Do you have a note of how many payments were required? If you are unsure just ask your td company. Well done for getting through the trust deed.

Paul

Hi

It states 36 months but I am sure that works out at the end of January (could be wrong). The 14th December just sounds pretty random but I think that's the date it was made official.

I'm really unsure?

Thanks for replying so quickly 🙂

Hi Almostthere and welcome to the forum.

Do you remember when you made your first payment?

Are there any assets to be dealt with do you know? That would most likely be equity in a home or car.

Paul's suggestion of speaking to your trustee to get clarification seems to be very sensible.

By the way Almostthere, these might have been your first posts on the site but you've become very much part of our history this evening.

This is the 5000th topic to be raised on this forum. By my estimation that adds up to at least a couple of million words of questions, answers, advice, support and opinions that's all available to anyone interested to read and search. We genuinely had no idea whatsoever that something so significant could grow when the original site was quickly and cheaply assembled a few years ago.

I think it's great that Paul (plasticdaft) was first to respond to your question tonight. He's done more than anyone to share his experience, knowledge and support to others here long after he put his financial troubles behind him. Thankfully there are also many others who also do the same which I think makes this forum quite special.

Massive thanks goes also to Mark, Kevin and David for being so generous with their time and professional expertise here as well.

I wish I could tell you there was also a special prize for asking the 5000th question here Almostthere. There isn't!

Hi Almostthere,

Well done on reaching this point in your Trust Deed journey. How have you found the whole Trust Deed process?

If your Trust Deed was over a 3 year period it's actually 36 monthly payments that you pay. Your final payment will be determined when you started paying your Trust Deed. Normally someone will start their payments 4-6 weeks from when their actually sign their Trust Deed.

As plasticdaft has advised give your Trustee a quick call to discuss your case and they can tell you when your last payment is due. Don't wait on them contacting you.

Once you have paid all of your payments you can cancel your standing order mandate and then you should receive what's called a ÔÇ£Form 5ÔÇØ which is your official discharge certificate within a couple of weeks of your final payment and that is effectively you done with the Trust Deed. A good feeling I'm sure!

Wow TDA, the 5000th question! That's unbelievable. It's a combination of everyone's knowledge and experience that really makes the forum work. I've learned an awful lot by being involved in the forum from the people who have shared their experiences and what really does help is people like plasticdaft who continue to contribute towards the forum when they have long completed their Trust Deed's. To everyone involved in the forum thanks and well done. Let's look forward to the 10,000th post now!

Hi all,

Apologies for the delayed reply but all your advices were greatly appreciated. It's so refreshing to know that help is only a click away! And also the 5000th topic!

Just to follow up, I called to query where I was at with my TD mid December and was advised that I was done. I couldn't believe it and I sat in shock then admittedly had an 'emotional moment' before pulling myself together. There are no words to describe the relief.

I have been told that as the office is behind in paperwork due to a takeover then I won't receive any paperwork until the end of this month at the earliest.

So here's my question on my next steps and without sounding as if I'm jumping in at the deep end...I've now got a pretty decent job and just started saving for a mortgage. My partner has a flat but wants to keep this on as an investment. However I have just been online looking for a good financial advisor we can go see as I honestly don't know how to start building credit and where he stands with a second mortgage as I know I may be out of the equation for some time which is totally disheartening.

As always any help is appreciated.

Hi Almostthere.

If your partner has a buy-to-let mortgage on the investment property there is every chance he'll be able to obtain a residential mortgage for a property for you both to live in.

As you have said in your post though, it will be best to get advice on this from a mortgage broker.

In terms of building up your creditworthiness over time, I'd suggest waiting a month or two after you have been discharged and then getting a copy of your credit report.

If you tell us what is on there at the time I'm sure that there will be people here that will give you pointers in the right direction.

You may also wish to weigh up whether you plan to start using some credit again to demonstrate some positive credit use. This obviously isn't risk-free, and is likely to be based upon high-cost credit (at least initially).

Thank you TDA. That gives me a starting point to go on. Also another quick question. I had a PPI claim in and the money was paid out after my TD was completed however the bank still sent it to the insolvency practice. Is that correct?

Thanks again!

Hi Almostthere.

It is correct if your trustee has remained in office to deal with assets like PPI.

Do you know if your trustee has yet been discharged? You can find out on the Register of Insolvencies (via the AIB website) if you're not sure.

Hi Almostthere,

We always tell people to speak with a couple of advisors for debt advice and the same should be said for financial advisors. Speak with a couple of them, ask them about their fees, about your situation and also if they cover the whole of the market or not. Some financial advisors when it comes to mortgages will only use a couple of mortgage companies.

When I had my meeting with my financial advisor he was whole of market and showed me the best deal for me. He also compared the deal to a lot of other lenders deals so that I knew that based on my situation this was the best he could get me. I had also done my own research, spoke to my own bank and they couldn't match the deal I was offered so I felt comfortable proceeding with him. I didn't pay any fees out of my pocket, he was paid commission from my mortgage and the life insurance that I took out via him. I was told all this upfront and given the choice to pay a fee directly to him or for him to receive commission. I also done my own research about life insurance and the premiums to make sure I wasn't over paying and I wasn't on what he could get me.

If you take your time and do your own research along with listening to an advisor you should be fine.

It may take you a couple of years to improve your credit rating and save a sufficient deposit but a mortgage should be something which you can eventually obtain.

on reading this post - i get the impression that once the trust deed is set up with the 36 months of repayment the only other payment that may be due is the equity that may have been in the house/car - why then do i think i have a 'balance' to pay after 36 months - thus the reason i have chosen to continue to pay (as suggested to me) for 64 months and still paying - could this be the moveable property outlined in my statement of affairs in the official trust deed papers?

I'm sure it will be assets of some time Goshnearlythere.

Equity in a car, home, the value of your endowment policies etc.

This is something that your trust deed provider should be able to clear up very easily for you so that you know where you stand.

Thanks TDA - just called the TD advisors - I nearly had a heart attack as they seemed to only have me paying 3 years of monthly payments bit now she has seen i have paid towards the equity of my home - she has passed it to the closure team as she thinks I may not need to continue paying - wow - imagine how that is going to feel.

How do they work out the share of the equity you originally had? I had approx £13k of house equity and an endowment due to mature Aug - is the equity worked out on the figures at the start of the TD or at the 3 year stage? As the endowment has lost its value over the last 5 years - how would they work that out? I am now very worried they may want me to pay a big lump sum as it seems I should not have been allowed to pay past 5 years and i have paid for 64 months.

I'm not sure that there is any particular "line" stating that you should not pay beyond a five year period Goshnearlythere. It's possible that the firm you're with has their own policy on that though.

In terms of the value of your assets, the method of valuation is typically going to come down to what was agreed at the start. If you have no records or recollection of that agreement you may need to ask your trustee to explain their perspective on this to you.