Hi goneunder.

We think, in terms of credit reports, the update on default notices will follow the discharge of you and your trustee from the trust deed.

As such, I don't think that default notices will be updated until your discharge follows the completion of paying equity contributions as well as the agreed monthly contributions. I don't think there is much that you can do until you are discharged from your trust deed.

Your trustee has no role to play in this. Dealing with credit reports falls outside of their area of responsibility I'm afraid.

Thanks TDA
Catch 22 again . Really don't know how this is gonna end . Looks like i will have to walk out the house 4 years after i entered a trust deed so i could save my house and clear my debt . This is destroying me every day .

I was led to believe that the defaults would show for six years? I am three years out of my trust deed and the defaults still show on my credit report. I'd appreciate some advice on when they can be removed, as I would take steps to get this done if they should no longer be showing.
Thanks.
Sorry for highjacking your post Goneunder, I hope you get to keep your home. The one thing I do regret is the loss of my own home, my mortgage would have been finished in a couple of years and I had never missed a payment. There was a lot of equity so I had to sell at the beginning of the TD. Such is life.

Have a read of this Bottomlesspurse:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

It's not a question necessarily of getting default notices removed. More of a case of getting them marked as satisfied or partially satisfied after discharge from a protected trust deed.

The date of a default notice should also correspond with the time a trust deed started. That's important as everything on your credit record stays there for six years.

Hi, TDA is right. Your credit report will show them as Default from the date your TD started and when you are discharged should show Satisfied, Settled or Paritally Satisfied.

Thanks, mine don't at the moment. Will follow this up xx

Hi there, can I please just clarify one point?

My understanding is that no Defaults should show on my file after the date my Deed became protected. On my file several of the defaulted accounts show a Default every month from date of protection (Feb 07) to date of satisfaction (I paid my obligations off in Mar 08). This means that these defaults will not drop off until 2014 - I originally thought my credit file would become completely clean as of Feb 13. All but one Defaulted account shows Satisfied apart from HBOS credit card which is still showing as an active Default - I am writing to them tomorrow.

Many thanks
Stoney11

Welcome to the forum stoney11.

The actual default notice only has one date (the date of issue).

Are you referring to ongoing reporting that the account remained in arrears until the defaults were satisfied (your discharge)?

yes that's right

I don't think that's going to go away very quickly stoney11, it will recede further and further back into history though.

The major off-putting factors are:
1 - A trust deed entry.
2 - Default notices (though less of a problem if satisfied).
3 - A lack of good recent credit history.

Once the trust deed and default notices no longer show all that really could be deduced is that some accounts were behind but now they're not. If recent credit use is positive that shouldn't be too much of a hindrance; recency is important to most lenders.

Thanks.

So my deed was signed in Feb 07 (I had no Defaults prior to the event), and fully paid it off in Feb 08 - so was discharged then. Is it fair that my credit file shows Default entries from Feb 07 to Feb 08 (a wee bit later in some cases - I guess it was whenever they got round to updating the file)? Ideally it would show as Default Feb 07 and Satisfied Mar 07 - would that be correct entries or wishful thinking on my part?

Re currency, I have a Lloyds bank account, Lloyds credit card and Vodafone account, and I should also have a personal car lease appearing on there soon. Do you think I should try to get other credit products to keep building my score? I am not intending buying a house for a year or two. My wife has nothing but a bank account. I am the earner - does it matter that Claire has no credit products?

Hi stoney11.

As I understand it your trust deed, and any associated default notices, should be entered no later than Feb 07 (give or take a couple of weeks I suppose).

In February 2008 you were discharged, so the debts no longer existed. The default notices should be marked as satisfied and no further reporting on these accounts would be appropriate.

There may quite fairly be some reporting on the status of these accounts between these dates.

Regarding use of credit, it's a tough one. I'd think that you'd each want to demonstrate some positive use of credit recently, but it's not worth overdoing it. If you build up a range of commitments it might have the opposite effect, making new potential lenders worry that you are over-committed or have the potential to become so.

Sorry this isn't a direct clear answer. From everything I've read credit ratings and creditworthiness are more of an art than a science.

this has been very helpful, thank you.

Hi Stoney11,

I finished my TD in 2009 and last year got a joint mortgage approved in September (my TD and defaults (satisfied) were all on my report) my other half has no credit history either good or bad, the application went to the underwriters who approved in about a week. On my report my last 5 years history was good, mobile contract, credit card, bank account and a car loan that was paid off early.