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Scottish Trust Deed Forum
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Topic starter
20/04/2009 7:50 pm
A wee bit of help required from those in the know please.
I'll give a little bit of history for you all first. I am 30, I have two kids and a Girlfriend. My daughter is 4 and my son is 1, since about 1 year before my daughter was born I have lived with my partner in unfurnished rented accomodation.
We have long wanted a mortgage and a house of our own however I have had problems with debt in the past.
On the 23rd of June 2003 I signed a Trust Deed (Protected) to pay of ?ú16k worth of debt. (Stupid laddie buying cars, maxing credit cards, flashy phones and a bit of a playboy lifestyle which I had no way of funding........Anyway, we learn by the mistakes, allegedly..... When I signed this trust deed co-incided with me getting together with my girlfriend.
In the past month we have looked at getting a mortgage as I was under the impression I would have a fully restored credit rating, backed up by a score of 879 through Experian's credit rating system. I was refused for a mortgage and was advised to look at my Equifax rating. This score returned a points total of 0!
On my report is all my debtors (satisfied) from my trust deed including one from Egg credit cards which has a completed/satisfied date of October 2003 but a balance still showing of ?ú3,273?
How long does my trust deed stay on this report for??? and what could be the answers regarding this Egg thing....which was definately part of my Trust Deed?
Any help much appreciated
when I find myself in times of trouble Mother Mary comes to me......
21/04/2009 10:16 am
Hi kingmonkey,
Anything that goes onto your credit file will normally stay there for six years from the date it was put onto your file. It looks as though the Trust Deed will shortly no longer show on your file.
The situation with Egg is odd. I'd suggest that you contact both Egg and the credit reference agency to request that the entry be corrected if it should be.
In terms of improving a credit record the answer sometimes can be the low-level and responsible use of credit. For example a low-limit credit card used for a couple of purchases each month and paid off in full each month can help to re-establish credit lines.
Another thing to check is whether you are on the Electoral Register.
The zero score is strange. I wonder if this file is showing no use of credit at all rather than anything negative?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
21/04/2009 2:52 pm
Hiya,
Thanks for the response.....so these come off my credit report from the date they went on?
I have been advised that they are from the date of completion?
Thanks
KM
when I find myself in times of trouble Mother Mary comes to me......
21/04/2009 6:42 pm
Any "event" is no longer visible six years after it went on. I guess the question here is whether the completion of the Trust Deed is an "event" in itself that gets marked on your credit file.
I'm wondering if Mark or Kevin can shed any further light on this.....
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
22/04/2009 12:37 pm
I believe that the completion of the Trust Deed is not marked on your credit file unless you request it to be, in which case presumably it would show for a further six years.
I must admit to being a bit fuzzy on this subject though, as how long debts show for etc seems to change depending on who you speak to. I have been meaning to try and get a definitive answer on this from the credit reference agencies. Will let you know if I manage to.
Perhaps Mark knows more? Or have any other members spoken to equifax/experian about this?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
22/04/2009 12:55 pm
Kevin and I appear to be pretty much the same here as we don't really have any direct involvement with credit files/ratings etc.
My understanding is that the debt effectively dies on the completion of the Trust Deed and after the 6 year credit file period, then al TD debts should be deleted from the file. Best bet (again) would be to contact the credit reference agency and advise them of the position and have them update their file.
Not sure if this hels much!
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
23/04/2009 4:10 pm
I have been in touch with Invocas, who I done my Trust Deed through. They have confirmed my Egg debt was paid and Egg recieved a full dividend. They say my deed was discharged on the 7th May 2007.
Basically I need to know how long this will be on my credit report?
Anyone know?
Cheers again
KM
when I find myself in times of trouble Mother Mary comes to me......
23/04/2009 4:13 pm
Hi KM
My understanding is that TD's are on your credit file for 6 years.
Not sure if anyone can confirm this.
Pat
23/04/2009 6:19 pm
Hi KM,
Have you looked on your credit file to see if an entry was made on or around that date by Egg or Invocas?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
