Notifications
Clear all
Scottish Trust Deed Forum
6
Posts
3
Users
0
Reactions
1,573
Views
Topic starter
22/02/2020 12:38 pm
Hi,
My final payment with Wylie and Bisset is due on 1st April. Today I received a Form 4 which states that I expect to be discharged in June. Does this mean it has been extended or do I make my final payment and wait? It also states in the letter that my case is due to be reviewed for a dividend payment. Is this something that could delay discharge or anything for me to worry about? I have never missed a payment but there is also a section in the letter that reads “unexpected realisations have been received?.”
Really looking forward to finishing up but starting to get nervous that it won’t be as straightforward as I though?
24/02/2020 8:59 am
Hi Mags1.
Sorry for the slow reply to your post.
If you've made all of the payments then this is probably just a case of the technical language that gets in these forms used causing a bit of confusion and concern. I'd pick up the phone to them today just to double-check that everything is fine and heading fast towards completion.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
24/02/2020 9:27 am
Hi Mag1,
Well done on reaching this point in your Trust Deed journey and only having 2 payments remaining.
If your Trust Deed was set up on the basis that you were to make 48 payments and that was it then on the 1st of April this should be your final payment.
The best thing to do is to reach out to your Trustee just to double check this and they can then confirm the timescales involved for discharging you from the Trust Deed and sending you the Form 5 certificate of discharge. This is normally out within approx. 6-8 weeks of your final payment with falls in line with the June discharge timescale on the Form 4.
Once you receive the Form 5 this is you completely debt free and your part of the Trust Deed is finished. It’s then over to your Trustee to pay a dividend to creditors and completely close off your Trust Deed.
Have you thought about starting to rebuild your credit rating?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
24/02/2020 11:14 am
Hi,
Thanks for the replies. I’ve strived every month to ensure that the payments are made so think I just had a bit of a panic worrying that anything might delay finishing up! To be honest I have actively avoided even thinking about my credit file for as long as I can remember so I actually don’t know where to start with cleaning it up. I imagine the first stage will be plucking up the courage to have a look at it?!
24/02/2020 11:18 am
There's lots of information on this topic at the following link Mags1:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
The article includes how to get credit reports, for each of the three main UK agencies, for free.
In practical terms however, there's probably not much point in doing anything until after your discharge becomes official.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
24/02/2020 1:06 pm
I would absolutely encourage you to think about your credit rating and taking steps to rebuild this going forward.
At the moment you might not ever want credit again but things can change in the future and if you rebuild it now or at least start working on it then if you do need it in the future it’s there.
Some great advice on the link that TDA shared. Have a look at that and we can keep you right with any questions you have.
David is not currently posting in the Trust-Deed.co.uk forum
