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tigh
Regular Contributor

15 Posts

Posted - 26 March 2021 :  14:58:50  Show Profile  Reply with Quote
Hi
I filed for sequestration in November 2019 and was discharged late November 2020, although still contributing to Trustee for 4 years (due to finish end of 2023. On checking my credit file, the credit cards/bank accounts I had are still showing as defaulted. Should I contact them to have this changed, because I have been discharged from Sequestration, or does this happen after paying contributions until 2023.

Thanks for any help

TDA (Debt Adviser)
Trust Deed Expert



13705 Posts

Posted - 26 March 2021 :  16:09:08  Show Profile  Reply with Quote
Hi tigh,

As far as I'm aware the same principles apply as with discharge from a trust deed. Default notices should be marked satisfied or partially satisfied when you get discharged. The balances should be set to zero when you get discharged.

There's more information about default notices and getting in touch with creditors after discharge at:

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

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

Edited by - TDA (Debt Adviser) on 26 March 2021 16:09:23
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tigh
Regular Contributor

15 Posts

Posted - 26 March 2021 :  23:22:30  Show Profile  Reply with Quote
Thanks for reply TDA.
What I'm probably unsure about, is would they be marked satisfied or partially satisfied after our year has ended, or at the end of year 4 as in a Trust Deed, since we're still paying what we can afford until then.
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TDA (Debt Adviser)
Trust Deed Expert



13705 Posts

Posted - 28 March 2021 :  12:32:34  Show Profile  Reply with Quote
Hi tigh,

I think the principle that will apply is that your credit file should reflect reality.

You get discharged from your debts when you get discharged from bankruptcy, so I believe that your credit file should reflect this.

Your four year payment liability is a separate thing which I believe is irrelevant in terms of your credit file (which will still show the bankruptcy for a few years in any case).

What we often hear after completed trust deeds is that many lenders aren't quick to address default notices on a credit report and need to be asked to do so.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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tigh
Regular Contributor

15 Posts

Posted - 30 March 2021 :  00:21:25  Show Profile  Reply with Quote
Thanks again TDA. I will start contacting the companies we had CC & Loans with, to have our credit file updated.
Sorry, another question, which maybe some of the forum members can answer.
Is it better to raise the issue with the credit reference agency/ies as an incorrect
entry, or contact the company directly (I presume you would need account numbers) to have this rectified?
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TDA (Debt Adviser)
Trust Deed Expert



13705 Posts

Posted - 30 March 2021 :  09:41:15  Show Profile  Reply with Quote
Hi tigh,

It's best to contact the lenders. The credit reference agencies are simply reporting what the lenders are telling them.

Account numbers will probably be helpful with this. Your trustee might be able to give you a list of these if you don't have them.

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