Joint Trust Deeds don’t exist, as these debt mechanisms are designed to be used by individuals. There are ways you can run a Trust Deed that encompasses debts as a couple, however – in other words, two individual Trust Deeds that run side by side.
This enables you to pay off your debts roughly at the same time, but there are some key issues surrounding liability for your partner’s debts that need to be mentioned. Essentially, you’re only liable for another person’s debts if the borrowing was taken out in joint names, or you are a guarantor for their loan.
Joint debts are typically taken out on a ‘joint and several liability’ basis, which means that the lender can pursue both or either of you for repayment of the entire amount. If you want to pursue the possibility of taking out individual Trust Deeds that run alongside each other, you should seek reliable and independent insolvency advice from a professional.