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Scottish Trust Deed Forum
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Topic starter
24/05/2012 5:32 pm
Hi Guys
I'm new to the forum and just thought I'd ask for some advice.
After 3 and a half long years I finaly got my discharge letter in early January and I am now in the process of trying to tidy up my credit file.
Am I correct in saying that (due to the fact that my trustee has yet to be discharged due to this ongoing PPI thingy) I cannot ask the creditos included in the trust deed to update my defaults as "satisfied" until they have received there share of the TD.
One firm in particular (Welcome Finance) who are included in the TD don't have the account listed as a default, instead they have it listed as an outstanding ballance and "more than 6 payments in arrears" is this allowed?
Also, could someone please tell me how long my TD will remain on the insolvency register after successful completion
Many thanks in advance.
24/05/2012 5:48 pm
Welcome to the trust deed forum tooniboy and congratulations on completing your trust deed.
I don't know the precise answer about the timing of creditor updating of your credit record, but I suspect you are correct that they will want to wait until the trustee is discharged.
The basic data protection rule is that creditor reporting to credit reference agencies should be accurate. Given that you have been discharged from your debts and trust deed, and should have confirmation of that, I'd suggest contacting Welcome Finance and asking them to update the credit reference agencies with the fact that you are no longer in arrears to them.
The AIB website states that the register of insolvencies information on a case will be available for a year following the end of the action.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
24/05/2012 6:53 pm
That's great. I'll get in contact with Welcome.
Many thanks
25/05/2012 8:55 am
You will have to wait till discharge before your creditors update your file as satisfied, they will still show default though for 6 years.
I am a little confused, I thought you only received your discharge letter once creditors were paid?
25/05/2012 9:25 am
Hi blacklily.
Some trustees are having to keep trust deeds open while they see whether any PPI claims can be made to help repay the creditors.
If all other matters are completed, and the trust deed was signed after April 2008, the client can be discharged while the trustee remains in office to deal with the PPI (and also potentially VAT which is another issue causing delays).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
25/05/2012 9:49 am
Hi blacklily
The changes to Trust Deeds in 2008, made life a bit easier in the administration of the Trust Deed. This allowed for an individual to be discharged, but for the Trustee to remain in office to pay dividends, tidy up matters etc.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
