Can anyone help overdraft question

AlyBaly

Firstly the background. My hubby is currently in a Trust Deed ( similar to IVA) its due to finish in July 2012 and there have been no problems along the way. Infact it was the best thing that we ever did but its not easy. :j

Anyway a RBS overdraft (£2700) that was in joint names was also included in the trust deed but RBS also decided to persue me for the full amount. At that time a DM Co we were working with set up a DD of £70 and I have been paying this for last 3 years. RBS took me to court but did not turn up and it was agreed with court and my solicitor that I would continue to pay the £70 which I have.

We never receive any statements from RBS saying where we are with it and I have been happy to leave it at that as I do not want to rock the boat when the TD is running smoothly. Solicitor receives the £70 and passes it on and I know for sure the payments are being made.

When TD ends I would like to get this overdraft sorted out and finalised and both of us be debt free , so can you tell me how it works with it being included in my hubbys trust deed and by that time I will have paid £70 a month for 4 years.

Any help much appreciated , at long last it feels good to be planning ahead for a debt free future. :rotfl:

JABBER88

Hi

I finished a Trust deed in Sep 2009. I similarly had a joint account where the overdraft disapeared into the deed. I was finally discharged in May 2010. (It can drag...). the IP paid about 1 third off the overdraft off with the settlement. The company concerned ( the largest building society that sucks up weaker society's!) reduced the overdraft. They have not pursued my better half as of yet and come Sep 2011 I think it will become Statue Barred for her as she will not have heard anything for 5 years. The only downside is this company are the only one at present who have indicated on my credit reports(Equifax Experian and Call Credit) that the account is not yet Settled. It has similarly trashed her credit report. To be honest If I had known this at the time I would not have included this in the deed.

I would check your credit report to see if RBS have been reducing your balance on the O/D.

The date your trust deed started, six years from that date it will fall off your Husbands credit report.

Check that all the companies he defaulted with all have their default dates starting with the date the trust deed was signed( I assume it was protected?) I had a few who had wrong dates shown, some up to a year past the date I started. This means all the accounts included in the deed will disappear from the credit report at the same time as the trust deed is removed.

I have a key account with RBS and recently they phoned me up wanting to know if I wanted to upgrade ( a rip off by the way... any of the Royalties accounts!) I informed them that I recently finished my Trust deed. They stated that they would not consider me for any credit business until 3 years after the discharge date not the original finishing date of the deed(your last payment, normally three years after it first started!)

Hope this helps

I asked some very similar questions in a separate thread below

Rob

AlyBaly

Thank you Jabber really appreciate the reply . I did not realise that if I checked credit report it would show how much is outstanding . I will definately do that over the easter weekend when I have time

Hubby TD is protected and yes your right in some ways it has dragged but I dread to think the mess we would be in if we had not gone down that route and at least now we can both sleep at night


The only debt I have is that OD so definately want it cleared up once TD ends.

Can I ask how long after your final payment your discharge came through

JABBER88

Hi once again
My final payment was Sep 2009. I was finally discharged May 2010. I felt the IP involved dragged their heals (after all they are hanging on to a tidy sum of money in their account!)

Regards Rob