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Topic starter
04/02/2020 7:26 pm
Hi everyone, basically my story is I ended up in a trust deed in December due to my gambling addiction. I owe my creditors roughly about 5500 mainly all payday loans/credit cards/ overdraft.It got to the point where I was struggling to pay the payday loans as the payments were so high every month it was hard for me to keep up so i decided to go into a trust deed, it’s took a lot of weight of my shoulders. But recently my mum came into money due to the sad passing away of my gran and has her inheritance money there to give me a lend of to pay my trust deed. Say for instance I pay my trust deed next week off in full would I then come of the register of insolvency’s and be able to be start building up my credit again? Or would I still need to wait for the 4-6 years to pass to be able to obtain credit? The reason I’m asking these questions as in a couple of years me and my girlfriend are going to be saving up for a mortgage and going to try and apply for one in the next couple of years.
04/02/2020 8:02 pm
Hi Shepherd123 and welcome to the forum.
To pay off your Trust Deed you need to pay the full debt balance plus interest and then the fees and costs of the Trustee. You will need to ask your Trustee to give you a final balance for this.
You will come off the register of insolvencies one year after your Trustee is discharged but the debts will remain on your credit file for the next 6 years. It won’t therefore immediately repair your credit file but you can help to rebuild it over the next couple.
Based on my experience you will be able to go on and buy a house but it will just take a little bit of time to work up to this.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
04/02/2020 8:13 pm
quote:
Originally posted by David Tannock
[br]Hi Shepherd123 and welcome to the forum.To pay off your Trust Deed you need to pay the full debt balance plus interest and then the fees and costs of the Trustee. You will need to ask your Trustee to give you a final balance for this.
You will come off the register of insolvencies one year after your Trustee is discharged but the debts will remain on your credit file for the next 6 years. It won’t therefore immediately repair your credit file but you can help to rebuild it over the next couple.
Based on my experience you will be able to go on and buy a house but it will just take a little bit of time to work up to this.
.
Thanks very much for the reply David, that sums it up well. Do the debitors just come up as defaults on my credit file for the next 6 years?
04/02/2020 11:09 pm
They will show as being settled/satisfied, though I think a date of default will still show too.
The fact that you had a Trust Deed will also show for 6 years.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
05/02/2020 10:14 am
Hi Shepherd123.
There's sections about default notices, mortgages after trust deeds, and a number of other connected subjects, in the following article:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
Well worth a read I think if you're beginning to look towards the future.
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