Debt can get heavy fast, especially when credit cards, payday loans, lines of credit, tax debt, and collection calls start piling up at the same time. As someone who has reviewed Canadian financial products and debt relief options for more than two decades, I always pay close attention to non-profit organizations that offer practical help without pushing people into more borrowing. That is where Money Mentors stands out for Alberta residents.
Money Mentors is an Alberta-based non-profit credit counselling organization founded in 1997. It offers credit counselling, financial education, money coaching, debt repayment help, and access to Alberta’s Orderly Payment of Debts program, often called OPD. In plain English, OPD can help eligible Albertans combine unsecured debts into one monthly payment with a fixed 5% interest rate.
Not Sure Which Debt Option Fits Your Situation?
Before choosing credit counselling, debt consolidation, a consumer proposal, or bankruptcy, it helps to understand where you stand. Our free debt relief quiz can help you compare possible options based on your debt level, income, and situation.
Money Mentors Review: Quick Summary
If you live in Alberta and want a structured way to repay debt without filing bankruptcy or a consumer proposal, Money Mentors is worth looking at. I especially like that it is a non-profit and that the OPD program is not just a generic debt consolidation pitch. It is a specific repayment program with legal structure behind it.
| Company | Money Mentors |
| Best For | Alberta residents who want non-profit credit counselling or a structured debt repayment option |
| Founded | 1997 |
| Main Program | Orderly Payment of Debts, also known as OPD |
| OPD Interest Rate | Fixed 5% interest rate for eligible unsecured debts |
| Location | Alberta, including Calgary and Edmonton offices, with phone and virtual support |
| BBB Rating | ★★★★★ A+ on the Calgary BBB profile at the time of review |
| Website | moneymentors.ca |
What Is Money Mentors?
Money Mentors is a non-profit credit counselling agency serving Albertans. Its services include free credit counselling, money coaching, financial education, debt repayment support, and the Orderly Payment of Debts program. Unlike a lender, Money Mentors is not there to give you another loan. That matters because many people dealing with high-interest debt are already overextended and do not need one more monthly payment stacked on top of the old ones.
From my perspective, this is the biggest reason Money Mentors deserves a serious look. If you are in Alberta and your debt is still repayable, but the interest and collection pressure are becoming unmanageable, OPD may be a cleaner option than trying to juggle more credit. It can also be a useful alternative to explore before looking at a consumer proposal in Canada or speaking with a Licensed Insolvency Trustee.
How the Orderly Payment of Debts Program Works in Alberta
The Orderly Payment of Debts program is a legal debt repayment program available in Alberta. The program is connected to Canada’s Orderly Payment of Debts Regulations, and Money Mentors is the organization most Albertans associate with accessing OPD.
If you qualify, your eligible unsecured debts are combined into one payment. Instead of dealing with several creditors, different due dates, and high interest rates, you make one scheduled payment through the program. The interest rate is fixed at 5%, and the goal is to repay the included debts in five years or less.
OPD May Help With Debts Like:
- Credit card balances
- Unsecured personal loans
- Payday loans
- Lines of credit
- Overdrafts
- Some tax debts
- Some student loan debts, depending on the situation
That said, OPD is not magic. You are generally repaying the full included debt amount, plus the 5% interest. If your debt is far beyond what your income can realistically support, you may need to compare OPD with other options like a consumer proposal, bankruptcy, or a formal debt management plan. I would also suggest reading our guide on debt consolidation vs. consumer proposal in Canada if you are trying to understand the bigger picture.
Money Mentors Services
Money Mentors is best known for OPD, but that is not the only thing it offers. The organization also provides several services that may help people before they reach the point of needing a formal debt program.
Credit Counselling
Free counselling sessions can help you understand your debt, income, budget, repayment options, and next steps.
OPD Program
Eligible Albertans may be able to combine unsecured debts into one payment at a fixed 5% interest rate.
Money Coaching
One-on-one coaching can help you build better budgeting, saving, and debt repayment habits.
