Anyone from Scotland with a trust deed

Rgc_3

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.

Just an add on to this info

Scottish parliament is currently discussing the scots debt system (sequestration law changes have had their first reading and its expected that it will be completed late spring next year)after the changes it will be very similiar to the current English bankruptcy laws(e.g currently cannot declare self sequestration but its expected that new laws will allow)changes tro the trust deed system also but from what i read on the scots parliament website it does nt seem to be changing much and still 3 years on SD but sequestration dropping from 5 to 1 year.

cheers

myeggsareboiled

My trust deed finished this month (At Last!) so a couple of months ago I looked into re-building my credit history. There are two things you can do. To start with, write letters to your ex-creditors and to experian/equifax, asking them to mark that you have satisfied all your debts. Harass and harass until they act. The other thing you can do, which I am doing at the moment, is to get a credit card. One of the ones with the ludicrous interest. I got a Vanquis Visa card, two months before the end of my trust deed. The APR is nearly 40%, however, with self discipline, you won't pay a penny in interest. Every month, I buy something small, that I would be buying anyway. As soon as I get home, I call Vanquis and pay it. In doing so, I am now starting to build up a (good) credit history. I wouldn't recommend this for everyone, as it takes discipline not to use it. Which is what we all lacked to get into this mess. Works for me though.

Rick

THE_MIDDLEMAN

5 months out of mine and I got a mortgage with GMAC at near prime on 6.0% fixed for two years. So the credit rating should be back to normal in no time - not that I need it any more - try living without credit for 5 years - it makes you spend wisely and save like a mofo.

Cheers for all the advice, PM me if you want the IFA's number.