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Haz7991
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8 Posts

Posted - 13 August 2021 :  14:47:20  Show Profile  Reply with Quote
Hi All,

I thought this day would never come but it has and I have been discharged from my 4 year long trust deed.

Do I need to send my form 5 to anyone or will my credit fill automatically update?

TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 13 August 2021 :  15:07:57  Show Profile  Reply with Quote
Hi Haz7991.

What a great way to finish your week!

The credit reference agencies monitor the insolvency registers, so I'd expect your discharge from the trust deed to be recorded on your credit report fairly soon.

You'll probably also want to make sure that your creditors each make appropriate updates to your credit report. This includes marking any default notices as being partially-satisfied (or satisfied) and setting the balances owed to zero.

Some creditors may do this independently over the coming weeks. Others might need a shove in the right direction from you. I'd give it a few weeks to see what happens first, but this article explains what you can do, and what you can expect to happen, about creditors that don't make the appropriate updates to your credit report:

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

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Haz7991
Contributor

8 Posts

Posted - 14 August 2021 :  18:40:48  Show Profile  Reply with Quote
Thank you for your help. One other question is how long after discharge have you heard people be accepted for PCP car finance?
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TDA (Debt Adviser)
Trust Deed Expert



13799 Posts

Posted - 16 August 2021 :  09:33:23  Show Profile  Reply with Quote
Hi Haz7991,

If it's affordable I'd imagine you could get some type of car finance now. It's actually available while people are still in their trust deeds, though sometimes trustee consent is required for this to happen.

A secondary issue is cost. Because you're so recently discharged the interest rate and overall cost of car finance is likely to be pretty high.

Letting some time elapse (while also improving your credit status at the same time) is highly likely to open up much better value car finance arrangements in the future.


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