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Welcome14
Advanced Contributor

52 Posts

Posted - 29 April 2019 :  13:58:28  Show Profile  Reply with Quote
Hi Guys,I just wanted to say a massive thanks for the support and advice over the last few years. I feel i've broken world records in how quickly i've been discharged. My Trust deed started on 03/03/15. I made 48 payments on Time and in full every month, Last payment being on 25/03/19. I followed advise from the site and kept communicating with my Trustee, I called them on 25/03/2019 to advise i had made my last payment. I then called the assets team to advise i had no assets, Then called the closure's team twice to ask if they needed any more info to allow them to discharge me. I got my discharge letter on the 26th April, A lot earlier than i expected. This has been life changing for me, Struggling with depression and possible job loss and a bit of paranoia towards the end, What a relief!! For people thinking about the Trusd Deed process, It really helped me get my life on track. I had 58k of Debt, Reduced my payments from £1500 per month to £235.Today i have a chance to start over with a clean slate. My one piece of advice, Ensure that you put lots of hard work and effort into your income and expendture excercise at the start of the process, Ideally making sure you dont cripple yourself with an unrealistic budget. Thanks a million

TDA (Debt Adviser)
Trust Deed Expert



12920 Posts

Posted - 29 April 2019 :  15:50:04  Show Profile  Reply with Quote
That's excellent news Welcome 14. I'm glad to hear that your discharge has been handed so promptly and that you can now move forwards.

Your advice is excellent. Taking a cold hard view on what is genuinely affordable, right at the start, goes a long way towards avoiding risks and problems in the future.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Kevin Mapstone
Trust Deed Expert



3716 Posts

Posted - 29 April 2019 :  17:26:56  Show Profile  Reply with Quote
Congratulations Welcome14. Thanks so much for sharing your experiences and that's great news that your paranoia proved to be unfounded.

I certainly agree about the need for a realistic budget. Rushing into something that you hope you can afford just because it looks better than what you have been paying previously is unfortunately a mistake we hear about all too often on here.

Best of luck for your future.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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David Tannock
Trust Deed Expert



2122 Posts

Posted - 30 April 2019 :  10:22:24  Show Profile  Reply with Quote
Hi Welcome14,

Fantastic news that you have reached this point in your Trust Deed journey and have now successfully completed your Trust Deed and received your Form 5 Certificate of Discharge.

Itís great to hear that you also had a positive experience and your Trust Deed has run smoothly and without any problems. As you, TDA and Kevin have said itís vital that time is taken to ensure that the payment per month is affordable and sustainable. 4 years can be a long time and bills can increase, children get older and in turn cost more money so a tight budget to begin with can make it really difficult.

You might also want to have a think about rebuilding your credit rating now. A good section about this on the forum. I know you might never want credit again but rebuilding this is a good idea as you never know what the future holds and if you would need it.

All the best for the future and enjoy having the extra £235 per month. Iím sure that will come in handy.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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