Orderly Payment of Debts (OPD) is like a consolidation loan but done by order of court. The result is that there is protection from your creditors under OPD (this is called a stay of proceedings) that prevents the majority of your unsecured creditors from dealing directly with you as long as you are up to date on your commitments under the OPD order (i.e. payments). OPD is administered by Credit Counseling Services of Alberta and for further information pertaining to this you are best to contact them directly.
One other major difference to consider is that the OPD has a negative effect on your credit history (i.e. R7 is listed for 3 years from completion) where a consolidation loan can have a positive effect (assuming you are up to date on your loan payments).
.gif){kind=spacer}
1 Comments:
At 9:40 AM,
Barton Goth, GCO Inc. Bankruptcy Trustees said…
One other major difference to consider is that the OPD has a negative effect on your credit history (i.e. R7 is listed for 3 years from completion) where a consolidation loan can have a positive effect (assuming you are up to date on your loan payments).
Post a Comment
<< Bankruptcy Alberta