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Scottish Trust Deed Forum
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Topic starter
27/09/2015 10:52 am
Hi,
I'm new today and would be greatful for any answers on the below questions, but first a bit of background.
I entered a trust deed around 2007. I had issues with work in between but didn't want to go down bankruptcy route, so TD company decided we could pause whilst I was in between jobs and add missing months on the end. long story short it took longer than expected & I never got discharged until 2 years ago. I'm now in a good job with great prospects in the next few years.
1). Does the TD fall off my credit record 6 years after I start it or after my discharge? I've heard people say its harder to get a mortgage whilst it is still showing.
2). As part of a TD I believe you can't be a company director. Am I correct in thinking that is no longer the case once you have been discharged?
I can really feel I'm on the cusp of turning things around in the next few years but just want to clear up the above.
Thanks in advance for your help.
27/09/2015 11:19 am
Hi JJEC2623
Welcome to the forum.
In answer tyo your questions, the Trust Deed comes off your credit files 6 years from when it starts, so hopefully there will be no record of it.
There's no issue with being a Director of a limited company while in a Trust Deed. This restriction applies to sequestration only.
Hopefully this helps.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
28/09/2015 5:33 pm
Hi, My husband and I completed our Trust Deed with Knightsbridge Insolvency at the End of March 2015. We were informed 2 months ago it was near completion. I have again contacted them as have had no correspondence to be informed that we need to wait a little longer but could not give me any time indication. We just want to be able to move on and build our credit rating but this seems to be taking ages. Can you offer any advice?
AJ
28/09/2015 6:07 pm
Welcome to the forum Mandy75.
Presumably you haven't received "Form 5" (which is confirmation of your discharge)?
Also - no update regards your discharge on the Register of Insolvencies (which you can search online via the Accountant In Bankruptcy website)?
Usually, once you've completed your obligations, there's no need to delay your discharge. The trustee can remain "in office" (not discharged) to tidy up the work that they still need to do on your case even if they've discharged you already.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
28/09/2015 7:45 pm
Hi,
No we have not received form 5 and struggling to find anything on the register.
Just feel every time we contact Knightsbridge they are fobbing us off. All obligations definitely completed months ago! Thanks for your help.
AJ
28/09/2015 8:05 pm
No problem.
You're certainly free to be persistent with the firm in requesting your discharge - some people who've written here before think that's worked for them.
To balance that though, there's no particular timeline to which a trustee is obligated to deal with this.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
29/09/2015 3:08 pm
Hi Mandy75,
Best to keep on at Knightsbridge and hassle them for your Form 5 if you have completed all of your obligations.
Don't feel bad about giving them a daily/weekly phone call about this.
David is not currently posting in the Trust-Deed.co.uk forum
