You may be able to continue with your unprotected trust deed, however, you must be aware that your creditors are under no obligation to accept the payments you offer and it is also unlikely that they will freeze the interest and stop any charges from being added to your account. If this is the case you could find your debts continue to mount during this period.
Furthermore, not all of your debts will be cleared once the four years is up. Only those creditors who agreed to the trust deed will release you from having to pay any more, any creditors who rejected the trust deed will still expect you to pay back what you owe.
Instead you may need to consider looking at an alternative debt solution to better deal with your problems. The route you choose to take will depend on the reasons why your trust deed was rejected. When it comes to rejection it is often because creditors feel they would stand to receive more money if you were sequestrated (made bankrupt) than by agreeing to the payments offered in the trust deed. If this is the case you may need to consider sequestration as an option, however, you should always ensure you seek expert help and advice before going down this route. Alternatively it may be possible for you to enter into an informal arrangement with your creditors in the form of a debt management plan (DMP), or your creditors may be open to the idea of a Debt Arrangement Scheme (DAS) whereby you would repay all the money you owe but over a longer period of time.