Financial Education
Money Mentors offers workshops and resources on budgeting, credit, saving, and financial planning.
Who Money Mentors Is Best For
Money Mentors is probably most useful if you live in Alberta and you want a structured repayment plan without taking out another consolidation loan. In my experience reviewing debt products, that distinction is important. A loan can help if the rate is lower and the payment is manageable, but it can make things worse if you keep using credit cards afterward.
Money Mentors may be a good fit if:
- You live in Alberta.
- You have unsecured debts you still want to repay.
- You are dealing with high interest rates.
- You want help from a non-profit credit counselling organization.
- You want to avoid bankruptcy if possible.
- You need a clearer plan than minimum payments.
- You live in Calgary, Edmonton, Red Deer, Lethbridge, Medicine Hat, Grande Prairie, St. Albert, Airdrie, Fort McMurray, or another Alberta community and want local debt help.
If your biggest issue is high-interest credit card debt, you may also want to read our guide on credit card debt in Canada. The earlier you deal with credit card debt, the more options you usually have.
Who Should Compare Other Debt Relief Options?
Money Mentors is not necessarily the best solution for everyone. If you do not live in Alberta, OPD may not be available to you. If your income is unstable or your debt is too large to repay in full, you may need to look at other routes.
Compare Your Options If:
- You cannot afford a realistic monthly repayment plan.
- Your creditors are already taking legal action.
- You owe more than you can repay in five years.
- You are considering bankruptcy or a consumer proposal.
- You live outside Alberta and need a national debt relief option.
The Financial Consumer Agency of Canada also recommends comparing your options and understanding how credit counselling and debt management plans work before committing to a path. That is good advice. When debt feels urgent, it is easy to jump at the first solution that sounds promising. A bit of comparison can save you from choosing the wrong option.
Outside Alberta or Want to Compare Debt Relief Options?
If Money Mentors is not available to you, or you want to compare another Canadian debt counselling option, Consolidated Credit Canada may be worth reviewing. This can be especially relevant for readers outside Alberta.
Money Mentors Pros and Cons
👍 Pros
- Non-profit organization focused on Alberta residents.
- Access to the Orderly Payment of Debts program.
- Fixed 5% interest rate on eligible OPD debts.
- Free credit counselling is available.
- Can help stop collection calls on debts included in OPD.
- Useful financial education and money coaching resources.
- Good fit for people who want to repay their debts instead of filing bankruptcy.
👎 Cons
- OPD is mainly relevant to Alberta residents.
- You generally repay the full included debt amount, plus 5% interest.
- It may not be enough if your income cannot support the payment.
- The repayment period can take up to five years.
- It may affect your credit while you are in the program.
- Not the same as a consumer proposal, bankruptcy, or debt settlement.
Money Mentors vs. Other Debt Relief Options
One thing I would improve in many debt relief articles online is the comparison. People do not just want to know what one organization does. They want to know whether it is the right path compared to the other options sitting in front of them.
| Option | Best For | Main Trade-Off |
|---|---|---|
| Money Mentors OPD | Alberta residents who can repay their eligible debts in full over time | You still repay the included debt, plus 5% interest |
| Debt Consolidation Loan | People with enough credit/income to qualify for a lower-rate loan | Can backfire if you keep using your credit cards |
| Consumer Proposal | People who cannot repay everything but want to avoid bankruptcy | Formal insolvency process that affects credit |
| Bankruptcy | Severe debt situations where repayment is no longer realistic | Serious credit and financial consequences |
| Credit Counselling | People who need budgeting help, creditor support, or a debt management plan | May not reduce the principal owed |
If you are earlier in the process and still trying to avoid formal insolvency, our guide to bankruptcy alternatives in Canada is also worth reading. If you are already missing payments and worried about your credit file, our article on R7 credit ratings can help explain what some repayment arrangements may mean on a credit report.
Is Money Mentors Legit?
