Hi Lorryjo1983, I'm sure your TD falls of your credit file 3 years after your TD has finished (I think). If I'm correct the TD is on your credit file for 6 years - so 3 years in your TD and 3 years after your TD ended, so 6 in total.

I believe you are right, payback

Hi Lorryjo1983, my TD fell off my credit file 6 years after my TD started (3 years after it ended) and I got a loan with my current account provider whilst TD was still on credit report. Hope this helps.

Defaults should drop off 6 years after they went in but don't expect to go from nothing to a big loan. Maybe worth applying for a catalogue with a small credit limit to start with(try that now)and by next year some green ticks will be on file.

Paul

Thanks everyone so technically it should disappear in Feb then. Plastic I have a visa that I got a year ago and I make regular payments to. This should maybe help me a bit.

I think the difficulty here is that having a trust deed on your credit rating does not necessarily stop you from getting a loan, and not having a trust deed doesn't mean that you would get a loan.

The trust deed (or lack of it) is just one factor out of many that will be taken into account by a lender. To complicate it further, every lender will consider certain things to be more important than others.

Hi,

In a very similar situation TD finished last month. Really need to replace our central heating boiler. Was thinking about the credit union I joined, I have managed to get a small amount of credit with mail order which are all up to date, I havent asked our bank dont know if I should.[?]

Hi lorrainek.

The credit union sounds like a good starting point. How much record of savings with them do you have?

Hi, thanks for your reply. It is possibley about 12 months, I have been trying to pay a small amount in weekly, plus a small deduction from my wages, although i have drawn some of this for unexpected expenses.

I think some of the credit unions allow you to borrow say 3 times the amount you have saved for a 1st time loan. Small amounts of credit will all show up well on the credit files but the trust deed dropping off will makev the biggest difference.

Paul

thanks for that plasticdaft, just wondering why it took so long for your discharge, was hoping that would happen a bit quicker than that. My husband finfished paying in August. But still hasn't heard anything.Should we chase it up ?

LorraineK, be careful they are not setting up a PPI claim on your old loans/credit cards - this happened to my mum. She finished in November last year and still no discharge papers but she's had letters asking her to fill out forms so they can claim PPI! my mum used her PPI insurance to repay her loan a few times when she was sick so she wrote back saying that she asked for PPI and used it numerous times therefore it wasn;t mis-sold - so far no more letters!!

To be fair the fastest option is to simply comply with any ppi investigations but keep pressing your chosen firm for regular updates!!!

Give them a ring lorrainek, they get a good fee from your contributions so it's not too much to ask to be kept up to date on what's happening.

Paul

Lorryjo1983 -when i took out my trust deed i asked lots of questions about credit rating. My understanding is that every time something on your credit file is updated, regardless of what it is, that update will remain for 6 years. So yes, the trust deed will show for 6years from the date it first appeared on your file. Note that if there was a delay in the notice of trust deed appearing on your file, it will be 6 years from the date it was added, not 6 years from the date you took out the trust deed. Hopefully those two dates will be close together, but worth mentioning.