Dealing with debt can feel overwhelming, but organizations like Money Mentors offer much-needed relief, especially for residents of Alberta. Founded in 1997, Money Mentors is a non-profit organization that specializes in credit counseling, debt management, and financial education. It is also the exclusive provider of the Alberta Orderly Payment of Debts (OPD) program—a government-legislated debt repayment solution designed to help Albertans consolidate their unsecured debts into one manageable payment.
A Brief Overview
Money Mentors has been helping Albertans achieve financial stability for over 25 years. While many debt relief services focus on short-term fixes, Money Mentors prioritizes long-term financial well-being by equipping clients with the skills they need to manage money more effectively.
Some more details:
Official Name: Money Mentors
Website: https://www.moneymentors.ca
Founded in: 1997
Phone Number: 1 (888) 294-0076
BBB Rating: A+
Headquarters: 140, 109 Quarry Park Blvd SE, Calgary, AB, T2C 5E7
What Makes Money Mentors Stand Out?
- Non-Profit Status
One of the most compelling reasons to consider Money Mentors is their status as a non-profit organization. Unlike for-profit debt relief companies that may prioritize their bottom line, Money Mentors is genuinely invested in helping people become financially stable. Their services are either free or come with minimal fees, ensuring that clients don’t incur additional costs while trying to get out of debt. - Exclusive OPD Provider
Money Mentors is the only organization authorized to offer the Orderly Payment of Debts (OPD) program in Alberta. This federally-legislated program allows clients to consolidate all unsecured debts into one payment at a fixed 5% interest rate—one of the lowest in the industry. The OPD program covers everything from credit card debt and personal loans to student loans and unpaid income taxes, offering a clear pathway to becoming debt-free in five years or less. - Comprehensive Financial Services
Besides debt relief, Money Mentors also offers a wide range of financial services designed to empower clients. Their free financial education courses cover topics such as budgeting, saving, and retirement planning. Clients can also take advantage of money coaching, where a certified debt counselor helps them build a personalized plan to tackle debt and plan for the future. - In-Person and Virtual Appointments
Money Mentors provides flexibility for its clients by offering both in-person appointments at various locations across Alberta (including Calgary, Edmonton, Lethbridge, and Red Deer) and virtual appointments via phone or video call. This flexibility ensures that all Albertans, regardless of location, have access to their services.
Services Offered by Money Mentors
Let’s break down some of the key services offered:
- Debt Consolidation
Money Mentors helps clients consolidate their debts into a single monthly payment, reducing the stress of managing multiple creditors. This can also lower the interest rates on outstanding balances, making debt more manageable. Although many believe that bankruptcy is the only way out, debt consolidation provides an alternative solution for those looking to avoid the negative impact of bankruptcy on their credit score. - Orderly Payment of Debts (OPD) Program
The OPD program allows clients to repay their debts at a 5% interest rate while protecting their assets. Once enrolled in the program, collection calls and wage garnishments stop, providing immediate relief from creditor pressure. Over 5 years, clients make fixed monthly payments until all debts are paid in full. - Free Credit Counseling
Money Mentors offers free, unbiased credit counseling sessions to anyone in Alberta. These sessions are designed to assess the client’s financial situation and develop a strategy to tackle their debt. Whether you’re struggling with credit card debt or student loans, Money Mentors’ counselors will walk you through your options and help you build a plan that works for you. - Financial Education and Money Coaching
Financial literacy is a core component of Money Mentors’ mission. They offer free courses and workshops covering everything from money management and budgeting to retirement planning. For those looking for personalized guidance, their money coaching service provides one-on-one sessions with a certified debt counselor to help develop a custom action plan.
The Pros and Cons of Money Mentors
Pros
- Non-profit status ensures clients aren’t hit with unnecessary fees.
- Comprehensive services including debt consolidation, financial education, and credit counseling.
- Exclusive OPD provider in Alberta, offering a unique, government-legislated solution to debt.
- Flexible appointments available in person or via phone/video call.
Cons
- Limited availability: Money Mentors is currently only available to Alberta residents.
- OPD program length: The program can take up to five years to complete, which might not suit those looking for a quicker solution.
Frequently Asked Questions (FAQs)
- Why Money Mentors?
Money Mentors is the only Alberta-based, non-profit credit counseling agency. They offer free credit counseling, financial assessment services, and money coaching. - What is the Orderly Payment of Debts (OPD) program?
The OPD program is a debt consolidation solution that allows Alberta residents to combine all unsecured debts into one affordable monthly payment with a fixed 5% interest rate. - What debts can be consolidated under the OPD program?
The OPD program covers unsecured debts, such as credit cards, personal loans, overdrafts, lines of credit, student loans, payday loans, and unpaid income taxes. - What debts are not covered under the OPD program?
Certain debts like court-ordered payments (e.g., child support), corporate taxes, secured loans (e.g., mortgages), and debts incurred through fraud are not eligible for consolidation under the OPD program. - How does the OPD program affect my credit?
Debts covered under the OPD program are reflected as an R7 on your credit report during repayment and remain for two years after completion. This status signifies that your debts are being paid through a debt consolidation order. - Do collection calls stop under the OPD program?
Yes. Once enrolled in the OPD program, all collection calls must stop, and creditors can no longer take legal action to recover debts. - How long does it take to complete the OPD program?
The OPD program is designed to help clients become debt-free in five years or less, depending on their financial situation and monthly payments. - Does Money Mentors charge any upfront fees?
No, there are no upfront fees for credit counseling or enrollment in the OPD program.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
