Protected Trust Deeds

robbiegwa

Hi All,

Not sure if this is the right place but I can't find a suitable alternative to discuss trust deeds.

I have recently paid the last payment of my trust deed in December 15. What I was wondering is, do the defaults on my credit file changed to settled now? They update every month as defaulted and as I understand it, they will disappear after 6 years. Is that correct? My trust deed started 4 years ago so should my credit reports start to improve after the next 2 years?

How long after my final payment should I receive my discharge letter? Do any of you have experience with this?

Kind Regards,

Andrew

tigerfeet2006

You should probably look at the Credit Reference Files Clean Up sticky.

Is a Trust Deed similar to an IVA? If so then then the DRO and IVA board may be of use.

National_Debtline

Hi Andrew and welcome to the forum.


You are correct in expecting the Trust Deed to disappear off your credit file six years after it has begun. The defaults on your credit file should actually be dated no later than the commencement of the Trust Deed and so they will vanish at the same time, if not sooner.


Once your final payment has been made, your supervisor should send you a discharge letter fairly promptly and a copy will also go to the Accountant in Bankruptcy so that the discharge can be recorded in the insolvency register. If for any reason the supervisor has decided that your discharge needs to be delayed - for instance, because they feel you are not cooperating with them - they will write to inform you of this and you will have the right to appeal to a sheriff. In this case, unless there are any outstanding matters like unclaimed PPI to be sorted out, you can hopefully expect confirmation of your discharge very soon. Worth contacting the supervisor to hurry them up though, as they can sometimes be a little sluggish at this stage of proceedings.


Hope that helps


Dennis
@natdebtline