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HarryM
New Member

4 Posts

Posted - 16 October 2021 :  15:58:57  Show Profile  Reply with Quote
Been looking in from the outside over the years but thought now is best time to seek advice.
Made my last trust deed payment in July and had 3 months of asset payments and my last payment is due this
Monday after 51 long and difficult months
My question is how soon should you start contacting creditors to get accounts updated or does it happen automatically?
Thanks in advance for any advice

TDA (Debt Adviser)
Trust Deed Expert



13851 Posts

Posted - 17 October 2021 :  18:01:22  Show Profile  Reply with Quote
Welcome to the trust deed forum HarryM.

Congratulations on reaching the final stages of your trust deed.

Once you have been formally discharged it's probably best to leave it a few weeks before you contact your former creditors. Some creditors may only report updates to the credit reference agencies on a monthly basis.

Some creditors may act promptly to update your record. Sadly we know a number of creditors need a little "encouragement" before they do the right thing.

There's lots more information on this general topic at the following link:

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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HarryM
New Member

4 Posts

Posted - 18 October 2021 :  11:04:32  Show Profile  Reply with Quote
Thanks, am i formally discharged when form 5 arrives?
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Kevin Mapstone
Trust Deed Expert



4029 Posts

Posted - 18 October 2021 :  12:11:32  Show Profile  Reply with Quote
Yes that's right HarryM - or actualy technically once the date of the Form 5 is showing on the Register of Insolvencies, which should be very soon after you receive it.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed

Edited by - Kevin Mapstone on 18 October 2021 12:12:48
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