Hi Cheryl2021x,

That's great news that you're on the verge of completing your trust deed.

Your trustee will notify the AIB of your discharge from the trust deed (and your remaining debts) and then the AIB will update the Register of Insolvencies (which you can find online).

Once the register has been updated your discharge is official.

Thank you for the information!

How long does it take for the aib to update the discharge ?

I have just started my own business and worried if I start to do well they will come after me lol but I assume from the end of this month I am done ?

My debt started when I was a single mum / student / struggling ! And now I’m fully qualified and launching my own business and just want a fresh start with nothing hanging over me . Also got baby no 2 on the way In 17 weeks so this is such a relief

Thanks

Sounds like you are moving into an exciting new chapter, Cheryl2021x! Many congratulations on your discharge - and the baby too of course, when he/she arrives.

It would usually only be a matter of a few days for the AIB to register the Form 5. As with most things, the pandemic has slowed down a few processes due to homeworking etc, but I wouldn't expect this to have much of an impact on this.

Thank you for the advice! I will try be patient and wait on it updating.

Now I have made my final payment and once I get my discharge forms am I done ?

My partner and I are getting a house and also my income is expected to increase significantly over the next 6 months so not sure if I still report to anyone or do I just go about my normal life now ?

Feels amazing to be debt free and a fresh start at life!

Hi Cheryl2021x,

The reason Trustees can ask you for more during your Trust Deed is that you are under a period of "Acquirenda". This basically means any assets (including disposable income) you come in to during the four year period from the date the Trust Deed was signed will vest in the Trustee.

As they've agreed you have completed your TD and are processing the relevant forms for discharge, I have to assume you have passed the 4 year mark from date of signing. Likewise, from what you've described, they have agreed you have met your obligations under the TD, so I cannot see that there would be an issue if you have strong trading over the next month or so!

Congrats on the business, baby and completion of your TD - a new chapter beckons!

That's right, once you have your discharge then you are finished and there is no more reporting of your circumstances to the trustee.