Hi Lhen

It will be interesting to hear what answers other forum users may give you. Having not personally been through the process myself I wouldn't presume to answer for them as to whether they feel haunted by their Trust Deeds after discharge. More commonly I hear people telling me they feel liberated by finally being able to move on from their debt situation that they couldn't see a way out of otherwise.

I think the circumstances in which you are asked " have you ever been in a Trust Deed" would be very rare (bankruptcy more common I am sure). Also, even if you are asked that question I think the relevance of the answer you give would fall dramatically once you have been out of your Trust Deed for a couple of years. The guardianship issue as highlighted on another thread recently would be very much the exception rather than the rule.

Hi Lhen,

Hopefully some others who are currently in a trust deed will be able to share their experience with you in due course.

I am sorry to hear about your anxiety regarding your trust deed. It is perhaps worth mentioning that forums like this do tend to attract questions from people with specific (often quite unique) concerns, so the content of this forum probably isn't an especially accurate reflection of most people's trust deed experience. I suspect a lot of people actually move through the trust deed process pretty smoothly and exit at the other end in a much better place.

My understanding of the purpose of a trust deed is to allow people to move on from debts that they would otherwise be unable to repay, or which would take an unreasonably long time to repay. I also understand it as being a compromise between a borrower and their creditors which allows both parties to move on from a financial situation that has become (or is about to become) negative for both of them. It's true to say that this all comes with some consequences, so people would be well advised to weigh these up against the benefits before going ahead.

If it's of any reassurance to you, we've heard from loads of people here who have managed to obtain a mortgage after completing a trust deed. I also cannot remember a scenario raised here where someone has ultimately been unable to get a suitable insurance policy.

Hello both,

Thank you for your replies and for your reassurance on matters related to having a TD.

I guess I just want to get to the point it falls of my credit report and forget this part of my life but if anyone would like yo share their positive stories, I would always appreciate hearing that.

In these times, it's hard not to feel like a failure for getting into debt and having to use a TD and I just don't want to regret this decision for rest of my life.

Hi, I was the same! I went I to a trust deed in 2010 and had 3 years of payments then 2 years to pay back equity. Like you just wanted the whole thing behind me and when it eventually fallped off my file It felt fantastic! Yes I’d a bit of chasing here and there but after I was clear my credit rating with the well known credit checkers was excellent, I got small credit purchases here and there, I’ve never had another credit card again and my financial situation is the nest it’s been in years. Before entering into the trust deed I was a financial wreck thinking somehow minimal payments would eventually pay off my debt - that would never happen and I’m so glad I did it. My employer is fine even when I’ve been honest about being in a trust deed they don’t care and I work in financial services! It never haunts me and in time you’ll feel the same.

Hello!

Thank you very much for your input and reassuring response. It's nice to know that someone out there can get through this without being reminded constantly.

My worry comes from having to always bring it up financially or legally from now on.

For example - my work want to give me a work credit card. Do I need to tell them about TD?

Also I need to be on company car insurance to drive for my company for work purposes. Do I need to tell the insurance company at work?

I find myself doubting when I need to say about my TD and when things are OK. A lot of stress every day because of this.

Hi Lhen,

I don't think the work credit card will be an issue. Your employer is liable for the repayments rather than you (I assume - this is usually the case) so your credit status shouldn't be relevant.

With the company car insurance, presumably your employer is aware of any policy restrictions and would check with company car users if necessary. I very much doubt fleet policies would contain fine details like this though. Presumably the vehicle you'll be using isn't your property, so even if an insurer perceives personal insolvency to be an additional risk factor (and many do not) it's not really applicable here because you personally have nothing to gain from a claim.

Thank you very much for your response.

That makes sense and reassuring to hear but do you think I need to mention TD to employer to be on the safe side?

Hi Lhen,

If it isn't a condition of your employment to disclose your financial status, and if your employer hasn't asked you about it, I think you're free to take whatever course of action you feel comfortable with.

Thank you.

Do you think I should ask my employer thr impact of my TD on the work credit card and car insurance?

I just don't want to be seen as hiding anything that could legally cause problems but at the same time not have to reveal personal details unless necessary.

You're not hiding anything if they have not asked you about it - if the terms of the company car insurance or credit card require this kind of disclosure then it is up to your employer to check that with you, I'd have thought.
If it is just going to be a niggling worry for you though then maybe it would make you feel better just to tell them.