Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
4
Users
0
Reactions
4,469
Views
Topic starter
03/07/2017 10:33 am
Hello,
I was discharged last year from my 3 year trust deed. I entered into a trust deed as I was unable to sell my home and could no longer afford the mortgage payments due to redundancy. I entered into a secured trust deed and my home was sold accordingly with the shortfall being the debt I had to repay via my trustee.
Last year I was discharged from my 3 year trust deed and received my discharge form. I know that by law my mortgage default will still be on my credit file for another 3 years before it can be fully discharged (after the 6 year mark). I am trying to rebuild my credit and have taken on a credit card which I use for small purchases and is paid off in full every month and would also like to open a savings account but haven't been successful in doing so.
I have applied to open a new bank account and savings account with Barclays who carried out a credit check and of course declined me. My current bank account charges a £20 fee a month which I could do without. But above all I really want to open a savings account and cant understand why I'm finding this so difficult to do?
03/07/2017 12:29 pm
Hi NS186 and welcome.
There certainly doesn't seem to be much logic in determining savings account access from someone's credit rating after they have been discharged. Before they're discharged this is perhaps a slightly different matter.
In terms of current accounts, if you apply for accounts with overdrafts and cheque books you're probably more likely to be turned down because your credit record is still impaired. Almost every bank offers a perfectly decent basic account without a monthly fee which you'd usually be able to access if you apply for it.
With savings accounts, it's probably a case of making a couple of applications with different financial institutions in the hope that one accepts you. Not being able to get a savings account isn't a general issue we hear about a lot here.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
03/07/2017 12:39 pm
Hello,
Thanks for the reply! The account I applied for was a basic account with no overdrafts etc so was a little surprised that I was declined?
Within another 3 years should my mortgage default/trust deed court information be cleared from my credit file?
03/07/2017 2:14 pm
Hi again,
Any entry like this onto your credit file will cease being there six years after it arrived.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
04/07/2017 10:29 am
Have you tried your local credit union, NS186? They are generally less fussy about an impaired credit history and should be able to set up a savings account for you.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
14/07/2017 1:13 pm
Try NS&I, I have an ISA and savings account with them.
