Hi bighibee2000.

The main thing will be to ensure that your credit file has been updated once you've been formally discharged. Has that happened yet?

Hi bighibbie2000,

Well done on the successful completion of your Trust Deed.

Have you received your Form 5 which is your discharge from the Trust Deed?

As TDA has advised you want to make sure your credit report/file is up to date. If you register with Experian/Equifax and Noodle you will be able to use their service for 1 month free of charge. You can then see what your file has and then take steps to chase round your creditors and ask that they update the records.

The more proactive you can be regarding this the better it will be for your credit rating.

How did you find the whole Trust Deed process?

I have received my letter discharging me from my trust deed as of the 3rd Sept however they say it will take 4-6 weeks to send all the monies out to the companies.

How long should i wait before checking my credit report? Should i wait until the companies have there cash?

I must say signing all the initial paperwork seemed very scary especially when everything was explained however the process was very good and it seemed a quick 3 years however i wished i had looked for this forum before as you guys give really good advice.

Hi bighibee2000.

The relevant principle seems to be that your credit file should reflect the reality of your situation.

If you've been formally discharged from the trust deed then you no longer owe the money. This should be clear on your credit file.

But... obviously it's going to take a little while for your creditors to update their systems, then to update the credit reference agencies, then for the credit reference agencies to update your record.

I'd give it a few more weeks. This will give your creditors and the credit reference agencies a chance to update your records without you having to put time and effort into chasing something they'd have done fairly soon anyway.

Hopefully in a few weeks there will not be too much for you to chase up but, if there is, at least you'll be able to concentrate your efforts on the laggards.

'laggards' I like it TDA.

I originally thought it read 'concentrate your efforts on the lagers' Then had to look up laggards.

Mark

Either would be a perfectly sensible choice in the circumstances Mark!

Weird, but I'm desperately trying to think of an email I can send to someone and use laggards in it.

Mark

Has your wife got the shopping in for the weekend yet Mark?

On second thoughts...

Now that could turn a very Good Friday into a very bad one....

Mark

It's good to hear that everything has went well and you've had a positive experience bighibbie2000. If things are set up properly and the time taken at the start to confirm payments, assets etc and this is then confirmed in writing then things really should run nice and smoothly.

As TDA has said, maybe give it a couple of weeks for things to update and then start chasing round your creditors to have them update things. If you use your free trial too early for Experian & Equifax and your creditors haven't updated you records yet then you may have to pay for the service going forward.

Thanks for the info guys

Get a cashplus MasterCard. You put in a sum every month. There is a 4.95 charge. This charge is treated as a loan repayment to the years total charges. It's called credit builder. I've done it for 3 years. My credit file is continually updated until the 'loan' is settled. My credit rating has gone from poor to good according to equifax, I've got a credit card, I've had interest free loans, all within 2 years of TD completion. All these are paid promptly and I have no debt. You must clean up your credit file as creditors, especially those who have sold the debt on are particularly hard to deal with. Keep at it 🙂

Hi Just_So.

I've heard a few people make positive reference to credit building facilities on cards. The one we're most familiar with is the ClearCash one about which there's a little more information at:

Updated Link 2020: https://www.trust-deed.co.uk/bank-accounts.html

Hi Just_So,

That's some really useful information and thanks for sharing it.

I'll be sure to pass this onto my clients when they ask me about rebuilding their credit files.