- Interest rate reduction of 5%
- You repay your debts in full at the reduced interest rate
- Budgeting and credit workshops are available free of charge
- Learn how to rebuild a good credit rating
- One convenient monthly payment
If you are considering Orderly Payment of Debts, or if you would like to know more about how ODP works, please send your questions by email to our Bankruptcy Edmonton team, or contact our Edmonton bankruptcy trustees for a free of charge consultation.
