Welcome to the trust deed forum twitcher.

The trust deed entry on your credit file stays there for six years. After that, it's gone.

That's very different to having a good credit record though.

Lenders use previous activity as a guide to future activity. Therefore, if you have no activity on your credit file at all (because no credit has been used for more than six years) they have no good information that might reassure them that you're a good payer.

So... a clean (as in empty) credit file doesn't necessarily mean that all lenders will view you as a good lending prospect.

thanks TDA for the welcome !

OK so if you have used payday loan companies some 15-20 times this goes down as credit received and paid I guess ?

The main concern was that although they claim to see your file is clean they actually still blackmark you, contrary to what they would publically claim to do, so I was keen to know if anyone had any stories such as this

I guess the earlies trustdeeders must be about into the after 6 year period now ?

Who blackmarks you twitcher?

By the way, even if you pay back payday loans in full and on time other lenders may see this as a negative use of credit and be less willing to lend to you.

The reason is that payday loans are interpreted by some to be a signal that there may be financial distress or financial mismanagement of some sort going on.

Sounds like an expensive way to try and rebuild your credit rating, especially if there is no guarantee that it will work.

Hi Twitcher
I've passed the 6 year mark and I'm having some trouble getting my old creditors to correct the date of default on my debts. My trust deed has itself fallen off my credit file, but a couple of companies have the default date as much later (in some cases years) than the date of the trust deed, so those debts are still showing as being in default. I've written repeatedly with evidence of my discharged trust deed and am toying with now writing to the ombudsman.
Good luck!

Please be cautious in considering pay day loans to build credit history. I have been made aware just this week that some lenders are now including the use of pay day loans in their criteria for NOT lending, assuming it to be a demonstrated lack of ability to manage / budget at current income levels. Just go for accounts with mobile companies, perhaps catalogue and credit union, or some of the accounts which include an element of credit building?

I'd heard that as well. Definately go for small credit accounts and build from there. I've also written to creditors but haven't managed to get all my dates changed due to debts being sold on or passed to companies like Max Recovery. Might give the financial ombudsman a whirl if I don't get them changed. I've never understood the difficulty - it costs them nothing to change a date.

Hi Gillian.

Incorrect default dates may be better addressed to the Information Commissioner. See:

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

Hi twitcher,

I have just passed the 6 year mark. When I paid my final payment I sent letter to all creditors to get the default date corrected, this was done pretty quickly. My Trust deed has now fallen off my credit report but a couple of the creditors have not as yet (I believe that some only update on a monthly basis so I will give till October before chasing). Once my TD ended and I was discharged I opened a catalogue account, I already had a contract phone and got a Vanquis credit card. Then about 1 year later I got a car on finance (this was cleared 6 months after) and then I got a joint mortgage 1 year ago and then a loan a few months ago. That was all before the defaults and TD dropped off credit file. Now it is like the TD never existed.

To get your default dates changed there is a great template letter on MSE forum (Life after a Trust Deed) that has all the legal jargon in, these are the ones I used, a couple of creditors I had to ring once to get them to change after the letter but that was it.

If your debts have been sold on the person responsible for making sure your credit report has the right dates etc is the original lender as you signed the agreement with them. My Halifax loan was sold on to Max Recovery (I will say no more about them!) but it was the Halifax I chased to get the default date corrected and they did when they received the letter.

Hope this is useful info.

Is it 6 years from the start or end of the trust deed?

Hi FightingFit

In theory, it's from the start.

Mark

Many thanks Mark.

Hopefully my trust deed will be finalised by then. Been waiting patiently for 8 months for closure due to chasing ppi although I never had any.

Is this timescale normal in other people's experiences?

Hi FightingFit.

Do you mean the timescale to deal with PPI or the timescale for credit file entries to drop-off?

Sorry, the time to deal with ppi.