Hi JJDecay.

The important stage for you is your own discharge after successfully completing your obligations.

You're no longer in a trust deed. You've been discharged from your debts.

Form 5 confirms your discharge, but it becomes official when it is updated on the Register of Insolvencies (which you can view online).

Your trustee's discharge will happen later, which you can also view on the Register of Insolvencies. This doesn't make a great deal of difference to you though; your own discharge is when you can begin to move on.

Hi there
Sorry to butt in on post but iam entering last year of TD and have a few questions. Some may include what has been discussed on this post.my last payment is scheduled for may 2019. I assume I will be discharged from TD after this final payment?! How long does this take roughly? Once this has been finalised am I free to open bank savings accounts and look at getting newer car without being scrutinised?? Can equity be looked at in my house at end of TD although in the start when signed TD paperwork said no equity in property!? Don't want to be stung with some unexpected extension of TD etc when I have come so far and am starting to feel the light at end of tunnel...
Thanks a lot.

Hi Trojan38

Assuming you have met all of your obligations during your trust deed then you should be formally discharged soon after you have made your last payment. How long this takes will depend largely upon how efficient your trustee firm is. There is no reason it should take longer than a few weeks, though we have heard from some people on here for whom it has taken much longer.

After that, you are free to do whatever you want without further scrutiny - that's what discharge means.

Assuming you signed your Trust deed after November 2013, any equity would have had to have been calculated prior to signing and cannot be revisited unless you have broken the terms of your agreement in some way.

I hope the last year flies by for you!

Thanks Kevin. Appreciate your reply. Very helpful. Just a final question...you say broken terms of agreement. What would that include?? I do not believe I have. Yes i signed with Knightsbridge in Nov 2014 via Scottish TD. Cheers again.

Hi Trojan38.

This would usually mean something pretty serious.

For example, failing to declare a significant lump sum that you have received and then spending the money so it could not be recovered.

Another example might be consistently failing to make the agreed payment without any reasonable and agreed basis for doing so.

... or possibly consistently not providing requested documents (eg bank statements/payslips) or returning review forms when required.

Thanks guys. None of which i have been guilty of so that's good news. Thanks for your help and support again. You guys do a brilliant job and iam very grateful for your help. Cheers