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Nicci_36
Regular Contributor

18 Posts

Posted - 06 May 2022 :  18:35:22  Show Profile  Reply with Quote
Hi I am currently in a debt payment arrangement that I have been since 2017 however it iOS not due to end until 2022. I have decided to swap to a trust deed & it am in the status of it waiting to be protected. However when I checked my credit file some creditors are shown default since my debt arrangement scheme started in 2017. My question is will these creditors fall off my report next year with it being 6 years or will they stay now that I have transferred over to a trust deed? Also I know a trust deed stays on your credit file for 6 years. With a debt payment arrangement is that 6 years after itís paid off or 6 years from the start? I choose to go to a tray Deed as I have acquired more debt since being on a debt arrangement scheme and was getting out of hand. Hope you can help

Nicci_36
Regular Contributor

18 Posts

Posted - 06 May 2022 :  18:48:13  Show Profile  Reply with Quote
I just worry as I hope I have done the right thing. It all seems more complicated than debt payment arrangement but I guess it is because it is legally binding. I built up an extra £5000 debt since I have been in a debt payment arrangement. My debt payment arrangement started at £14,000 & is currently £9600 but will adding on the further 5000 to my trust deed thatís built up during it itís practically back to square one.
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TDA (Debt Adviser)
Trust Deed Expert



13939 Posts

Posted - 06 May 2022 :  23:39:08  Show Profile  Reply with Quote
Hi Nicci_36.

The simple rule is that anything that goes on your credit file will disappear six years later. So...

1 - The DAS will disappear 6 years after it began.

2 - Any account with a default notice will disappear 6 years after the default notice was issued.

3 - Your trust deed will disappear 6 years after it began.

Are you sure that your proposed trust deed payment is affordable and you'll not need to use further credit during it?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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Nicci_36
Regular Contributor

18 Posts

Posted - 07 May 2022 :  08:06:49  Show Profile  Reply with Quote
Thank you for answering my questions. Yes my proposed trust deed payment is affordable. So my DAS if I did continue and not transfer to trust deed (even though I donít think thatís an options now) would have fall off my report next year as that will be 6 years even though I would still be making payments to my DAS until 2032 (sorry said earlier 2022 it is 2032 due to end. Also any creditors that are included in my trust deed from 2017 will fall off my credit report next year but my trust deed will show for 6 years?

Itís all so confusing. I just hope I have done the right thing. I think I have but I just worry as a trust deed is legally binding & a lot more too it than a DAS
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Kevin Mapstone
Trust Deed Expert



4080 Posts

Posted - 09 May 2022 :  09:19:32  Show Profile  Reply with Quote
That's correct as I understand it, Nicci36.

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Nicci_36
Regular Contributor

18 Posts

Posted - 09 May 2022 :  12:18:14  Show Profile  Reply with Quote
So would my DAS or any defaults have affected me when it had fallen of my credit report next year even though I would still be paying my DAS until my debt was cleared which would have been 2032?
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Kevin Mapstone
Trust Deed Expert



4080 Posts

Posted - 09 May 2022 :  14:32:11  Show Profile  Reply with Quote
One of the standard conditions of a DAS payment programme is that you are restricted in the amount of credit you are allowed to take out, irrespective of what is showing on your credit file. Those restrictions last for as long as the DAS is active, so yes the DAS would still have affected your ability to get credit until it completed.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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DBHA21
Frequent Contributor

36 Posts

Posted - 11 May 2022 :  07:49:33  Show Profile  Reply with Quote
Quick point of clarity regards credit file:

Typically a DAS leaves your credit file either:

- 6 years after it began, OR
- Upon its completion

Whichever is the later of those two dates. As it stands, your DAS will leave your file on the six year anniversary of it beginning.

However, unlike a TD, your creditors do not need to default your accounts at the start of your DAS, so a "trail" can remain until six years after you've completed it.

Any accounts already defaulted will leave your file six years from the default date, regardless of switching solutions. However, the debts are still active and payable, as the prescription period (Scottish equivalent to Statute Barred) is from your last relevant acknowledgement of the debt (e.g. your most recent DAS payment).
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