FREE Financial Fitness Classes on the second Wednesday of each month from September to June at our 6 locations throughout Alberta.
Repay your debts and receive a rebate on all fees by sucessfully completing the Orderly Payment of Debts program.
Testimonial
"A few months ago, I received a letter from Money Mentors telling me I was finally debt-free. That day, I finally breathed a sigh of relief!"
- Raymond K.
When it comes to debt and money management, people often have a lot of questions. Here are a some of the most common questions we hear:
Frequently Asked Questions
A secured debt is a debt secured by collateral or an asset (something of value). An unsecured debt has no collateral securing it. Securing debt gives the creditor the right to take your collateral or asset if you do not pay back the loan.
All unsecured debts are included in the OPD Program including credit cards, medical bills, disconnected utility bills, taxes, and student loans. Secured debts can be included with the agreement of the creditor.
It’s a really good idea to keep up to date on your credit report. Contact Equifax (website) at 1-800-465-7166 or TransUnion (website) at 1-800-663-9980.
The length of time information stays on your credit report depends on the type of entry it is. Here’s a guideline:
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Inquiries from creditors stay on your credit report for at least 3 years. Getting a copy of your own credit report will not show up to future creditors.
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Debts that go into collections will stay on your credit report for 6 years from the day of the last payment.
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Credit and Banking Information - 6 years from date of last activity
The OPD Program helps you pay your creditors 100%, you get to keep your assets and it remains on your credit report for 2 years after completing the program. Bankruptcy stays on your report for 6 years after discharge.
Yes, because you are not paying your account as originally agreed. However, with a good history of payments in the program, you can get a reference letter to take to new lenders. We also offer education on how to rebuild your credit.
We are always here to help. Once you have become debt-free, our Money Coaches can help you move financially forward with coaching on savings, mortgages, the basics of investing and retirement planning.
We provide:
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Unbiased advice
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A guaranteed 5% interest rate
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Collection calls are eliminated
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All unsecured debts are covered, including Income Tax and Student Loans
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A government approved program
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A choice of in-person or phone counselling
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Fee rebate!
We have free consultations to determine your needs, however, if you have minimal or no debt, you can book a session immediately with one of our Money Coaches to talk about moving forward financially. There is a fee for this service.
If you suffer from any of the following debt symptoms, call us immediately. We can help.
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Trouble making ends meet
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Irritating collection calls
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Increased stress
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Difficulty sleeping
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Strained relationships
The Alberta Government privatized the Orderly Payment of Debts (OPD) Program in 1997 by funding Money Mentors, formerly Credit Counselling Services of Alberta, to administer the program. Within five years Money Mentors was self-sufficient. While we have some fees for services, the OPD program remains the cornerstone of our business. With this program, the majority of our funding comes from a mandatory fee charged to the creditors.
