Trust Deed Forum - almost there
Trust-Deed.co.uk
Home Home Page









Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 almost there
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

lilone
Frequent Contributor

32 Posts

Posted - 08 April 2021 :  11:46:37  Show Profile  Reply with Quote
Hello

My final payment is in sep 2021 trust deed has confirmed this and stated the discharge may go into early 2022 with administration etc I had a couple of questions :

will i be discharged from sep I.e get my form 5 letter?

does this mean i will be ok after sep in terms of obligations, as my mum maybe helping me with a house deposit (selling our grans house ) and i wanted to do this when trust deed had ended obviously

thanks : )

SmithyJ
Contributor

7 Posts

Posted - 08 April 2021 :  12:20:00  Show Profile  Reply with Quote
Hi Lilone,

I made my last payment 9th Feb this year andcalthough on the Trust Deed's website discharge should only take a month, i've been given the blanket it could take up to 6 months! I've contacted them several times now to chase them up and now been told it's in final stages and only things left to process is final check for PPI which should have been done before the last payment and possible personal injury claim payment i've never received, so not sure how long this will take.

My own view is that as this is legally binding then discharge procedure should be standard across the board and debtor discharge should be within no more than 4 weeks. When you get to the end getting the Form 5 is all you want so you can start addressing credit report issues!
Go to Top of Page

lilone
Frequent Contributor

32 Posts

Posted - 08 April 2021 :  12:35:08  Show Profile  Reply with Quote
hi SMithyJ

really? hmm that doesn't seem right i agree, this is what i mean if that was last payments etc are you still bound by terms there after?
or are you technically done and then they finalise everything there end ?

am more about trying to sort for eventually getting a mortgage
Go to Top of Page

SmithyJ
Contributor

7 Posts

Posted - 08 April 2021 :  13:33:34  Show Profile  Reply with Quote
quote:
[i]Originally posted by lilone[/i]
[br]hi SMithyJ

really? hmm that doesn't seem right i agree, this is what i mean if that was last payments etc are you still bound by terms there after?
or are you technically done and then they finalise everything there end ?

am more about trying to sort for eventually getting a mortgage



My understanding is you are still bound until you receive either your Form 5 or the AIB website has been updated with a Debtor Discharge date. Covid and home working for many might be slowing the discharge process down, but after 4 long years you just want the process to be a bit slicker than it is at present, although many posters on here have received their Form 5 within the 4 week period so it's a bit of a lottery on how quick companies finalise things.
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3969 Posts

Posted - 08 April 2021 :  14:44:22  Show Profile  Reply with Quote
In terms of your mum helping you with a deposit, you should be OK after the 4 year point regardless of whether you have received your discharge or not, however I would still probably wait until your discharge just to avoid any issues, as I'm afraid you may find that a mortgage may have to wait a bit longer anyway.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



13705 Posts

Posted - 09 April 2021 :  09:49:22  Show Profile  Reply with Quote
Hi lilone,

Just to confirm what has already been written, your discharge only becomes official once it has been added to the Register of Insolvencies (which you can monitor online). You should receive your Form 5 around this time from your trustee.

Firms will vary in how long this takes, though we know that in many instances it really doesn't have to take more than a few weeks once you have completed your obligations.

I'd be pretty cautious about receiving a lump sum before you are officially discharged. For example, you might want to have written confirmation from your trustee that this will not cause any issues or extra liability to your trust deed before going ahead.

Unfortunately it's likely to be some time before you can obtain a mortgage. When we've looked at this in the past we only became aware of one very small lender that might consider an application one year after discharge, and others that woould require two years (sometimes longer) before they'll consider an application.

Mortgage criteria changes over time though, so it would be best to get direct advice from a mortgage broker who has experience in helping people with imperfect credit histories to get mortgages.

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

Edited by - TDA (Debt Adviser) on 09 April 2021 09:49:50
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2020 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Bright Oak Limited. Company Number: 06774006. Data Protection Registration: Z1657982.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.