Welcome to the forum Sk1601.

Your partners ex will remain liable for any part of these joint debts that hasn't been repaid.

Once discharged from the trust deed there would be no need to pay over any windfalls that are received or become due to them.

Thank you.

If his ex partner will be liable for any part of the debt that has not been repaid then can you advise me of how this will be marked on his credit report. Obviously it is marked as a default just now but will it show as settled, partially settled etc?

Many thanks.

Also, I forgot to add, how will these joint debts then affect his credit rating? We know that it will take 6 years from the start of the trust deed for things to fall off but what about the joint debts if his ex is still liable - could that hold things up even further in terms of repairing his credit rating.

Many thanks.

That's a good question, it could actually be either though not perhaps for the reason that you might assume.

Have a read of the following link for some background on this subject:

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

I think we were writing at the same time.

In terms of your second question it should make no difference that a guarantor remains liable while your partner does not.

Thanks. Can you clarify that you mean his credit record will be ok after the 6 year mark regardless of whether or not his ex pays anything towards what is outstanding? We understand that he can no longer be pursued for this debt as he had a trust deed but given that it is a joint debt we do not want his ex partners actions to affect his credit record anymore.

Thanks again.

Hi Sk1601.

I'm not saying that your partners credit rating will be OK after six years, there are many factors involved in that.

There are steps that can be taken to help rehabilitate a credit rating over time. See:

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

I cannot see how his ex partners actions or lack of actions from here will make any difference though. One possible exception to this could be if they remain financially linked on their credit files due to previous joint financial accounts. That wouldn't affect your partners credit rating but it might affect a lenders willingness to lend to him. If their are no ongoing financial links this could be easily rectified if it were the case.

Thanks for replying. We are aware of the steps that need to be taken to help repair his credit file and have written to creditors asking to change the default dates to the date the trust deed was signed. Some have replied already stating that they will change it. We know that it will take time to get things back on track but he is taking steps to clean up his credit file, eg renewing phone contract and next year looking towards applying for a card such as vanquis to use once per month and pay off in full. He has never missed a payment for anything in his life but unfortunately the joint debts left him in the position where a trust deed was his only option.

I think our main concern is that she will affect him after the trust deed and defaults are removed from his credit files after the 6 year period. Will the joint debts disappear then from his credit files too? We are not looking to obtain any credit or a mortgage until after this period as we will need time to save a substantial deposit but we would just like to know that she cannot affect him any further after then.

Thanks again, we have found this forum and the advice given very valuable.

I'm glad we could help Sk1601.

I really don't think that your partner has anything to worry about with the joint debts. His credit file should reflect reality and he will have no further liability for those debts.

Thank you for your help Trust Deed Assistant. My partner has come so far in terms of dealing with this financial situation and we'd now like to move on and look to the future without worrying about this affecting him again further down the line. We have already taken advice from this forum about repairing his credit history and will look to make positive steps to rebuild his credit to help us obtain a mortgage further down the line.

I think he is going to contact his trustee for advice to put his mind at rest and we shall obtain his credit reports again after the trust deed is fully discharged to check what the defaults have been marked as.