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nells
Frequent Contributor

25 Posts

Posted - 04 June 2019 :  10:29:01  Show Profile  Reply with Quote
Hi All

I am nearly 6 years (august 2019 to be exact) released from my Trust Deed and its still haunting me !!!! I wasn't aware until today that it may be off my Credit file but still shows as an indicator on a mortgage account.

Therefore I am looking for Advice on how to get an "INDICATOR removed from my mortgage account or is it always going to be there ?

I would be grateful for any advice or help.

thanks

Nells



TDA (Debt Adviser)
Trust Deed Expert



12957 Posts

Posted - 04 June 2019 :  10:57:31  Show Profile  Reply with Quote
Hi nells.

I'm afraid that I don't know what this indicator is.

Can you please tell us a little more about what you're seeing and on what section of your credit report it is placed.

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David Tannock
Trust Deed Expert



2154 Posts

Posted - 04 June 2019 :  11:07:21  Show Profile  Reply with Quote
Hi,

Iím the same as TDA, not quite sure what this indicator is and not something I can recall coming up on the forum.

The advice for people to repair and rebuild their credit rating is to take it up with the lender who has added an entry to the file as its them who need to amend / change it.

Might be an idea to speak with the credit reference agency for more help about this indicator and then take it up with the lender if you feel it shouldnít be there.

If you can let us know more we can try and help.

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nells
Frequent Contributor

25 Posts

Posted - 04 June 2019 :  11:26:14  Show Profile  Reply with Quote
hi

thank you for your replies. sorry i haven't explained this properly !

The mortgage company that i am with have an indicator against my account that i entered into an IVA / bankruptcy in 2010. The INDICATOR i am assuming is a WARNING sign for them ! my Mortgage was never affected and i have never defaulted with them in all the years i have been with them. Therefore today when i was going through an re mortgaging application with them to add additional borrowing ( home improvements) because of the trust deed they declined my application.

I am absolutely gutted at this as i have worked so hard in the last 6 years to improve my credit file to the rating of EXCELLENT to be declined.

Will the Trust Deed always be there in the background, even though its not on my credit file ?

thanks again

Elaine McCall
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Kevin Mapstone
Trust Deed Expert



3736 Posts

Posted - 04 June 2019 :  12:02:46  Show Profile  Reply with Quote
Hi nells

I doubt there is anything to stop the mortgage lender from keeping this information on their files if they choose to do so. However, as it is not on your credit file any longer then at least other lenders will not see this indicator.

So perhaps it is worth checking whether another lender will remortgage for you instead? You never know - you may even get a better deal than your current lender!

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nells
Frequent Contributor

25 Posts

Posted - 04 June 2019 :  12:32:18  Show Profile  Reply with Quote
Hi Kevin

thank you for replying

I was thinking the same thing, is it 6 years from the release date of the TD that it clears?.I will be 6 years in august.

thanks

nells

Elaine McCall
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David Tannock
Trust Deed Expert



2154 Posts

Posted - 04 June 2019 :  14:59:48  Show Profile  Reply with Quote
Ah ok that makes sense now.

Itís a good suggestion by Kevin to look at alternative lenders. You might find a better deal/rate with someone else. Another possibility is looking at a second charge/secured loan but make sure you consider the level of interest etc. on something like this. A good mortgage advisor should keep you right here.

My understanding is that the defaults will fall off 6 years from the original date of default. If the date of default was 6 years ago come this August then they should fall off.

How does your credit report look in terms of defaults?

Make sure you donít just look at one credit report but a couple to ensure they are all accurate with information.

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Kevin Mapstone
Trust Deed Expert



3736 Posts

Posted - 04 June 2019 :  15:16:41  Show Profile  Reply with Quote
The trust deed disappears from your credit file 6 years from the date of signing, so should be gone some time ago. As David says, it can sometimes happen that creditors do not register default until after that, but if it is 6 years since you finished your Trust Deed then I'd be surprised if any of those were still there either. Best check your reports and then anything that shouldn't be there can be corrected prior to trying again for a remortgage.

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nells99
Advanced Contributor

53 Posts

Posted - 04 June 2019 :  16:16:11  Show Profile  Reply with Quote
Thanks all

Before I proceeded with the remortgaging I ran a few credit reports with various credit agencies as I wanted to be 100% sure the application wouldnít be declined again as I had the same problem 18 month ago, only with a different lender, so I thought I will wait some more but unfortunately itís happened again . It is so frustrating that the lenders are seeing something on my credit file that I canít for some reason.

