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Topic starter
17/01/2014 5:06 pm
Hi all, i'm new to the site as in I have just registered but have found it to be very useful for information and was looking for some good advice if anyone would be as kind.
I have a few questions but I will give you a bit about my background, I got myself into a spot of bother so I signed a TD and it finishes later this year but I will be clearing the remaining balance fairly soon and I was wondering how long I have to wait before trying to rebuild my credit, I registered with equifax and my credit score is about 370 in between the poor and good section, my TD is registered as a court judgement if I remember correctly, also my main objective is to gain a mortgage now I am in a better position financially, I have had a lot of missed payments previously but have kept myself quite well since my TD I have also been fortunate to land a very good job that pays 100k a year which will rise to 140 next year so I'm hoping to have atleast a 50k deposit to put down but I hear mixed story's on wether it is possible or not, I am looking at houses in the region of 280 - 300k, if anyone can shed some light would be greatly appreciated!! 🙂
17/01/2014 5:17 pm
Welcome to the forum whitley87.
Well done on reaching the latter stages of your trust deed.
We have heard different stories here regarding mortgages. There have been posters that have had success, but it's only right to say that others have found it to be impossible soon after their discharge.
It's really impossible to be anything other than vague when this topic comes up because there are just so many personal factors involved in whether you can get the mortgage you want or not. A recent trust deed is certainly a significant factor, but it's just one of many.
Clearly having a significant income and deposit would be an advantage.
Many of the thoughts we have on this subject are grouped together in the following article:
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/01/2014 5:21 pm
Ok thanks for that, can I ask you a couple more questions? When I spoke to the company dealing with my TD they said early settlement would be ok but I will still have to wait till my finish date comes before it finishes is this correct? If so how long do I have to wait before I'm officially dis charged? Thanks.
Chris
17/01/2014 5:28 pm
Hi again whitley87.
Different trustees approach settlement in different ways.
It sounds like yours wants to leave discharge until the original term have expired. I'm guessing this is in case you receive a windfall of some type during that period that is due to help repay more of your debts.
Others might discharge you at the time the agreed settlement is made.
Once you've completed your obligations, and in this case you've reached the end of the original term, it need not take more than a couple of weeks to issue you with your Form 5.
How quickly it happens in reality will depend on how quickly your trust deed provider does the work required.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
17/01/2014 5:33 pm
Ah ok for some reason I thought I had another year to wait so I can definitely live with a few weeks so to speak 🙂 Thank you for all your help, take care and have a great weekend!
Chris
