How will MAP affect me?
It depends on your situation. Your bank may close your account, making it harder to open a new one. Some jobs don’t allow MAP, so check your contract or speak to HR if you’re unsure. If you’re renting, your landlord might not renew your tenancy or could ask you to leave.
Do I have to deal with my creditors directly
No, once you enter a MAP, your debt management advisor usually handles communication with your creditors. This can take the pressure off you and reduce the stress of dealing with phone calls, letters, or debt collectors.
Can a MAP affect my credit rating?
Yes. A MAP stays on your credit file for six years after approval. This may make it harder to borrow or result in higher interest rates if you apply for credit in the future.
Can I get a Trust Deed twice?
Applying for a second Trust Deed is possible if you‘ve been discharged from the first one. There are no time limits for applying for another Trust Deed, but creditors will still need to approve it like your first arrangement.
Will a Trust Deed affect my mortgage?
If you own a home, you may need to release some equity to contribute towards your Trust Deed. Keeping up with mortgage payments is essential since your mortgage is a secured debt. If you’re planning to get a mortgage while in a Trust Deed, it may impact your ability to borrow.
What happens if I can’t get my Trust Deed protected?
Sometimes, creditors object to the Trust Deed if they feel they could get more of their money back another way. If your Trust Deed doesn’t get protected, your Trustee will look at other options for you. In the event that your creditors object to what’s in your proposal, our team will discuss other debt solutions to help manage your debts.