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trustedhibee
Contributor

13 Posts

Posted - 03 February 2021 :  12:36:46  Show Profile  Reply with Quote
Good afternoon,

I made my final payment into my TD yesterday. What a relief! It has been a long and winding 4 years.

I missed payments last year in March, April and May due to work issues with Covid.

When I called to make the final payment I was surprised that I didnít have to repay the payment breaks. Is this normal? I paid a final amount to take me upto the total I was due to repay. Hopefully thatís it all done now. I am looking forward to starting my life from this point on.

Is there any advice on what happens next, the duration of this and then going forward how I ensure my credit report is all in order?

Thank you.


14

TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 03 February 2021 :  14:12:08  Show Profile  Reply with Quote
Sincere congratulations to you trustedhibee.

Some trustees go our of their way not to disadvantage clients who suffer a financial change of circumstances that was outside of their control. Hopefully that's what has happened here.

We know that trustees can discharge people within a few weeks once they have completed their obligations, so hopefully this will happen for you. There isn't a set timescale however and firms will vary in how quickly they get this done.

There might be some sections in the following article that you find interesting or useful as you begin to plan for the future:

https://www.trust-deed.co.uk/repair-your-credit-rating.html


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



3959 Posts

Posted - 03 February 2021 :  18:38:00  Show Profile  Reply with Quote
Congratulations, trustedhibee. If the payment problems were due to factors outside of your control and you kept your trustee informed then that is exactly how it should work - there is no good reason that your discharge should be delayed to "catch up"

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trustedhibee
Contributor

13 Posts

Posted - 22 February 2021 :  15:30:39  Show Profile  Reply with Quote
Finally received my form 5. Looking forward to tidying up my credit report. Trustee said it could take upto 6 months for the TD to be fully closed, is this correct or should I push for it to be closed quicker?

Thanks again!

14
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Kevin Mapstone
Trust Deed Expert



3959 Posts

Posted - 22 February 2021 :  19:55:47  Show Profile  Reply with Quote
It shouldn't really take as long as 6 months, trustedehibee, but that isn't uncommon. The main thing is that you got your Form 5, which is your own discharge. Congratulations!

You should be able to start tidying up your credit report now, though probably best to give it at least a month or so first.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 22 February 2021 :  21:02:31  Show Profile  Reply with Quote
Hi trustedhibee.

It's great to hear that you've received your Form 5. Congratulations to you for officially finishing your trust deed.

In case you haven't seen it before, this article might be useful when it's time to take a look at your credit report and act if necessary:

https://www.trust-deed.co.uk/repair-your-credit-rating.html


Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Swandog
Advanced Contributor

219 Posts

Posted - 23 February 2021 :  14:24:23  Show Profile  Reply with Quote
Congratulations trustedhibee!
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