Frequently Asked Questions (FAQs)
What is the difference between a trust deed and bankruptcy?
Trust deed allows you to make monthly installments to pay off your debt.
However, bankruptcy is when you are legally declared as insolvent. Moreover, your record is updated in the register of insolvencies. In this case, you could appeal to court if you are unable to pay off your debt.
What happens if I stop paying my trust deed?
Your creditor could terminate your trust deed.
Moreover, you could lose money.
Furthermore, you might not be able to get an agreement later in the future.
Could I lose my house with a trust deed?
If you make your mortgage payments timely, you will not lose your house.
What will happen after my trust deed ends?
You will be given a letter of discharge. Moreover, your unsecured debt will be written off.
How long does a trust deed last?
It could last for approximately four years. For more information on this, you can click here.
Will a trust deed affect my partner?
No, it will not affect your partner unless a joint debt agreement has been signed.