Yes, Money Mentors appears to be a legitimate Alberta non-profit organization. It has been operating for decades, is widely associated with Alberta’s OPD program, and has a BBB profile. At the time I reviewed it, the Calgary BBB profile showed an A+ rating, while another BBB profile for Edmonton showed accreditation but did not display the same rating. Because ratings can change, I always suggest checking current third-party profiles yourself before making a final decision.
That said, legitimacy does not automatically mean it is the best solution for every debt situation. The real question is whether OPD, counselling, coaching, or another route fits your income, debt level, province, and long-term goals.
High Debt Burden? Do Not Just Add Another Loan
If your debt payments are already eating up too much of your income, taking on another loan may only delay the problem. Compare your options first, especially if you are choosing between debt consolidation, credit counselling, a consumer proposal, or bankruptcy.
My Verdict: Should Albertans Consider Money Mentors?
For Alberta residents, I think Money Mentors is absolutely worth considering, especially if you want a non-profit starting point and you are trying to repay your debt in a structured way. The OPD program is the main reason this review is different from a typical credit counselling review. A fixed 5% interest rate can be meaningful when the alternative is carrying credit card or payday loan debt at much higher rates.
My main caution is this: do not choose OPD just because it sounds safer than bankruptcy or a consumer proposal. It may be safer for some people, but only if the payment is realistic. If the numbers do not work, you should compare other options instead of forcing yourself into a plan you cannot maintain.
Overall, Money Mentors is a strong option for Albertans who want non-profit debt help, free credit counselling, and access to the OPD program. For Canadians outside Alberta, or for people who need to compare broader debt relief programs, it makes sense to look at national options as well.
Money Mentors FAQ
Is Money Mentors legit?
Yes. Money Mentors is a legitimate Alberta-based non-profit organization that offers credit counselling, financial education, money coaching, and access to the Orderly Payment of Debts program.
What is the Orderly Payment of Debts program?
The Orderly Payment of Debts program, or OPD, is a structured debt repayment program available in Alberta. Eligible unsecured debts can be combined into one monthly payment at a fixed 5% interest rate.
Is Money Mentors only available in Alberta?
Money Mentors primarily serves Alberta residents. If you live outside Alberta, you may need to compare other Canadian credit counselling, debt management, consumer proposal, or debt relief options.
Does OPD reduce the amount of debt I owe?
Usually, OPD is designed to help you repay your included debts in full with a fixed 5% interest rate. If you need to settle debt for less than the full balance, you may need to compare other options such as a consumer proposal.
What debts can be included in OPD?
OPD may include many unsecured debts, such as credit cards, unsecured personal loans, payday loans, lines of credit, overdrafts, and some tax or student loan debts. Eligibility depends on the details of your situation.
Does Money Mentors charge upfront fees?
Money Mentors offers free credit counselling. If you enter a formal program, make sure you ask for a clear explanation of any fees, payment structure, and program obligations before signing anything.
Will OPD stop collection calls?
OPD may help stop collection activity on debts included in the program. However, you should confirm exactly which debts are covered and what protections apply before enrolling.
How does OPD affect my credit?
An OPD arrangement can affect your credit report while you are repaying your debts. Before enrolling, ask Money Mentors how the program may be reported and how long it may remain on your credit file.
Is Money Mentors better than a consumer proposal?
Not always. Money Mentors and OPD may be better if you can afford to repay your debts in full over time. A consumer proposal may be more suitable if you cannot realistically repay everything. It depends on your income, debt level, assets, and long-term goals.
Should I use Money Mentors if I live in Calgary or Edmonton?
If you live in Calgary, Edmonton, or elsewhere in Alberta, Money Mentors is worth considering because it offers Alberta-specific debt help and access to OPD. Still, it is smart to compare your options before committing to any debt program.
Compare Your Debt Relief Options Before You Decide
Money Mentors may be a strong choice for Alberta residents, but it is not the only option. If you are overwhelmed by debt, compare your choices before taking on another loan or committing to a repayment plan.
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.
