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SmithyJ Posted - 21 December 2020 : 21:35:20
I've a few payments to go on my trust deed and contacted Carrington Dean 'Creditfix' when I took it out to query discharge and when i should anticipate receiving the Form 5. Have seen many people on the forum saying you should chase them up and remind them about nearing your final payment.

Was told by advisor it takes between 3-6 months maximum for discharge but they also mentioned creditor payments so is this suggesting how long it will take them to discharge themselves as the Trustee as well?
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Swandog Posted - 05 January 2021 : 22:21:57
Good to hear that entering into the Trust Deed was the correct decision for you at the time. If set up correctly Trust Deeds are fantastic tools for dealing with problem debts.

I look forward to seeing you back on the forum telling us you have received your Form 5!
SmithyJ Posted - 05 January 2021 : 17:31:48
Hi Swandog,

It's been tough going, but was the correct decision at the time! I wasn't sure what the final discharge process would be with CD as there seems to be so much variation from different companies?. I will be chasing the Form 5 up for sure and have started looking through the forum for the posts on advice about sorting out any issues in my credit report to start building my credit score again.
Swandog Posted - 05 January 2021 : 11:47:51
Hi SmithyJ,

Congratulations on reaching the final stages of your Trust Deed.

Keep on at your Trustee to receive your discharge and Form 5. Weekly calls or emails I'm sure will shorten the estimated 3-6 month timescale.

Also I'd have a think about starting to rebuild your credit file when you receive your discharge.
SmithyJ Posted - 22 December 2020 : 11:20:12
Thank you for your response!

I did think and hope they were highlighting the maximum time for them to complete everything as opposed to just discharging myself. Seems to drag the closer you get to the end of the PTD as up until now it's went pretty quickly!

Forum is great as it has loads of good advice for anyone considering this to be an option for them!
TDA (Debt Adviser) Posted - 22 December 2020 : 09:07:28
Welcome to the trust deed forum SmithyJ.

Your trustee can discharge you pretty quickly once you've completed your obligations. This is possible in weeks rather than months, but firms have different priorities and resources and there's no set timescale for this to happen.

You are correct that your trustee's discharge is a separate process. They can discharge you while they carry on with the work they need to do before seeking their own discharge. This includes making the final payments to your creditors.

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