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.
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.
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.