Nearly finished a trust deed, got some questions....

impulsive

I've nearly finished my Trust Deed, last payment is on July 1st. :j

However i've been looking into ways to rebuild my credit rating and i've already got the CashPlus Pre-Paid MasterCard with the credit builder.

I came across the thinkmoney website and it had the following info that confused me:

11. Will a Trust Deed affect my ability to get credit?
A. Many people considering a Trust Deed feel that they'll never want to borrow again, but this is still an important question.
During the term of the Trust Deed, you will not be able to obtain credit over £250 without telling the creditor about the Trust Deed.
After your Trust Deed has finished, it will remain on your credit rating for three more years, and this may make it more difficult (but not impossible) to obtain credit.
However, your credit rating will also show that your debts have been cleared, which probably would not have happened if you hadn't entered into a Trust Deed. Indeed, they might well have grown instead.
So although a Trust Deed does damage your credit rating, it can be much less damaging than the alternatives, including sequestration (or doing nothing). Plus, six years after the Trust Deed starts, your credit rating will contain no mention of it – or of the debts you're facing today.

I thought it was 6 years from the date the Trust Deed was COMPLETED, but thinkmoney seem to believe it is 6 years from the START of your trust deed that it will no longer show on your credit file.


Am I correct in thinking its 6 years from completion of the trust deed and that the thinkmoney website has made an error?


Thanks

judojub

Hi impulsive.
I believe it is six years from the date your trust deed started, the same as with an IVA.

judojub

I just pulled this off the trust deed forum :

Your credit rating, and therefore your ability to access credit, will have been affected significantly by a trust deed. The trust deed will remain visible on your credit record for a period of six years from the date that it started. Missed payments before the start of the trust deed, and any default notices issued by your creditors, will also remain on your credit record for six years. These issues will affect credit availability and the terms upon which credit might be offered. Taking some practical steps will help to restore access to mainstream sources of credit over time.

fermi

judojub wrote: »

Hi impulsive.
I believe it is six years from the date your trust deed started, the same as with an IVA.

Correct.

judojub

fermi wrote: »

Correct.

Phew! *wipes brow*:D

impulsive

This just gets better and better!

Here was me thinking that this process was a 9yr journey (3yrs in the trust deed then 6yrs with a bad credit rating) and I was a third of the way through. When really i'm half way through. :-)

judojub

impulsive wrote: »

This just gets better and better!

Here was me thinking that this process was a 9yr journey (3yrs in the trust deed then 6yrs with a bad credit rating) and I was a third of the way through. When really i'm half way through. :-)

:j:j
Now that is a silver lining!:T