Reviewed 23rd December 2021
Q: I am a single mother of two children with a number of debts and loans, including some spiralling payday loans that are stressing me out. I have looked into debt management plans and trust deeds and it seems as though the trust deed is the best option but I’m not sure whether I can consolidate all my debts into one monthly payment? Can loans be included in this?
A: Most of the unsecured debts you owe can be discharged through a trust deed. You are unable to select what debts are included in the trust deed, all debts must be included and your advisor will explain if there are any debts which have to be excluded and paid separately due to the Bankruptcy Legislation. There are a few exceptions where the debt cannot be included these are namely secured debts (mortgages, secured loans), student loans and court fines.
In a Trust Deed you can indeed make one monthly or weekly payment which is paid to your Trustee who in turn distributes to your creditors on a pro rata basis. This takes away the stress of you having to juggle making all these payments yourself.
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