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Anyone from Scotland with a trust deed

2

Comments

  • Can anyone tell me what happens at the end of the three years, do you have to fillin another expenditure form? is it really a further 4-5 months before you get discharged? do you have to visit the Trust deed office? mine is finishing at the end of this month and i'm a wee bit concerned that i have not heared from them yet.
  • If i can add to my previous thread and ask about the equity in my house, what happens at the end of the trust deed when the house has quite alot of equity than it did when i signed the trust deed three years ago? I did pay the £500 at the start so any equity would not be involved at the end, has anyone else done this? and did they have problems at the end?
    please help getting a bit nervous now.
  • alyth
    alyth Posts: 2,671 Forumite
    At the end of my three years, I rang my TD company, and they said they had to write to the creditors again, and once they had all said they didn't want any more money, then they would discharge the TD - all I got was a two line letter saying we confirm your TD has been discharged. I didn't have to visit their office, but I did have to chase them a bit. I haven't looked at my credit record for about a year, but when I last did, all my creditors were still listed. I haven't applied for credit since, nor do I want to, but to be honest I'm not sure how to mark the TD as completed on experian and the other companies.

    I can't say anything about equity, as this house is and always has been in my partner's name, but I was never asked for any further figures, I guess it depends on who your trustees were, I never met mine, everything was done via letter, as I suspect the reason it took so long, in my case certainly, is that I didn't chase them to discharge the TD.
  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    Nope I'm in the forces and live in Scotland and am on a DMP. Should it be a trust deed?????
  • alyth
    alyth Posts: 2,671 Forumite
    I guess it depends on where you were when you set up the DMP - I don't know whether you can transfer it to a TD - I'd seek out a money adviser at the CAB nearest to where you are based, I went through an adviser at Perth CAB and he was fantastic!
  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    I was in Scotland, but think I'll leave it, afterall I suppose Payplan never said anything!
  • Emmzi
    Emmzi Posts: 8,658
    Combo Breaker First Post
    Forumite
    Lenny, a rough translation...

    DMP = DMP
    IVA = Trust Deed
    Bankruptcy = Sequestration

    The lengths of time of the last 2 vary between countries, but a DMP works pretty much the same on both places.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    Emmzi wrote:
    Lenny, a rough translation...

    DMP = DMP
    IVA = Trust Deed
    Bankruptcy = Sequestration

    The lengths of time of the last 2 vary between countries, but a DMP works pretty much the same on both places.
    Thanks Emmzi
  • a DMP is a totally different thing i think

    TD is like IVA but scottish ;)
    Proud to be dealing with my debts
    :beer:
    Official DFW nerd no.190 :p
  • damn

    too slow!!!!

    :o
    Proud to be dealing with my debts
    :beer:
    Official DFW nerd no.190 :p
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