Your credit rating will be affected, but in our experience, if you have overextended yourself – even if you haven’t missed payments, it may have already been damaged.
Once your Trust Deed agreement has ended, you can start rebuilding your credit rating. A default notice will remain on your credit record for six years after it’s registered. The average Trust Deed lasts four years, so it’ll be on your credit record for two years after it’s complete.
In our experience, most people don’t want to live under the burden of debt after completing a Trust Deed.