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Anyone from Scotland with a trust deed
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# 1
cheekysmiler
Old 05-09-2006, 12:25 PM
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Location: scotland
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Default Anyone from Scotland with a trust deed

Hi there

Just wondering if anyone out there is from scotland and has a trust deed. If so, has it helped you're situation? are you able to get credit once its complete?

Thanks

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# 2
Uniscots97
Old 05-09-2006, 1:10 PM
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Hi there, I'm from scotland too. Haven't got personal experience of this but know someone who has and yes they managed to get some credit after it was completed. Hope this helps.
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# 3
pms
Old 05-09-2006, 7:12 PM
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Default

Quote:
Originally Posted by cheekysmiler
Hi there

Just wondering if anyone out there is from scotland and has a trust deed. If so, has it helped you're situation? are you able to get credit once its complete?

Thanks

Cheekysmiler
Hi Cheekysmiler

I'm from Edinburgh and I am 6 months into my Trust Deed. I am more relaxed with knowing that I have a set "budget" so to speak each month. Not sure about getting credit once you have been discharged from the Trust Deed but I know that I definately dont want to get credit ever again other than a motgage eventually.

I hope this is helpful
DFW Nerd no. 177

~ Car HP - 1447.41 still to pay - Final payment July 2008

~ 26 monthly payments left of my Trust Deed

~ Clear Credit Report March 2012

PROUD TO BE DEALING WITH MY DEBTS
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# 4
Chelsiedog
Old 06-09-2006, 9:31 PM
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Hi Cheekysmiler,

I entered into a trust deed in December and am very glad to say i feel a whole lot happier and stress free since. As far as I have been told once the TD if discharged it is completely wiped off you credit record and you can get credit as you record goes back to it was previous to your TD.

Chelsiedog.

Debt free December 2008!!
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# 5
THE MIDDLEMAN
Old 02-10-2006, 11:17 PM
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Join Date: Dec 2005
Location: Glasgow
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Hi I am just finished mine this month w00t

Will keep you posted on progress looking for a mortgage soon.
Quote:
To be able under all circumstances to practice five things constitutes perfect virtue; these five things are gravity, generosity of soul, sincerity, earnestness and kindness.
Confucius
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# 6
prated1877
Old 16-10-2006, 6:19 PM
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Default almost done

mine is due to finish at the end of this month, not sure what will happen but will keep you all posted
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# 7
cheekysmiler
Old 16-10-2006, 8:47 PM
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hi there

thanks for all your replies. my IP told me that i shouldnt have any problem getting credit once the trust deed is finished, but that the APR's might be a bit higher. I'll just to wait and see. The main thing is I have now entered into the trust deed and the relief I feel is immense, this has been hanging over me for years and finally Im doing something positive about instead of panicking about it all.

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# 8
stuart1
Old 17-10-2006, 3:14 AM
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Hi Cheeky Smiler,

My TD is almost finished, but to be honest credit has been the last thing on my mind, and will be for some time! Last thing I want is to be back at squre 1! I have read on some sites that it can take up to 3-4 years after the TD before you can obtain credit but cant quote that.
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# 9
alyth
Old 17-10-2006, 9:44 AM
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Cheeky Smiler, I finished my Trust Deed in December of last year, and it was discharged about April-time. At present I can't even change my bank account to a cheque book/switch card type account. I would think that it will depend on what type of credit you are looking for, for example my partner was able to get a an Amex card for me jointly on his account, but i have never applied for any type of credit since the TD was discharged, nor do I want to. I have an absolute pathological fear of spending money since I discharged my TD, and ironically am so much better off now! What the TD did for me was not only clear the debts and give me freedom back, it also taught me never to take anything on credit again, to save up for what I want, and not to waste money, so I'm a bit like stuart1 in that taking credit for anything just never crosses my mind!

Regarding my bank account I am going to see the bank this week to see if I can upgrade my account in some way but I've managed with an electron card for four years and not had any problems and I'm quite happy with the way I'm able to survive without credit!
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# 10
prated1877
Old 18-10-2006, 11:18 PM
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Angry

Quote:
Originally Posted by alyth
Cheeky Smiler, I finished my Trust Deed in December of last year, and it was discharged about April-time. At present I can't even change my bank account to a cheque book/switch card type account. I would think that it will depend on what type of credit you are looking for, for example my partner was able to get a an Amex card for me jointly on his account, but i have never applied for any type of credit since the TD was discharged, nor do I want to. I have an absolute pathological fear of spending money since I discharged my TD, and ironically am so much better off now! What the TD did for me was not only clear the debts and give me freedom back, it also taught me never to take anything on credit again, to save up for what I want, and not to waste money, so I'm a bit like stuart1 in that taking credit for anything just never crosses my mind!

Regarding my bank account I am going to see the bank this week to see if I can upgrade my account in some way but I've managed with an electron card for four years and not had any problems and I'm quite happy with the way I'm able to survive without credit!
so you dont get discharged straight away, they make you wait a further 5 months.
do you have to go into their office at the end of the trust deed to sort out figures??????
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# 11
memorye
Old 19-10-2006, 12:57 AM
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i finished my td in january and i cant get so much as a loaf of bread on credit

My credit report still doesnt mark teh td as completed and one of my creditors is still filing defaults on a debt that was included.
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# 12
prated1877
Old 19-10-2006, 11:21 AM
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Default trust deed

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.
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# 13
prated1877
Old 19-10-2006, 11:49 AM
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Default equity

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.
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# 14
alyth
Old 19-10-2006, 9:17 PM
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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.
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# 15
lennymfo
Old 19-10-2006, 9:28 PM
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Nope I'm in the forces and live in Scotland and am on a DMP. Should it be a trust deed?????
How a man manages his purse speaks volumes about his character!

Debt Apr 06 48K Debt Apr 2012 0 100% Paid Off
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# 16
alyth
Old 19-10-2006, 9:41 PM
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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!
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# 17
lennymfo
Old 19-10-2006, 9:52 PM
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I was in Scotland, but think I'll leave it, afterall I suppose Payplan never said anything!
How a man manages his purse speaks volumes about his character!

Debt Apr 06 48K Debt Apr 2012 0 100% Paid Off
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# 18
Emmzi
Old 19-10-2006, 10:43 PM
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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.
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# 19
lennymfo
Old 19-10-2006, 10:44 PM
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Quote:
Originally Posted by Emmzi
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
How a man manages his purse speaks volumes about his character!

Debt Apr 06 48K Debt Apr 2012 0 100% Paid Off
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# 20
skintasusual
Old 19-10-2006, 10:45 PM
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a DMP is a totally different thing i think

TD is like IVA but scottish
Proud to be dealing with my debts

Official DFW nerd no.190
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