Q: I took out a payday loan last year but wasn’t able to repay it on time and then I took out another to help with Christmas. I buried my head in the sand a bit and they have spiralled out of control and each month the interest is accruing and I can’t afford to pay them off.
It’s really stressing me out and I’ve ended up missing credit card payments so I could make payday loan payments – it’s a never ending cycle and I feel like I don’t even want to answer the phone. I’ve been told I should consider consolidating all my debts as quickly as possible – how long does it take to set up a trust deed?
A: A Trust Deed can be setup very quickly. Once you have discussed your financial situation in full with an Advisor and taken time to consider that this is the most appropriate option taking all factors into account. The Trust Deed document and accompanying paperwork can be signed which then gives the Trustee the relevant powers to act on your behalf. The Trustee will make contact with all your creditors and from that point you can stop making payments to the individual creditors and pass all correspondence for the Trustee to deal with. Thus relieving you from the pressure instantaneously.
