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Scottish Trust Deed Forum
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Topic starter
23/09/2010 3:08 pm
After nearly 2 years since making the final payment and completing all paperwork, i received a letter today adviing that I will have my discharge letter within 14 days. That is nothing short of a miracle if it does happen after what it has taken to get to this point.
My question is now, when the discharge if finalised, what is the best way forward for me in relation to repairing my credit rating etc.
I'm under no illusions that it will be easy but would like some guidance on the best way of going about this
23/09/2010 3:32 pm
Welcome to the forum Atlast2010.
The first thing to do is to get a copy of your credit report and see what is on there. Any defaults showing could/should be corrected to show as being "satisfied" once the trust deed is finalised.
Please remember that this is the responsibility of your creditors and not your trust deed company.
If there are unsatisfied defaults you'll need to contact the creditors yourself and ask that they are corrected.
The next stage is to layer some positive credit history on top of the previous problems.
If you have a mortgage making sure you pay in full on time every month will be useful.
Mobile phone contracts are useful.
There are some very high interest rate credit cards sometimes available to people who have recently finished trust deeds. Getting one of these and making a single purchase each month, and paying it off in full on time each month, should ensure some positive credit history is created (and avoid any interest being charged).
Assuming you were originally in a three year Trust Deed it should only show on your credit record for around another twelve months anyway (events stay on your credit file for a period of six years).
I hope this is a useful starting point. Other visitors may well have some extra ideas to add.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
