Options In Dealing With Creditors

It sounds to me like you have the income to be able to pay off your debts, just need to consolidate them. Your options to do this in Alberta would be:     - bank consolidation loan     - Orderly Payment of Debt program (OPD)     - Proposal The OPD program is an option to consolidate all of your debts, with a 5% interest rate + a monthly administration fee, over a period of 3 years.  Unless the creditors will agree to a longer period of time.  We quite regularly see 4 year programs.  And sometimes 5 or 10 years if there are student loan debts involved. The proposal option would be if you are only able to pay a portion of your debt, usually over a period of time.  For example, I can offer my creditors 50% on the dollar with a monthly payment of $x over a period of 4 years.  You can use a maximum of five years on this program, assuming your debt (excluding a house mortgage) is less than $250,000. Bankruptcy is another option to deal with these creditors in cases where the above options don't work or aren't the right ones for you. If you would like to talk about the specifics of your creditors, please contact one of our counsellors in your area or myself below.  Our counsellors can be found on our website athttp://www.mnpdebt.ca/en/contact/Pages/default.aspx Donna Carson, CGA, CIRP, Trustee 1.877.500.0792   donna.carson@mnp.ca