Learn about Trust Deeds

What are the advantages of a Trust Deed?

For many people a Trust Deed offers a more affordable monthly payment which can bring peace of mind. There are however some disadvantages to entering into a Trust Deed and it's worth considering all your options if you are feeling financial pressure.

The advantages include:

• A Trust Deed is a legally binding contract between you and your creditors.
• There is a 36 month repayment period for all your unsecured debt.
• Your monthly payment is tailored to suit your needs.
• Interest and charges are frozen.
• Protection from your creditors once the Trust Deed is signed, as long as you maintain your repayment schedule.
• As long as you continue to pay the monthly contributions for the Trust Deed, creditors who have agreed to the Trust Deed will no longer be able to contact you with regard to your debts.
• Once your trust deed is complete, any unsecured debt that was part of a deed is free from any further liability.
• If your circumstances change through no fault of your own, a Trust Deed can be extended or the monthly payment reduced to assist you.
• If you own a property with a mortgage a Trust Deed doesn’t affect your home. Your normal monthly mortgage payment simply remains.
• You have 14 days in which you can cancel from the date the deed was signed.

Find out what you qualify for »