Short answer - it'll be hard as hell to start with.

Long answer - most places will probably turn you down, and those who do accept you for credit cards or loans will charge horrendous interest rates. (Not that long after all)

It'll take time to rebuild, but eventually you can get there. I finish in a few months, and have started making steps as well. Got a prepaid credit card that helps to rebuild your rating, halfway through the year it takes - got a nice wee email from them a couple of days ago to let me know.

There's a link on the blue menus with some good tips as well.
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Oh, and congratulations on almost being free!

Hello Chris_79 and welcome to the trust deed forum.

To add to Kamikaze Bobs comments the link here that may be some help is the "life after a trust deed page" which is on the main site menu.

It's important to remember that every lender uses a different system to assess credit applications that they receive. A knockback from one or two does not necessarily mean that the door is closed to you.

thanks guys, thats appreciated!

Bob.....can I ask, what company is your pre paid credit card with? Does it help in mending your credit file etc?

How would I apply for one?

Thanks,

Chris

Sorry for taking so long to get back mate, I only pop in and out.

It's from Cashplus, a prepaid Mastercard with a £5 per month fee. Once open, you contact them and ask for the Credit Builder add-on. They "loan" you £60 to the card, then take it off again, making £5 payments on your behalf as repayment. You never have access to the money, or really see the payments back, as it's all off the statement, but they report the payments as paying a loan back to credit agencies, and after 12 months it shows as a complete loan.

Just remember to set up a standing order for the £5 monthly fee to keep the card going, then cancel after a year if you don't plan to keep it.

Just an update on the Credit Builder thing, for anyone who has started and not finished yet.

I just received an email and letter confirming that my 1 year "loan" is now complete, and they have been reporting my "payments" to the credit agencies as well, so should now show as a completed loan. Still to check my credit rating to make sure everything is updated since my discharge, was giving it a couple of months, but this should show as well now.

Thanks for that information Kamikaze Bob. I hope all is good with you?

Please let us know what you see on your credit report when you see it. This Credit Builder account has been mentioned a few times here and it would be good to have some insight as to how beneficial it might be when rebuilding a credit rating after a trust deed.

Hi Chris-79

Congratulations on the end of your Trust Deed. It is really great to hear from people who feel it has made a huge difference to them - that is how it should work!

It is also very useful for Kamikazi Bob to share his information on rebuilding credit files, and the Credit Builder sounds a great way of doing it.I always advise people to take on something small, and pay it off quickly, and this seems to be exactly that- except you never actually get the money!