An OPD is also referred to as a Consolidation Order and is an Order from either the Court of the Queen's Bench (Alberta) or Her Majesty's Court of the Queen's Bench (Saskatchewan). This program is available in Alberta, Saskatchewan, Prince Edward Island and Nova Scotia.
Under an OPD, the court will consolidate your loans and you will pay an administrator (Money Mentors of Alberta is an example of an administrator) who will pay your unsecured creditors on your behalf at an interest rate of 5% per annum within four years. The term can be extended for longer periods but this may damage your credit rating more than a bankruptcy. An OPD protects you against garnishments and allows you to keep your assets such as your home and car.
Learn more: www.moneymentors.ca 1.888.294.0076
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