The mortgage lender I am with just now is the lender I have been with for 10 years maybe more ! I have never defaulted with them, So what I canít understand is the TD came off my file report 3 years ago but my mortgage company can tell me This morning I had an IVA, even though I am looking at my credit report and there is nothing it and my credit score is excellent !

I entered into a TD April 2010 and was discharged August 2013. I really thought I would have been back on a even keel now !and that TD would. Be gone ! #128542;

Sorry for the rant !



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David Tannock
Trust Deed Expert



2154 Posts

Posted - 04 June 2019 :  17:34:24  Show Profile  Reply with Quote
Hi nells99,

No need to apologise for the rant, this is the place for it!

I can completely understand your frustration and sympathise with you especially after being discharged back in 2013 and checked your credit reports before going down this road. Surprising that as you said you have been with the same lender for 10 years so they can see all the regular payments etc.

Is there the option to appeal their decision to someone within the organisation so that a person reviews it rather than a software program?

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TDA (Debt Adviser)
Trust Deed Expert



12957 Posts

Posted - 04 June 2019 :  20:46:38  Show Profile  Reply with Quote
Why don't you speak with a mortgage broker nells?

Some mortgage providers are more sensitive about previous insolvencies than others. A broker should be able to help you to find one that offers a product that you qualify for and which meets your needs.

Some financial institutions may keep their own records about previous insolvencies. From what we regularly read here I'm not sure that this is common. I think that you may have been very unlucky.

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Black Night
Frequent Contributor

39 Posts

Posted - 04 June 2019 :  23:25:43  Show Profile  Reply with Quote
Are you trying to remortgage with the same lender you have been with all during your Trust Deed and subsequent years or a new lender? I can see how the existing mortgage lender would have an indicator on file but a new lender would use the credit reference agencies. If itís a new lender maybe they are linked to your existing one in a RBS/NatWest sort of way or even through your day to day banking that might have an indicator on it too if you are still using a current account from during the Trust Deed. Iíd be inclined to go to an independent mortgage broker and seek advice. You may find an even better deal than you thought you might get. Good luck.
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pingpong
Advanced Contributor

128 Posts

Posted - 05 June 2019 :  14:59:29  Show Profile  Reply with Quote
Some lenders wont touch you (Santander for example).

If your credit reports is clean (not CCJ's, no default accounts etc) then you should go to a broker or you can actually search the lenders criteria. for example this is for Platform (who i got a mortgage through after a PTD) take a look at section 2.8 http://www.platform.co.uk/pdf/platform-criteria-summary-v3.1-may-19.pdf

This might help you if you don't use a broker but note that brokers are able to speak with the lenders and ask hypothetical questions that you might not be able to.....

Also you might want to get your skates on before the search hits your file as that can have an effect on decisions

Edited by - pingpong on 05 June 2019 15:01:07
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nells99
Advanced Contributor

53 Posts

Posted - 07 June 2019 :  09:13:16  Show Profile  Reply with Quote
Thanks everyone for the all the helpful advice

Iíve got my mortgage approved without the additional borrowing which I wanted for home improvements. However this was done on-line through Santanderís website. However i havenít signed it as my gut is telling me to go to a broker and see what I can get.

I have also sent the Santander mortgage centre a copy of my discharge letter etc and have asked them if they would consider removing the indicator.

Ping pong Iím also worrying about the search hitting my file now Aswell !! I would really like to get away from Santander now !

Thank you everyone for the help and advice donít know what I would have done without this forum over the years #128513;



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David Tannock
Trust Deed Expert



2154 Posts

Posted - 07 June 2019 :  10:02:40  Show Profile  Reply with Quote
Hi nells99,

I would definitely encourage you to reach out to an independent financial advisor for some advice. They could find you a better deal with a better rate and cheaper payment per month etc.

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nells
Frequent Contributor

25 Posts

Posted - 10 June 2019 :  16:10:07  Show Profile  Reply with Quote
Hi All

**UPDATE**

My mortgage lender has now removed the indicator from my mortgage account:) i am absolutely delighted at this news today !!!!
whether i stay with them now is another thing, but so happy my persistence paid off!!

Nells99


Elaine McCall
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