Your credit file is a record of your financial activities of the last 6 years, so in that sense the timescale is the same whether sequestration or PTD.
However, you are discharged after only 1 year in a sequestration rather then usually at least 3 years in a trust deed, so in this sense your file will be updated more quickly under a sequestration I imagine.

Thanks Kevin

Does that mean the bankruptcy process is a bit different in terms of splitting up the available funds to pay towards the debt? Is the money forwarded to creditors after a year or monthly?

No, any dividend payments will be exactly the same as in a Trust Deed.

The majority of firms in both Trust Deeds and Sequestration will wait till the 3rd anniversary before paying a dividend.

Mark

Am I right in thinking the start to finish is;
the payments last 3 years, then people / companies get paid what's been collected for them, then the file is complete and then the creditors can be contacted to update or amend files?

That's a very interesting question.

Discharge from sequestration comes after a year, so I'd think that there is a strong argument that default notices etc should be updated after a year to reflect the reality of the situation.

Hi TDA

From Mark's response it looks as though the person's discharge doesn't mean the payments have been made to creditors so that could mean the 3 year point is when creditors would amend files despite discharge happening after 12 months?

I thought I read another post regarding payments at intervals to creditors?

Found it, Mark summarised, 12th June that most companies don't distribute funds gathered until the end although his company does make interim payments. I'm thinking, the finalised accounts is the point that files can be updated by creditors?

I'm not sure in terms of sequestration.

The principle is that your credit file should reflect reality, and totally unsatisfied default notices after discharge would seem to contradict that as the debts no longer exist.

You may wish to check with the Information Commissioners Office in terms of their expectations in such a scenario.

thanks!