Potential Trust Deed

cjwandrum

Hi

I have recently applied for a Trust Deed, and will hopefully have this arranged and protected by 5th December. If successful I will pay £210 per month for 48 months, and this will in turn clear £37000 worth of unsecured debt. My personal finances had gotten into a complete mess, and this was only made worse by some shocking decisions when I was younger. Now however I have a wife, 3 young children and a secure job which I can not be made redundant from. There is a small degree of light at the end of the tunnel.

I am trying to plan ahead for life after the Trust Deed, and to see if anyone else had any experiences of what I can realistically expect.

As a family we have stoppped relying on credit, and every month is carefully budgeted for. I just don't quite know what life will be like after the Trust Deed. Will I still manage to get a contract mobile phone, or satellite TV packages on pay monthly? Similarly will my car and home insurance become more difficult to get? I just don't know how much of normal day to day life relies upon a credit score.

Can anyone help with some advice?

All inputs are greatly appreciated.

Thanks.

IF

Hi cjwandrum and Welcome to the Bankruptcy (BR) Board.

TF's thread is helpful and do look at the Old Style MoneSaving board too.

TF’s threadTips for post bankruptcy - Click here


The Old Style MoneySaving Board - Click here

Best Wishes
IF...x

Paolo6425

Hi,

I am looking for a bit of advice. I am new to this, however I have just recently paid my last installment to my Trust Deed of £350.00 per month for 48 months. Can anyone tell me what the next process is? & What, if any, avenues are open to re-establishing my credit line?

I will be grateful for any assistance possible.

coolcait

Paolo6425 wrote: »

Hi,

I am looking for a bit of advice. I am new to this, however I have just recently paid my last installment to my Trust Deed of £350.00 per month for 48 months. Can anyone tell me what the next process is? & What, if any, avenues are open to re-establishing my credit line?

I will be grateful for any assistance possible.

Congratulations on completing your payments!

The straightforward answer is that your trustee should now formally discharge you from the trust deed (Form 5), and then seek his/her own discharge from your creditors.

Once the trustee is discharged, and this is recorded on the Register of Insolvencies, your TD is officially over.

However,...

You really need to speak to your trustee to find out exactly what will happen now in your own case. A lot of people are finding out that their trustee is investigating whether or not there are any PPI claims which could go into the TD.

Some trustees will discharge the individual from the TD, but stay in office themselves as trustee, until the PPI investigations are over. But, some trustees won't discharge the individual until the PPI stuff is completed.

There can also be issues with any assets which were included in the TD at the beginning.

So, first step, I'd recommend calling your trustee and asking what happens next.

As far as cleaning up your credit record goes, there's an excellent sticky at the top of the board: https://forums.moneysavingexpert.com/discussion/677875

Although it refers to 'bankruptcy' specifically, it's basically the same principles where TDs are concerned.

Hope this helps.