Life after a Scottish Trust Deed?

debadzuk79

Hello all,

Any advice would be appreciated.

I have recently come out of a Trust Deed. I made my last payment in March and have a couple of questions I hope you may be able to help me with.

1. Do you receive a letter of release from your Trust Deed from your trustee? How long can this take and can you apply for credit in the mean-time if it is absolutely required?

2. How does it affect your chances of obtaining a mortgage? I have a good deposit and a solid very well paid job now and had no history of defaults prior to going into the Trust Deed.

I have certainly learned my lesson with money since I entered the Trust Deed and actually paid a sizeable hunk of it all back. I am now trying to make the best I can of my life for my wife and kids.

I appreciate any help with the above.

Thanks.

Bethankim

Hiya,

im bumping this up in the hope someone with some knowledge can help..I haven't a clue sorry..

philnicandamy

Our scottish members are a little thin on the ground of late Deb....i'll PM someone who might be able to help to have a look for you

Supertim_2

Hi

I recently completed my final payments towards my trust deed in May and I have been trying to get advice for about a year now to no avail. I have posted on forums, contacted Citizens Advice and even my deed provider. Nobody seems to be able to give me advice about where I go from here to get back on track. However, it was easy to get advice on getting into a trust deed.

The only thing I could say to you is that I am still waiting on my discharge. I have been told that this will be confirmed in a couple of weeks and that I will receive a copy of the discharge papers and that I should then be able to use them to send to the credit reference agencies.

I hope that this is of some help. Is there anyone out there who can offer any more advice.

Thanks

Charco_2

I should be able to post an answer for this on Monday if it has not been answered satisfactorily... I will ask our Scottish Department at work!

Supertim_2

Hi Charco

Thank you very much! I look forward to your hearing from you.

Thanks

Mark

coolcait

Supertim wrote: »

Hi

I recently completed my final payments towards my trust deed in May and I have been trying to get advice for about a year now to no avail. I have posted on forums, contacted Citizens Advice and even my deed provider. Nobody seems to be able to give me advice about where I go from here to get back on track. However, it was easy to get advice on getting into a trust deed.

The only thing I could say to you is that I am still waiting on my discharge. I have been told that this will be confirmed in a couple of weeks and that I will receive a copy of the discharge papers and that I should then be able to use them to send to the credit reference agencies.

I hope that this is of some help. Is there anyone out there who can offer any more advice.

Thanks

I guess you signed your trust deed before April 2008.

So what happens next should be:

When your trustee thinks the trust deed is completed, he/she writes to your creditors saying so, and telling them that if he doesn't get any objections from them within three (?) weeks he/she will take it that they agree the trustee is discharged;

If the trustee doesn't hear anything for the creditors, he/she will write to the Accountant in Bankruptcy saying "I've been discharged by the creditors".

The Accountant in Bankruptcy will note this on the Register of Insolvencies.

Your trustee should (should) should let you know that he/she has been discharged. In an ideal world, he/she will also confirm that you are also discharged.

HTH

Supertim_2

coolcait wrote: »

I guess you signed your trust deed before April 2008.

So what happens next should be:

When your trustee thinks the trust deed is completed, he/she writes to your creditors saying so, and telling them that if he doesn't get any objections from them within three (?) weeks he/she will take it that they agree the trustee is discharged;

If the trustee doesn't hear anything for the creditors, he/she will write to the Accountant in Bankruptcy saying "I've been discharged by the creditors".

The Accountant in Bankruptcy will note this on the Register of Insolvencies.

Your trustee should (should) should let you know that he/she has been discharged. In an ideal world, he/she will also confirm that you are also discharged.

HTH

Hi Coolcait

Thankyou very much for your reply. That is the stage I am at now. I have been told that they should have a response from the Accountant in Bankruptcy within a couple of weeks and that I should expect a copy of the discharge.

What I really want to know is what I do next in terms of informing the credit reference agencies that my file should be updated to show discharge of the trust deed. Currently my credit file has no note of the deed only the original default.

In addition I want to know what I can do to restore my credit rating. I understand that my file will hold a record of the deed for six years after the discharge but is there anything I can do?

I got into this situation through no fault of my own and I don't want this to have an effect on my fiancee's very good credit rating. I really need guidance or someone to tell me once and for all to sit tight for six years before I apply for a mortgage etc.

Sorry to go on lol