Welcome to the trust deed forum valeman. Congratulations on completing your part of the trust deed process.

Our experts have previously advised that the closure process need not take more than a few weeks if everything is dealt with promptly.

In reality we do hear in the forum of variances between the time taken by different trust deed firms to wrap everything up.

Hopefully another member/visitor will be able to share their personal experience with you.

Thanks for your welcome.

I did actually mention to the firm that I had heard/read that 5-8 weeks was the usual sort of time frame to expect things to begin to sign off, however I was told that they were awaiting replies from creditors. I was also asked if there was any reason I needed the discharge so quickly?

I just replied that it would be helpful, in order to start to get my credit history updated and make a new start at getting it back on an even keel eventually. (just received a new Capital One credit card (high APR) but looking to use it to build good credit history like tinsoldier's story).

This is when I was told all TD's are different and that it's usually several months before completion. My phone call would be marked against my account and they would be in touch.

That's why I decided to ask if other members have had the same experience, as I really didn't seem to get any sort of answers just a standard response. If the KPMG standard timeframe is 3 months or more but the same for everyone then I understand, but if it's not then I would like to find out why it's been delayed.

Hi Valeman

On what date did you sign the Trust Deed.

Post April 2008 is a different and easier process than pre April 2008.

Mark

Hi Mark,

I signed Jan 08.

So what differences are in place for a TD signed before Apr 2008?

Hi valeman

They need to call creditor meeting etc, but it still should not take several months.

I would keep on at them.

Mark

Will do, thanks for that Mark.

Well another month on & still no further forward (hasn't even got to closures). Have been told that they're still awaiting replies from the creditors.

Is it possible to be left in limbo if one or more creditors fail to respond, or is there a timeframe in place that creditors have to comply with to avoid this scenario. I would hate to think that the process has all it's guidelines but the end is left to pot luck.

Hi valeman

I do not think this is a valid excuse, after all they have had 3 years+ to chase claims. We have an office whose sole purpose is to chase and agree claims and these are normally received and agreed within 3-5 months after signing which allows us to close cases on the 3rd anniversary.

Given the time which has passed, the Trustee can advise creditors to submit claims within a time period (14 days etc) or their claim will be rejected. I am unsure why they are not adopting this policy.

Mark

Hi Mark,

Well just off the phone again and I've been told that they hope to have things all settled in another 10-12 weeks.

My contact has been really helpful and she is going to get this looked at by a manager but I do wonder what the problem is. I passed along the advice & information that I've gotten here and she did agree that it should not take as long as it has but couldn't offer a reason why it had.

Hi valeman.

I don't really know what comment to make! I am pleased though that at least you seem to have the end in sight now.

Well I was contacted today to be told that my case has been looked at and that enough time has passed for the creditors. It's been handed over to closures and all going well I will be discharged in 1-2 weeks.

Thanks for all your guidance as without it I would have probably have just accepted everything at face value and waited the six months.

It's good to have a little knowledge [:)]

Great news valeman.

I'm glad that this is all getting sorted out for you now.

Well done, you have kept on their case, and it has paid off.