When you work with a trusted advisor to design a consumer proposal there are several factors that are looked at to determine the length of the payments.

While some consumers have the ability to use funds to pay out their creditors in a lump sum, most need to make payments over time to satisfy their proposal. A consumer proposal cannot last longer than five years, but it is not uncommon to have payments set over a period of three or four years.

Factors that determine this can include the security of a person’s income, the consumer’s age or health, the amount of the total debt load and the consumer’s overall budget. With so many factors to consider, it is important that you seek the advice of a government licensed Trustee.