financial analysis What is Orderly Payment of Debts

What is Orderly Payment of Debts? Randy Kobbert, a Trustee at MNP Ltd., addresses this important question. For a free confidential consultation regarding bankruptcy or other debt help options, please contact your nearest MNP Ltd. Trustee. www.mnpdebt.ca



- Orderly Payment of Debts (or OPD for short) is a debt repayment arrangement in the provinces of Alberta, Saskatchewan, Prince Edward Island and Nova Scotia, administered under the Bankruptcy and Insolvency Act.
- OPD begins with an application to the Court for an Order consolidating your unsecured debts into one monthly payment, with an interest rate of 5% and a payment period of up to 3 years to pay your unsecured creditors in full.
- OPD is legally binding on many types of unsecured creditors, providing that they have consented to be included in the arrangement when they are owed more than $1,000.00. Certain types of debts such as income taxes or business debts are not included, however.
- The OPD process is typically reflected on your credit report as a credit arrangement for 2 years after it’s been completed.
- Orderly Payment of Debts is administered by Provincial Credit Counselors and can be beneficial where you otherwise would be required to pay your creditors in full in a Bankruptcy or Consumer Proposal filing because of your income level or the assets you own.
- However, if you cannot afford the payment requirements and need more flexibility than the OPD guidelines provide, this process may not be best for you.
- For more details about Orderly Payment of Debts and all the options available to you, please visit our website at mnpdebt.ca for the location of a licensed MNP Trustee near you.

financial analysis What is Orderly Payment of Debts
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