Hi mortgagewannabee.

Well, in the last six years you have been in a trust deed. Would it mean starting a trust deed, or would it mean actually being subject to a trust deed?

If a trust deed hasn't been asked about specifically you could maybe say no - but in reality any mortgage lender is likely to see a trust deed as being one and the same as an IVA. They might expect the same level of disclosure.

The advertisement for your trust deed will still be publicly accessible on the Edinburgh Gazette website. Certain lenders might keep their own records of personal insolvencies also.

A difficult decision for you. You'll need to weigh everything up and make a decision that you're comfortable with.

I took it to mean in the last 6 years have I defaulted on any credit/entered into bankruptcy/iva/trust deed so honestly the answer to that question is no, however I see your point about having been in one as yes I was, it just started more than 6 years ago! its a very grey area really and I don't want to lie or be dishonest at any point in the application! I would see IVA and trust deed as the same thing in application terms so I think if it is asked if I have ever been in one, I would say yes but be able to show it finished and I've not had any credit issues since then. I forgot the advertisement would still be shown on Edinburgh Gazette as well, hopefully it won't cause any issues as I have seen that people have managed to get a mortgage after a trust deed, we have a good sized deposit so that should help matters!

Hi mortgagewannabee.

Someone on this forum recently posted that they thought their totally open disclosure of everything had actually helped them to secure the mortgage they'd hoped to get.

I can see why this must feel like a difficult balancing act.

I have just used a mortgage broker I found on here and he has been fantastic for me. Got a high street re-mortgage from Halifax. He held me back a few times from applying until we were ready and it sailed through. I started a trust deed in oct 2010 and completed it a few years back. The most important thing for me was to make sure all the high balance defaults were off my credit reports and I have to say each credit agency was different to one another so I had a 6month period where I was chasing up the banks and credit agencies to remove deafaults that had been included within my trust deed.
They backdated the defaults to when my trust deed started and as it was oct 2010 they fell off. I still had two small defaults for British gas and Vodafone when I applied and as I said it sailed through. Received the money in my bank today. It took me ages to find a decent broker as a lot of the mortgage brokers told me no one would touch me until I was six years out of my trust deed. The company I used was zebra finance and the guy was called mike jones.

Thanks Gordy411 thats reassuring to hear, all my defaults were with the same bank and I had the date backdated to the start of the trust deed as well which did take a while but everything is now off my credit report which is good! just good to hear from others that there is possibilities of getting a mortgage, fingers crossed for a couple of weeks time!

One thing to keep in mind is that even if there's no record of your TD or any defaults on your credit file and everything looks rosy on that front, the solicitor does a bankruptcy check a day or two before completion and I imagine your TD will appear on that.

They do this to ensure you don't have a pending bankruptcy before the bank hand over the money. As they do this on behalf of the lender, they will be obliged to tell them. Your lender may well withdraw their offer. Not what you want 2 days before completion!

So much for a TD allowing a "clean start"!

I am confused how a bankruptcy search will throw up the trust deed? If my name is not showing on the insolvency register anymore as I have been discharged for over 3 years now surely the only place a record of the trust deed exists is on the Edinburgh gazette??

Have you searched for your name on the register?

https://roi.aib.gov.uk/roi

Weirdly, my entry doesn't show if I use my name and address, but does if I just use my name. I was under the impression you remain on that register forever.

I was discharged from my TD in March 2014. I got an agreement in principle on a mortgage but when I did some research on the conveyance process, I panicked when I saw reference to the bankruptcy search. The difficulty I'm having is finding a definitive answer as to what a bankruptcy search in Scotland entails.

Some things I've read imply they are only looking for current or pending bankruptcies, other things I've read suggest they search back 6 to 10 years. It all depends on the lender. My broker only asked me if I'd been bankrupt (I'm not even 100% sure he even asked me that, he may have not even asked me!)

I've emailed him to see what he says tomorrow. Could be game over for my mortgage application [V]

Hi mortgagewannabee.

I'm not at all sure that you need to worry about mapleleaf's comments here.

Can someone clarify how long you are shown on the roi for? Does it come off after a certain length of time? Thanks

I understand it is still one year after your Trustee is discharged.

I suspect (although cannot know for sure) if those carrying out a search know that the Gazette is no longer the record it once was, they may not search on that. One can hope they do not do a search on that.

Whereas they are likely to use the ROI on the AIB website.

How long after your own discharge is the trustee discharged? I was discharged March 2013& only this month is it showing my trustee is discharged. 3 years later!? Why so long? Is this normal timescales or should I query it

That seems a bit unfair. It would mean that your Default would disappear at 6 years from start, but you would still be on the ROI for a further year.

The experts might explain why it is likely to have taken three of four years. Perhaps they can advise if there is any way the ROI record can be changed/updated by the Trustee or the ROI.

Hi Firewalker and Suits2017.

I guess the bulk of this question has now been answered on another thread.

I'm not aware how a Register of Insolvencies entry would be adjusted unless there had been an actual administration error in terms of the dates inputted.