Welcome to the trust deed forum Wee Julz.

Congratulations on completing your trust deed contributions. It's been wonderful to hear from so many people here recently who have reached, or are reaching, the final stages of their trust deeds.

In terms of your car, was there any discussion about equity in it around the time that you started the trust deed? I don't think there will be any need to send off any documentation in connection to it unless you are asked to (and I'm not sure why you would be).

You are correct that your trust deed will no longer appear on your credit file around six years from the point of having signed it. Saving up the biggest mortgage deposit that you can will greatly help your chances of buying a property, as will allowing some time to elapse while you are saving.

Assuming there are no further obligations to your trust deed, discharge should only take a few weeks. We do hear from people sometimes that are told that it will take a fair bit longer than that so I'd suggest requesting a timeline now so you know where you stand.

Any good use of credit, such as a mobile phone contract, will help to add some good credit history to your file. We've heard from people that have obtained low-limit high-interest credit cards very soon after they have finished their trust deeds and they can be useful from a credit rating perspective (though they will not be for everyone, and a lot of care is needed to make sure the balance is cleared in full and on-time each month or they'll just become another problem)."Recency" is often important for lenders when making lending decisions, which is why layering some good credit history on top of previous issues can be useful.

Once discharged you'll probably want to have a look at your credit file to ensure that everything, especially any Default Notices, have been updated properly. There is some information on the Life After a Trust Deed page (on the main menu here) which may be useful, and I'd suggest reading the following article as well:

http://www.trust-deed.co.uk/news/defaultnoticesandyourtrustdeed.php

Best wishes with everything and please let us know how things go.

Thanks very much for the reply, I have to say this is the first time I have ever posted on the forum put i have read alot of the topics and everybody is so helpful, informative and kine - it really is a great tool.

I don't remember any discussion about equity in my car when I signed the Trust Deed, she is only worth about £1,000 now so I don't think it really will matter - was just curious.

Thanks for the advice, once I receive my discharge letter I will send copies to the 3 major credit agencies to have my credit file updated, I'll also continue with no overdraft on my current account and with the mobile phone contract I currently have. Hopefully next year will see me able to obtain a credit card which I fully intend to use for one tank of petrol a month and then give to my mum until I pay the balance in full - I've learned my lesson!

To anybody just starting a Trust Deed who is uncertain about bank accounts etc it might be useful to know that I took out a Lloyds TSB curent account a few weeks before signing and have had it ever since with no issues. My mobile phone contract is with 3 mobile and again I have had the same contract since signing and have even been able to upgrade my phone twice in the Trust Deed period.
I'm just counting the days until my discharge letter is received and I know I will never EVER get into this financial situation again. If I could avoid credit completley in the furure I would but it doesn't work that way.
One more thing, it is really important to celebrate the last payment as even thught you got into a bad situation you have made a fresh start and done the responsible thing by clearing all you debts - for this reason I going to be treating myself to some Ugg boots as a pre-christmas / post-trust deed gift from me to me. After 3 years of no real treats I feel I deserve them!!1 🙂

Thanks again, this site really is invaluable.

Hi Wee Julz.

Good for you, The Ugg boots are well deserved... happy Christmas!!

Hi Everyone!

I made my last payment in Jul this year. My last payment should have been in Dec last year but I had arrears as my hours were put up but they didnt note it when I called, anyway, I am STILL waiting on closure! I am getting really annoyed as I was hoping to go inot 2012 a debt free woman! Hmph! Any advice? I just want to get on with my life without this hanging round my neck! Its been 10 years and I just need to know my head is well and truly above the water!!!

Welcome to the forum kittypurry.

Well done on completing your trust deed payments.

Have you asked the firm concerned what the delay is?

It should normally only take a few weeks.

I made my last payment around May this year and I just got a letter in telling me that advisors will be contacting me to ask a few questions about missold payment protection and assets etc. I've inherited a good few thousands of pounds from my sister as she passed away in August 🙁 Surely they cannot touch that money now after I made my final payment so long ago?

Well anyways if it comes down to it I will move that money into someone else's account LOL.

Hello faithfully.

Sadly, if you haven't been discharged, your Trustee will expect any windfall to be paid over. Unfair as it seems, they have a responsibility to collect it and you have a responsibility to pay it.

I'm very sorry this has happened to you, seems very unfair if your discharge has been delayed through no fault of your own.

What if the money is moved over at another account or is donated?

Your Trustee is likely to think that it's not your money to give away faithfully. It could cause you a lot of problems if it were discovered that you'd done this I'm afraid.

It sure isn't their money. My sister will be turning in her grave. As far as Trust Deeds goes this Wilson Andrews is at it. Once you have completed your payments you would think that is it but its not. But inheritances after the payment period surely cannot be scrutinized?

I have just checked my credit report and only see 3 of the creditors I owned money to, what happened to the rest of them?

Sorry about the number of posts here. The money I inherited is at least 3 times the total amount I owe the creditors. I should only be paying back what I owe and not anymore.

Hi faithfully.

I'm not sure about your credit report, but presumably some lenders have not updated your credit file.

In terms of your inheritance the most you will have to pay (and this includes what you have already paid) is:

1- the debt total

2- interest on the debts

3- the fees and costs of your trust deed firm

The rest is yours, and makes PPI claims pointless as well.