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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Difference between OPD and consumer proposal

Is there a difference between an orderly payment of debt, and a consumer proposal, or is that the same thing?

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One Response to “Difference between OPD and consumer proposal”

Barton Goth, Goth & Company Inc. said...

Yes there is a difference, OPD is a mechanism that allows you to pay your debts in full plus 5% interest, where a consumer proposal is method that allows you to negotiate repayment terms that often allow for someone to pay less that the full amount of the debt.
You must be cautions when considering OPD as there are relatively few circumstances where filing under OPD is preferential to filing the proposal. For more information on this you can review the following blog entry, When does OPD make sense and discuss this issue with a licensed trustee in your area.