Hi everyone!
I started my Trust Deed in Feb 2011 and for many reasons (Maternity Leave being one) I have finally been discharged last month! What a relief.
I've got a few questions for the experts and anyone who has been discharged...
1) I have done as much as I can to make sure my credit file is correct and all defaults will fall off in Feb 2017. Including my Court Information. That means that no trace of my Trust Deed will show after Feb next year.
I know to get a Mortgage I need to have as big a deposit as I can and the info seems to differ between being discharged from 1 year to 3 years.
Does anyone know that if nothing appears on my Credit file, will the Banks/Lenders dig any further to find I have been in a Trust Deed?
2) My trustee confirmed in my discharged letter that they would claim back any PPI. Does this mean that I can't do anything with PPI and that I'm not entitled to anything?
Thinking about my Mortgage deposit and anything extra would be most welcome!
Thanks.
Congratulations on completing your trust deed Buzzbee.
Regarding mortgages, every lender will use a different process. That's why it may well be best to get the help of a mortgage broker when the time comes.
Some lenders will simply ask about previous personal insolvencies in the application; questions that you're obligated to answer honestly irrespective of whether the insolvency remains on your credit file. Others may retain their own data, not least if they were previously among your creditors when your trust deed began. Others may be less interested in this side of things if your credit file is clear.
It sounds like your trustee will carry on working on any possible PPI claims now prior to discharging themselves from your trust deed. This is entirely common, and much better than refusing to discharge you until their work is complete. For that reason I think you're very unlikely to see any PPI money I'm afraid.
Hi BuzzBee,
Well done on successfully completing your Trust Deed and receiving your discharge.
I do know that Glasgow Credit Union will consider you for a mortgage if you have been discharged for 1 year from your Trust Deed. You need to live or work in a G postcode however for them to consider lending to you and you would need to meet all of their other lending criteria.
As TDA has advised your best to speak with an independent financial advisor who covers the whole of the market. It's best to speak with a couple of IFA's to ensure that you receive good advice as some may say that it's not possible to secure a mortgage for a number of years after a Trust Deed but others may think differently.
It's very unlikely that you would receive any PPI funds as your Trustee remains in office to deal with this. If they are successful then any PPI funds will go into the pot and increase the return to the creditors. If you receive a PPI cheque directly I would give your Trustee a call to inform them and discuss it.
It sounds like you are doing the right things to try and increase your chances of securing a mortgage. It may just take a little time but this should help you accumulate a bigger deposit which will help.
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