Orderly Payment of Debts (OPD) is another one of popular alternatives to bankruptcy in Calgary, Alberta. Our practice shows that many of Calgary residents confronted with having to choose between a number of available debt management solutions have opted for Orderly Payment of Debts.
In essence, OPDs are similar to consumer proposals - you will have an extended amount of time to repay your debts; However, they differ from proposals in that you cannot freeze the interest or negotiate a reduction to the principle.
Advantages of Orderly Payment of Debt
There are a number of advantages Orderly Payment of Debts offers. Some of them follow:
Protection from legal actions
Assistance from a counsellor
Payment plan is based on your ability to pay
Creditors are contacted on your behalf
Interest rate reduction of 5%
Debts are paid back in full at a reduced interest rate
Budgeting and credit workshops are available free of charge
If you think Orderly Payment of Debts sounds like the right option for you, please contact our bankruptcy trustees in Calgary immediately and arrange for a free consultation. We will review your situation and help you determine the best possible solution.
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