Hello tinsoldier and welcome.

Congratulations on reaching the final stages of your trust deed.

Once you have completed your payments (including the arrears) the trust deed company should get on with bringing everything to a conclusion. This should only take a few weeks.

It might be best to call them and get an estimated timeline about the case closure once you have made your final payment.

There's no reason for anyone to come and visit you.

Thanks for that.

One other question i have is regarding rebuilding a credit rating - would it be advisable to apply for a credit card with a low limit to enable me to do this?

I have a decent, steady income in secure employment.

Hi tinsoldier.

If a credit card would be useful for you, and available to you, it would certainly help to rebuild your credit rating. There is some more information on the site about that subject at:

http://www.trust-deed.co.uk/lifeafteratrustdeed.php

In terms of whether it's advisable I guess this is one of those subjects where everyone will take their own view depending upon their priorities. Some people completing trust deeds say that never want to see a credit card again, while others will once again appreciate the convenience and security that they can provide.

Thanks again for your advice, i'm thinking along the lines of a Vanquis or something similar that i could pay off each month (and beleive me i'll do that!)

I'm worried about one thing, my payments have been lower recently than the original agreed monthly fee as i was placed on a 4 day week and our living cots rose at the same time (i filled in an income/exp sheet to show this.The IP looked at it and lowered my payment. Will i be expected to make up any sort of shortfall at end of TD??

They may extend the term tinsoldier, to allow the original amount that was offered to your creditors to be contributed into the trust deed.

The best way to confirm if this will happen, and how long any extension might be, will be to call your contact at the company.

Just phoned my contact - TD WILL finish with 1st April payment!!!!!

As we say in Fife - ya dancer!!!!!

That must be great news for you hear tinsoldier. It's also great to read that your trust deed provider showed flexibility when your circumstances changed recently.

They have been fantasic with me to be fair - said that fee & dividend to creditors will be paid and i will receive a discharge within 12 weeks!!!

Roll on April - methinks a celebration is in order.

Thanks so much dfor your advice.

Great news tinsoldier 🙂

Here's something for you to consider.

I'm sure you're aware of pre-paid Mastercards such as CashPlus which require you to add credit before you can spend.

Well, one of the benefits of that particular card is that they'll loan you a small amount (£50 I think) that you pay off in full very quickly. It then appears on your credit report as a settled debt, increasing your credit rating.

What this gives you is a way of starting to fix your credit rating without the fear of running up credit card debt. They guarantee 100% acceptance so could be an option if you can't get approved for a normal credit card or don't want one.

I can't post a link here but if you search, you'll find it.

Cheers,

DebtFreeWannabee

I have one of these cards, the "loan" due to finish about the same time as my final payment.

It's through CashPlus, can't remember the exact name. Apply for a prepaid card, then call them once its been activated and ask for the Credit Builer (I think) addon. They "loan" you £60, which they they take back, and pay £5 a month for a year to "pay off" the loan. You still have to pay the £5 monthly fee for the card for at least a year, but it goes on your rating as a paid loan, which is a boost.

hi, my trustdeed was due to end on the 9th february and i received a letter this morning saying that i have incurred arrears of approx 3000 and now my trustdeed has been extended for another 16 months but the amount they are asking for is a lot more than the amount that they say i am due. I have filled out all my six monthly reviews on time and also told them of a change in circumstances but now i have this can this be done especially after each review i get a letter saying my contributions are up to date????

Hi nancy, the very same thing happened to me so i can feel your frustration, and how upset you must feel. I dont think its fair and i feel your contributions should have been increased at the time of your review. As far as im aware that is why the reviews are put in place to ensure the smooth running of the trust deed. Unfortunateley some trust deed companies, and some seem to be more guilty of it than others, dont carry out the reviews properley then in retrospect decide to retrieve the excess income at the end by extending the terms of the trust deed. Im sure one of the trust deed experts will be able to advise you on what options you have available as to contacting your trustee regarding this situation.

Welcome to the forum nancy b.

Have you been given a reason for the proposed extension to your trust deed?

Hi nancy b - I agree, based on what you say it does seem unfair and this sort of thing really should not happen.
If you wish to, then a complaint can be made to the relevant professional body, or to the Accountant in Bankruptcy.