Welcome to the forum marketingmark.

We've heard from people that got mainstream car credit soon after trust deeds and from others that had to pay premium rates.

Hopefully you'll get some suggestions from other members but eventually you'll only find out what's possible by applying.

We completed our trust deeds in july this year, have still to receive form 5's ,in the post next week apparently. Was successful in securing car finance through black horse 3 weeks ago, was upfront with the dealer and was prepared to go with a sub prime loan but was delighted to get mainstream finance,

Its interesting that you were turned down by Blackhorse who provided finance for Fedupfighting.

It would be good if we had some indication of what they looked for in terms of a credit application being passed. I would have thought finance for cars etc would have been easier if this was on one of those PPC deals or HP where you never actually own the car until the final payment is made, therefore the risk would be less you would think.

Mark

I have to say I would love to know how Fedupfighting was approved for a loan! I was discharged two years ago and still can only get extremely limited forms of finance, no loans, no mainstream CC's and only just a contract mobile. The credit scoring system is so messed up! I have a secure and well paying job yet they won't even look at me.

There were none more surprised than us!
we were prepared to go the sub prime route as our car had died, was straight up with the garage about the trust deed, and within 2 hours of test driving the car we had the loan through Blackhorse. We both had contract mobiles running throughout the trustdeed, have vanquis credit cards for sometime now. We both have good jobs but obviously shows that some good credit history goes in your favour, and also be straight with the garage. Good luck !

Hi all,

I checked my credit score with Equifax and it was very poor so that is probably why I was rejected. I have since went to with Moneybarn, they offered me between 5K to 10K for car finance.

It is high APR but I have a lovely car now and will be able to build my credit again with regular monthly payments.

I hope this helps anyone else.

Thanks

Just in terms of finnvanb83's point, one of our team was at a conference last week where there was a senior representative from Experian talking.

He was asked about credit for people who have completed an IVA which is similar to a trust deed in the rest of the UK.

He answered quite clearly that the data they have for people that borrow after an IVA demonstrates a comparatively high risk profile compared to the average.

This may help to explain the difficulties of getting credit soon after a trust deed. No doubt many individuals would pose very little risk to a mainstream lender, but the aggregate data appears to put lenders off lending to this "category" of potential borrowers.

Thought I'd give hope to others like ourselves, completed a TD a year again and looking for car finance.

We have banked with Santander all through our TD upgrading to the 123 when completed.
Needed a newer car as current one requires more repairs than it's worth.
Decided to apply for finance through Santander and was accepted, money in our switch account to pay for the car tomorrow.
The APR is 4.9% was upfront although they already knew about our financial history.

I asked why we were accepted, seems it's due to our regular untouched savings since TD completed both have CC and pay off balances monthly, small amounts fuel etc. Monthly contracts for mobiles never missed payments. Same employer for over 10yrs good salary increases recently, credit is all marked settled on our reports.

Not for a moment after reading this and other forums did we ever think we would be accepted but it does show that there is mainstream credit after TD, maybe the way you run your accounts and bills after is one of the good points?

I read that some don't rate Santander I can only speak as we have found them helpful and non judgemental.

Good luck to all going through money troubles it will end and you have an experience of what you can do with your limited funds during a TD and take that with you when your new financial life begins.

Thanks fore that Twizzle, that's interesting to know that your savings helped when applying for credit - makes perfect sense really, of course you are a lower risk if you have money saved.

And the happy coincidence is that people finishing trust deeds are likely to be a couple of hundred pounds better off each month, so should find they are able to put something away.

Hi Twizzle,

Thanks for taking the time to post about your situation since completing your Trust Deed. Everyone always asks what impact entering into a Trust Deed will have on their credit rating to this will be an encouraging read for people.

I guess that it goes to show that it is possible to secure finance and credit following the completion of a Trust Deed. I know that this won't be the case for every client but with some careful planning and some effort I'm sure some people will be able to rebuild their credit rating a little quicker than if they did nothing.

As you say Kevin, people who are coming out of a Trust Deed will have spare money per month which they could look to put into a savings account to assist in rebuilding their credit rating and creditor trust.

I can understand why Experian may say that figures show that people out of TD's are more 'risky' but there is just no knowing as a potential customer who will and won't accept an application and therefore how you are going to impact your credit file. That is why I feel the credit system is completely flawed. I work with people who can barely manage month to month with repayments but as they make them they have more credit thrown at them...go figure. I have been extremely responsible for several years and yet there is no sign of improvement, even though I have a good % of disposible income. The only one positive is my local credit union who happily take people on a case by case basis and a history with them may well be the way forward. They are happy to lend (smallish amounts) based against savings with them, at least it is not a 'computer says no' deal. I don't want to borrow much as I have seen first hand how quickly things can change and leave you in over your head but it would be nice not to just be treated as a statistic by banks.

Hi again finnvanb83.

We've advocated credit union membership for a long time for the precise reasons you mention.

Generally, At finance market we can get the various options for car finance. In that, We need to select the professional and trusted one.

(Marketing Spam Link Removed)

That's very interesting merjorymose.

Generally, at Trust-Deed.co.uk, we can easily spot marketing spam and people breaking the forum rules they've only just agreed to.