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Topic starter
03/02/2021 12:36 pm
Good afternoon,
I made my final payment into my TD yesterday. What a relief! It has been a long and winding 4 years.
I missed payments last year in March, April and May due to work issues with Covid.
When I called to make the final payment I was surprised that I didn’t have to repay the payment breaks. Is this normal? I paid a final amount to take me upto the total I was due to repay. Hopefully that’s it all done now. I am looking forward to starting my life from this point on.
Is there any advice on what happens next, the duration of this and then going forward how I ensure my credit report is all in order?
Thank you.
14
03/02/2021 2:12 pm
Sincere congratulations to you trustedhibee.
Some trustees go our of their way not to disadvantage clients who suffer a financial change of circumstances that was outside of their control. Hopefully that's what has happened here.
We know that trustees can discharge people within a few weeks once they have completed their obligations, so hopefully this will happen for you. There isn't a set timescale however and firms will vary in how quickly they get this done.
There might be some sections in the following article that you find interesting or useful as you begin to plan for the future:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
03/02/2021 6:38 pm
Congratulations, trustedhibee. If the payment problems were due to factors outside of your control and you kept your trustee informed then that is exactly how it should work - there is no good reason that your discharge should be delayed to "catch up"
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
22/02/2021 3:30 pm
Finally received my form 5. Looking forward to tidying up my credit report. Trustee said it could take upto 6 months for the TD to be fully closed, is this correct or should I push for it to be closed quicker?
Thanks again!
14
22/02/2021 7:55 pm
It shouldn't really take as long as 6 months, trustedehibee, but that isn't uncommon. The main thing is that you got your Form 5, which is your own discharge. Congratulations!
You should be able to start tidying up your credit report now, though probably best to give it at least a month or so first.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
22/02/2021 9:02 pm
Hi trustedhibee.
It's great to hear that you've received your Form 5. Congratulations to you for officially finishing your trust deed.
In case you haven't seen it before, this article might be useful when it's time to take a look at your credit report and act if necessary:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
23/02/2021 2:24 pm
Congratulations trustedhibee!
David is not currently posting in the Trust-Deed.co.uk forum
27/02/2021 6:45 pm
quote:
Originally posted by trustedhibee
[br]Finally received my form 5. Looking forward to tidying up my credit report. Trustee said it could take upto 6 months for the TD to be fully closed, is this correct or should I push for it to be closed quicker?Thanks again!
Hi Trustedhibee,
I've recently made my last payment on 9th Feb so hoping I receive my Form 5 as quickly as you have. Did the AIB online report update the debtor discharge date at the same time? I was told it would take 6 months also but hoping that's just for the trustee part.
27/02/2021 8:52 pm
Hi SmithyJ,
Congratulations on making your final payment and, almost, completing your trust deed.
The point at which the AIB updates your discharge onto their register of insolvencies is when your discharge actually becomes official.
They update their register when they receive confirmation from your trustee of your discharge. You can probably expect the AIB's register to be updated within a couple of days (it's quick!).
The credit reference agencies will then pick up on this afterwards (they monitor official insolvency registers) and update your credit report.
The six months comment seems related to the discharge of your trustee. This can take a while and often the reasons for this period of time can be out of their hands (creditor claims etc). It shouldn't hold you back in any way though.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/02/2021 9:13 pm
quote:
Originally posted by TDA (Debt Adviser)
[br]Hi SmithyJ,Congratulations on making your final payment and, almost, completing your trust deed.
The point at which the AIB updates your discharge onto their register of insolvencies is when your discharge actually becomes official.
They update their register when they receive confirmation from your trustee of your discharge. You can probably expect the AIB's register to be updated within a couple of days (it's quick!).
The credit reference agencies will then pick up on this afterwards (they monitor official insolvency registers) and update your credit report.
The six months comment seems related to the discharge of your trustee. This can take a while and often the reasons for this period of time can be out of their hands (creditor claims etc). It shouldn't hold you back in any way though.
Hi TDA,
Thanks for your response, such a great site with so much valuable information and i'll be keeping a look out for the Form 5 popping through the letterbox. It does seem there is a vast difference in how different Trustee's and their companies deal with things, which you would think would be standard across the board!
