Hi,

It seems to me that your contribution shall remain the same for the remainder of the trust deed. Reviews have been carried out and no increases set. Should you maintain contributions and give the trustee no further reason to evaluate your income and expenditure, your trust deed should conclude at the end of the next accounting period. It sounds like you have dealt with the negative equity and should there be no further assets to deal with, no arrears of contribution and no PPI, you should receive a letter of discharge within approximately 12 weeks of your last payment.

All the best!

Hi there at end of my PTD i got a Final review form to complete. I phoned my trustee and they told me to ignore it as i fulfilled my part of PTD and that I would receive my discharge Form 5 in due course. My PTD was for 36 Months and payments remained same throughout.

Glad to hear. As simple as that!

Thanks. I got my first review in jan 2012, 2nd in dec 2012 so was wondering if they would ask for a review In dec 2013 a week or 2 before my last payment. Which won't be an issue but would be nice to know I was on the road to exiting an getting back to normality ! It KPMG that are dealing with it too.
Cheers

I would seriously doubt it. Worse case scenario they do and raise your contribution for 2 months or something. Exteremely unlikely. Not going to happen.

Regards

Thanks for advice.
One other question, when finished what are the first steps I should take in recovering my credit rating?
I currently pay various monthly payments inc mortgage, mobile, council tax house ins etc and have not missed payments on these for about 26 months and never missed a payment to council tax or mortgage. How will my file be looking at end of TD and how should I improve from then on?
Cheers again!

That's a very broad topic Twothirdsin.

The following ideas are discussed in greater depth at:

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

Firstly you'll need to see what's on your credit file. All of the credit reference agencies offer a free trial of their services. It's probably best to leave it a few weeks after your discharge to allow your creditors to update your file a little.

You'll want to see that any default notices have been marked as being satisfied or partially satisfied.

At the same time you'll want to see that the credit balances have been set to zero. If either hasn't been done you'll need to contact the individual lenders. They need to ensure that your credit report is accurate to meet their data protection obligations. This applies even if you have been discharged but your trustee has not been (perhaps because they're still dealing with PPI).

Making good use of credit again will add some good credit history to the previous problems. If you have a mortgage or mobile phone contract that will help. Some people choose to use a credit card while others would prefer not to.

In the future other types of household bills might also be recorded on your credit file (most aren't at the moment) so you'll want to keep on top of making payments on time.

The above article looks more specifically at getting mortgages (or remortgages) after a trust deed.

A bit of work (and reading!) involved here but worthwhile if restoring your credit record over time is important to you.

There's no detrimental effect at all in viewing your own credit report.

Some payday lenders report to the credit reference agencies, some do not.

Some more mainstream lenders that see the use of payday loans on someone's credit report will choose not to lend to them (even if the repayment was made on time). Payday loans are now often viewed by some as a "red flag" that someone might be struggling financially.

We spoke to a mortgage broker we know recently that had a client declined for a mortgage (at the last minute) despite having a perfect credit report and meeting all the obvious criteria for the mortgage.

The lender had spotted a payday loan on her credit file (which had been fully repaid on time). The individual had used it only because she didn't like going into her overdraft, a decision that was obviously much regretted later.

Twothirdsin, use the free credit report offers from either experian, equifax or noddle. Experian and Equifax require a sign-up for a free trial and a direct debit which you have responsibility for cancelling if you want to avoid paying on an ongoing basis.

It can be really helpful to get your report and then you see what lenders etc see if they check.
You can get a second report in the same way later.

Getting sight of your report is not to be confused with an application for credit which will leave a 'footprint' and can be seen negatively if it results in a decline..in some cases it is a negative regardless of the outcome.

As TDA says, payday loans seem to be viewed negatively by all and just one appearing can damage your score.
Positive credit managaement has been seen as a help towards your score (scored differently with each company)but the overall number of accounts open and size of debt exposure are much more noted in recent times.

It seems the credit report is a six year long snapshot of all accounts so it is likely to still be there. From others' posts, that's a final task on completing your pTD to ensure the file is updated with nothing owing on the accounts. Then 6 yrs after the account was used, it should disappear.

That's right.

Anything that appears on a credit report stays there for six years.

Payday loans may or may not be on the report as mentioned before.