I know this may seem like a strange post, because OPD is just an alternative to bankruptcy, something that no one ever wants, but there are many benefits when you file for OPD. OPD stands for Orderly Payment of Debts. What this essentially means is that you are given an extended period of time to pay off whatever debts you have. It will depend on the court ruling, but generally you are given three years to pay off your debts. All of your debts are consolidated into one big amount, which you will pay off with payments done once a month, depending on what you can afford to pay. The biggest benefits of OPD are that you do not have to give up any of your assets, and your property will not be seized during this time. Think of an OPD time frame as a free zone. You will also receive a 5% lower interest rate, and a counsellor to guide you through these three years.

When you are able to make one monthly payment, you will give your money to the Court. From there, the Court will pay your creditors for you. You will not deal with them directly when you file for OPD. This alternative to bankruptcy is only available in Alberta, Saskatchewan, Prince Edward Island and Nova Scotia. The biggest disadvantage to OPD is that your credit score will suffer. People with bad credit in Calgary do have financial institutions available to them for assistance. So, when your credit score falls because OPD, there are opportunities available for you to help raise it.