Hello Stuh88.

Congratulations of reaching the very final stages of your trust deed.

Some firms seem to go about discharging their clients a lot quicker than others I'm afraid. There isn't a clear expectation or requirement on a timeframe within which this should happen.

Hopefully someone will be able to share their own experience with you in respect of this particular firm.

Hi Stuh88,

Well done on successfully completing your Trust Deed and reaching this point

There isn't a set timescale for this to happen but you want it to be sooner rather than later as until you are formally discharged if you acquire an asset or win the lottery etc this can be ingathered into the Trust Deed. Also, I think it's important psychologically to be able to move on and put the Trust Deed behind you.

My firm will generally try to discharge a client between 4-6 weeks from their final payment so that gives you a comparison to work with.

I would say that becoming a polite nuisance may help to have your Trust Deed discharged a little quicker than 6 months. Sometimes the person that shouts the loudest and is on the phone on a regular basis can be prioritised.

For other people reading this it's an important question to ask when setting up a Trust Deed. All to often we focus on the front line advice but as you come to the end of your plan you want to know what happens and how long things take to conclude etc so it's important to ask this.

Keep on at your Trustee and let us know how you get on.

So I gave knightsbridge a call and they said that all of my creditors except 1 have came back with a statement of claim and they are chasing it up daily.

Hi Stu88,

Keep on at them as you don't need to wait for all creditors to submit claims. You can receive your discharge regardless of this process.

Hi David,

They just said that the form 5 will be in the post very soon but it's the form 6 and 7 that will take a while. They said while I'm waiting on form 6 and 7 they advise not to look into getting further credit. Obviously I was looking into getting a credit card and paying it off straight away to rebuild my credit. I just want out and back to normal

Hi Stuh88,

The main thing you want to chase up is the Form 5 as that is your official discharge from the Trust Deed.

The other forms, 6 & 7 are the Trustees discharge and this doesn't impact you.

I would like to hope that by the end of January you will have your Form 5.

Hi Stuh88.

Was any reason provided in respect of the advice about trying to obtain credit after you have been discharged?

Hi TDA,

No he just said they wouldn't advise it as it could affect something to do with the trust deed. Said not all credit would affect this but I'm still bound by some terms of the trust until I get form 6 and 7. Is this correct?

I'm not clear what they mean by this at all Stuh88.

You might want to seek further clarification from them.

Hi all, just thought I'd update...it will be 13 weeks on friday after I made my last payment and I don't seem to be any further forward. I called knightsbridge last week and they said my case is in a queue but couldn't advise how long I will still need to wait for my form 5. Starting to get a bit impatient now if I'm honest. Anyone any advice on how long I should wait before I become a little less of a polite nuisance? Can I mention the financial ombudsman to them?

Hi Stuh88.

It's really a judgment call for you whether you wish to press harder for your discharge now.

Insolvency practitioners aren't covered by the Financial Ombudsman Scheme. They do have their own complaints procedures though, and complaints can be escalated to external regulatory professional bodies afterwards if someone feels that would be appropriate.

Called them again to be told again the case is with the trustee and we are waiting in 1 creditor. Couldn't again give me a timescale and I said if I don't have it in the next 2 weeks I'm going to make a complaint. They told me 10 weeks ago in was with the trustee waiting to be signed off. I'm starting to worry now incase something has went wrong

Hi everyone,

Knightsbridge have emailed me a copy of my form 5 and said it should be in the post this week. Can anyone give me advice on what to do now to rebuilding my credit score? Should I log onto my credit file and contact all my creditors?

Hi Stuh88,

Congratulations on your discharge.

My suggestion is that you give this at least a month or two before doing anything.

Creditors need to become aware of your discharge. They then need to report the change in your account status as a result of the discharge to the credit reference agencies. I get the sense that many creditors are reporting to the credit reference agencies monthly.

If you start work on this early you might end up doing a whole lot of extra work for no reason. There's a good chance that some of your creditors will do the right thing without any intervention from you. You can then focus your energy on any that don't.

So, I'd suggest getting your credit report in a month or two and reviewing it to see if any intervention will be necessary.