P.S

When I search the AiB register I can't find any record of my TD. Is this normal?

Hi Robbie.

Do you have, or have you recently had, any type of joint financial arrangements with your wife?

There's clearly an issue with the register or the way you're searching it. Your entry there should remain for a year after your trustee is discharged.

Hi TDA,

Thanks for the reply.

We don't have any direct financial ties other than living in the same house and splitting the bills.

I've searched the register for my name and all linked postcodes and I can't find myself on it. I also signed up to Experian, equifax and callcredit last night and none of those reports show any sign ofmy TD. They show the two accounts linked to the TD as default but the TD is not listed anywhere

Does the TD get listed on the register and my credit report at the start of the TD or when I'm discharged from the TD?

I though it would show on my report for 6 years from when I started the TD?

Regards,

Robbie

Hi Robbie,

It doesn't sound like you'd cause any issue for your wife obtaining a mortgage in her name only. This is because it doesn't appear likely that you're financially "linked" per your credit reports. However, the question would be whether your wife's income alone would be sufficient to secure the size of mortgage that you need.

A joint application now or in the near future might be very difficult - mortgage lenders are likely to be very wary of a recent trust deed.

After your trust deed is no longer apparent on your credit report, and you've done some work to ensure your credit file is as good as it can be, a joint application might be more likely to succeed.

These matters are best discussed with a mortgage broker though - our knowledge of mortgages is somewhat limited and a broker can give you tailored personal advice rather than the general information I've provided above.

Your entry on the register of insolvencies is created when a trust deed begins. I suspect the credit reference agencies monitor this register information and use it to update their own records (your credit file).

You might want to contact the Accountant in Bankruptcy's helpline to work out what's happened here and to get any issues corrected.

However, you may alternatively prefer to leave things as they currently are?

Hi TDA,

Surely to move forward with my financial life I need a record of my TD? I also need my TD to change the status of my defaults to settled etc, do I not?

What advantage do I have of not getting it all changed? I need to have it on my record.

I just find it highly unusual that I can't find a record of it anywhere. It's slighly concerning. I've probably been paying some shyster for 4 years and he's ran off with my money lol

Regards,

Robbie

Hi Robbie

Your Trustee does not notify the credit reference agencies that the Trust Deed is complete. The creditors update the credit reference agencies monthly.

They should eventually update your record to show Satisfied or Partially Satisfied.

However, more important is the date of the Default they have registered against your file. Check each date on your Credit Reference file. The Default date on the main information under each creditor should match the date that you signed the Trust Deed. You may have to contact some to get it amended.

Irrespective of whether they have shown Satisfied, Partially Satisfied, the Trust Deed will fall off that record six years after the Default Date; and the same with the creditors. So if they have a date several months after signing, that de4fault account will remain until six years after that date.

There appears to be no connection between your Trustee and your credit reference files and they can all have slightly different information. I know from experience.

My Trust Deed was registered with an incorrect spelling of my first name so finding it on the AIB register was not easy. Have you tried searching using different search criteria? Their website is not the greatest to be honest.

With regard to the AIB register, I understand it will remain until one year after your Trustee is discharged, irrespective of the date of signing.

You can control the credit reference files by getting default dates corrected.

You can push the Trustee to discharge himself / herself as soon as possible.

Beyond that, I am not sure what else you require since at six years it takes care of itself.

Hope that helps.

Good advice as always from Firewalker.

I think the point that Trust Deed Assistant was making is that it might not be a bad thing tat the existence of the Trust Deed is not showing on your credit file. It shouldn't stop your creditors from marking your debts as settled/satisfied, as they have to, and might mean that your credit rating improves more quickly.

As the others have said, the ROI can be a pain to search sometimes. I would recommend searching on one variable only, rather than putting in lots of info. For example, search on your surname only or your first name only and then scroll through the results until you find yourself. If not there then it could be a spelling mistake so try searching on another piece of information.

Thanks Firewalker and Kevin,

That's a great help and a weight off my mind. I had visions of my TD being entered on my files 4 years after they started and needing to wait another 6 on top of that.

I got accepted for a Capital One credit building card last night. I've seen conflicting stories on the best way to use this.

Should I pay a couple of bills every month and pay the card off in full the following month?

Thanks again everyone.

Regards,

Robbie

Hi robbiegwa,

Just to confirm Kevin's post earlier today, he's entirely correct about what I was suggesting in my previous post.

Thanks for all your help guys.

1 last question please?

The defaults on my file update every month as default. Should it have stopped updating when my trust deed started or will it stop updating now that it has finished?

Regards,

Robbie

Hi robbiegwa.

I'd think this should stop once the balances on these accounts (showing on your credit report) have been re-set to zero following your discharge.

You may need to contact some ex-creditors to ensure that this happens.

Hopefully someone who has worked through this process themselves can confirm.

Mine were all set to Zero eventually.

Some were marked S (Satisfied)and some PS (Partially Satisfied).

The timescale and approach of the credit companies vary (in my experiences). Employees do not always demonstrate understanding of Trust Deeds, particularly if they are English based and used to IVAs

Updates are not immediate.

I have now had compensatory payments from 3 different companies because they did not update and did not respond to letters, calls etc. I only tell you this to help you to understand you may have to do some work to get the files updated.

All that said, remember you will have a couple of years after you stop paying (depending on length of trust deed payments etc.) for the files to be updated. You may wish to consider waiting until the final year of the six year period before expending significant effort to get the files corrected. It is really a matter of personal choice.

Unless there is any other benefit in getting it changed sooner that I cannot think of. The Trust Deed record actually seems to over-ride any other record.

Good luck.