Hi Trojan38.

Very pleased to hear that you're approaching the finishing line.

You might want to contact them to ask what (if anything) they'll need after your final payment and also about their anticipated timeline for discharging you.

Hi Trojan38,

Congratulations on reaching this point in your Trust Deed with one final payment to make. I’m sure the countdown is on till the 1st of May for that last payment.

I’d suggest giving your Trustee a quick call to let them know that you have 1 payment to make and ask them how long it will take for you to receive your Form 5 Certificate of Discharge as this is when you are released from the Trust Deed. You want to try and get this as soon as you can. I’d say a timescale of approx. 4-6 weeks from making your final payment. Also once they have confirmed its your final payment remember to cancel the standing order.

After you get your Form 5 I’d have a look at your credit reports to see how these look. Any defaults that are on there should be dated as close to the start of your Trust Deed as possible as they fall off 6 years after going on. If you need anything to be changed on your credit report’s you need to send a copy of your Form 5 to the lender and ask them to update your credit file.

Might also be a good idea to consider a credit card which will help to rebuild your credit file. Use it wisely every month and pay off the balance before the interest is due and you will be fine.

How have you found the whole Trust Deed process, is it something you would recommend to someone struggling with debts?

Great advice from both of you. I will definitely be taking the advice in next few days. Thankyou.
The process on the whole was a positive one, was relatively hassle free. Few moments where I felt a bit confused to how things like my monthly payment shot up from £180 a month for first three years to suddenly £380 a month since. The only thing I could contribute to this increase was that my wages have increased by £200 a month since start of TD but was a very gradual increase each year and meant they have taken 100% of my increase now.
I also worry that come the end the TD company will try and come up with a way to extend my TD somehow or try and get money out of me via house or car now as well. Think I've read too many negative stories over the past four and half years but for some reason have no faith in any company now. Customer service seems to have become worse over the years.
Overall though I would say the TD allowed me to get through the debt issue more quickly than without and I would imagine sleep more easily as certainly wasn't doing much sleeping before entering TD. Cheers again. You guys are the best and always quick replies to any questions or concerns.

Hi Trojan38,

Sounds like an overall positive experience for you which is good although also some areas for improvement in terms of communication and customer service from your Trustee from what you say.

If you have a house then the equity position should have been confirmed at the outset and then confirmed in writing. Also the same with the car. I’d just double check the paperwork you received at the outset of the Trust Deed as this will have the proposal that was made to the creditors. If you don’t have this just call your Trustee and double check 1 payment to go and no surprises.

Focus for you now once the final payment is made is to rebuild your credit file. At the moment you may never want credit again but it’s always better to rebuild your credit file as quickly as possible just in case you do need credit. Loads of advice on the forum about how to do this etc.

Good luck for the future, enjoy the extra money per month and hopefully a few celebratory drinks once that final payment is made.

Thanks again. Yes will double check paperwork and call office this week to make sure no surprises. Just expect there to be an issue as not very lucky in general. Cars worth under £3000 now so don't expect much issue with this plus I'm sure there was an agreement re no equity in house from start. Was a longtime ago and the paperwork is just mainly legal jargon I have no idea about to be fair.
I will take credit building advice from you all going well.

A drink and a holiday to celebrate.

Sounds good Trojan38, well deserved I'm sure!

It is after today. Phoned the TD company this afternoon and they said I've to do nothing now...my final payment is May 1st right enough and they told me to cancel direct debit after this and that it could take a maximum of four months to get discharged but normally is sooner than this. Nothing else needed done the lady on the phone said. All the payments had been going to the creditors no problem and she could forsee no issue.

That all sounds great Trojan38. Roll on the 1st of May and then when you receive your Form 5 certificate of discharge.

If you haven't received this by the middle of June i'd give your Trustee a call and a gentle nudge. Might help bring your case to the top of the "to do" pile.

Yeah cheers swandog. I will definitely keep on top of getting this form 5. Sooner all is resolved the better. Is it a silly question to ask but after I make my final payment in may I will have to start looking for replacement car. Am i officially better waiting until get form 5 until doing anything big with my extra funds immediately?? Am I still tied until form 5? Not sure how it all works!? Cheers

When you receive your Form 5 that is you officially discharged from the Trust Deed so if you acquire an asset such as a car etc it has absolutely nothing to do with the Trust Deed.

It sounds like it could take up to four months though and if you need to start looking at cars now that isn’t idea to wait..

I’d email your Trustee tell them to confirm that you are ok to buy a new car upon completion of your final payment and that way there shouldn’t be any issues. Ask them to confirm the 1st of May is your final payment and you can then use the extra money for a new car.

It should all be ok but always good to take a belt and braces approach and have it in writing.

Exciting time by the sound of it coming to the end of the Trust Deed and looking into new cars. When you do go new car shopping pay attention to the interest you will pay back. Try and get this as low as possible and also be honest with the salesperson about your credit rating. They will try to go the extra mile to get the sale and get you the finance hopefully.

Let us know how you get on.