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Scottish Trust Deed Forum
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Topic starter
19/09/2017 11:56 am
Ive been more of a lurker on here than participating but wanted to shine a little light for those about to enter, in the middle or near the end of a trust deed.
Myself and wife entered into a PTD back in August 2011, we had substantial unsecured debt and somewhat ashamed to write how much! Bankruptcy or Td was our only option, we decided on Td due to the fact we didn't want to lose our house and had little or no equity for creditors to get from property.
Our Td was for a full 5 years, its been very hard at times and sometimes having little or no money left days before payday! Each year our household bills have went up (gas electric, insurance ect ect, but you learn to save a little and prioritise.
Our Td ended a year ago this month, every payment made on time never missed, and you could not imagine the relief and burden lifted on that last payment. We received out form 5 from trustee back in March after a few phone calls to help them along, thou our trustee still has no discharged themselves yet(1 yr on and don't know why) but from what I've read the most important thing is our discharge..
Upon receiving our form 5 i set about registering with all 3 credit reference agencies via, noodle, clear score and mse credit club to cover all the main agencies. As i expected both mine and my wife files where a bit of a mess, incorrect information i.e. default dates, active accounts ect.
We spent many hours on the phones to creditors trying to speak to correct departments to have the correct information amended/updated and get addresses to sent copies of forum 5 to confirm... Some where very helpful some not, some even paid us compensation for the incorrect information provide by them to the CRA'S (but only after they could see we had phoned several times before to have this information corrected)
Come today we have still got 2 defaults that should have been removed last month, assured from finance companies that these would be be removed, but they naturally fall on in a few days (6yrs old)
Our credit files are improving month on month Trust Deed fell off last month from our files, and even our Experian in-house credit score shows 999/1000, end of this month we will have no bad information on credit files and only Gas/electric/mobile phones & 6 years of mortgage payments..
So bottom line, it worked for Us, we appreciate money a lot more now, save, and plan to try for a new car at the end of the month(what we save on giving up smoking, and not even including the extra Td payments we made, makes a new car payments affordable)
Debt Free( well apart from mortgage lol)
19/09/2017 5:26 pm
Welcome to the forum rb2017 and congratulations on putting your debts and your trust deeds behind you.
It's great to hear that you feel so in control of your finances now. Hopefully others reading this, at an earlier stage of tackling their debts, will draw much encouragement from your post.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
19/09/2017 6:48 pm
Thanks for telling us your story rb2017. I think it is really important for people to hear this as after all it is what this is all about - being able to move on with optimism and put a very difficult situation behind you once and for all.
For sure, it is not an easy option, but for very many people it is the right option. Best of luck for the future.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
19/09/2017 7:08 pm
Ive taken many tips from reading posts on this forum, so if my story helps at least 1 person then writing it has been worthwhile...
Topic starter
21/09/2017 1:27 pm
Well it seems i spoke a little too soon, defaulted loan and bank account that fallped off my credit file last month have now re appeared with totalling incorrect default dates(so show live again)
Ive applied for a new job and they will be doing a financial background check before the end of the month, this mess-up could have a massive detriment to me getting the job! Ive spent 2 hrs yesterday and today on the phone to RBS?
STRESSED TO THE MAX NOW
21/09/2017 3:02 pm
Hi rb2017,
I started off reading you post and thinking what a great update for other people who are financially struggling as it will encourage them to take advice to deal with their debts. I then got to the bottom and see that you have run into a bit of a speed bump in the road regarding the information on your credit file. I’m sure this will be resolved but the issue of the new job and financial background check has added some urgency to resolving the situation.
How are you getting on with RBS regarding your credit file?
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
21/09/2017 3:25 pm
I’ve asked for rapid update of our credit files with all 3 agencies, they said this will be done today and forwarded to Cra’s tonight and all information should be removed within 48hrs.
They seemed reluctant to do the rapid (probably because it costs them) but insisted due to the urgency of the job financial background check to be performed. I’ve also asked for a copy letter to confirm all discussed to rectify, gives me a written durable medium if not carried out and recourse if Job is rejected due to this incorrect information.
We are both signed up to Experian’s credit expert and it seems to give upto date real time updates every day so will know if they follow though, to say I’m stressed is an understatement!
Can I even take legal action if the info is still there when employer does the background check and rejects due to this incorrect information?
21/09/2017 3:38 pm
Hopefully the rapid update will work for you in time.
I’m not sure about legal recourse against the bank rb2017. Something you would need to take legal advice on I think.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
21/09/2017 3:47 pm
Will kee this thread updated, done a bit of searching online last nite and found the details about CRA rapid updates! Most wont do due to the cost and only in extreme cases, all accounts have now been closed to reporting to CRA’s(yet still open on their accounts)
Hopefully I’ll have a successful outcome next week, but not holding my breath (think Rbs have it in for us lol) I’d move my mortgage from them if I could (only account we have never missed on) but think that will be next year before I can search a better rate(sitting on a bank base rate is a killer when you know there is better market rates) Small steps
21/09/2017 5:31 pm
Hi rb2017.
I can't answer regarding legal action (we're not legally qualified) but if you lost out on a position as a result of incorrect reporting to credit reference agencies I think you'd have a strong case to complain to the bank and, if not compensated to your satisfaction, to the Financial Ombudsman.
There might be challenges evidencing that this is the only reason why a job application wasn't successful I suppose, depending upon what written information the potential employer is prepared to provide to you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
