Hi MM991

Mine always showed as Trust Deed.

What credit reference file are you checking?

Have you looked on the Accountant in Bankruptcy website to see what is recorded there?

I believe (not 100% sure) that the Trustee notifies the AIB about the Trust Deed.

I am not sure if it is the AIB or the Trustee who notifies the Credit Reference AGencies (can the Experts perhaps clarify?).

So, depending on what is recorded in the AIB register online, you may need to speak to your Trustee to get it changed.

If the AIB website is correct, then it could be the particular Credit Reference Agency who has an incorrect record. That is why I was asking if it was just one Credit Reference Agency or all of them.
(Noddle, Callcredit, Equifax, Experian).

If it is the Credit reference agency, you can contact them with proof of the Trust Deed and ask them if they can correct it.

Alternatively, check AIB file and if it shows Trust Deed, then copy your Trust Deed and go straight to the Credit Reference Agency and ask them to correct your record.

Depending on the outcome of the above, you can then consider next steps (such as Information Commissioner Office - ICO).

Good luck. You might find it is quite easy to get it corrected.

That's right, Firewalker. The Trustee registers the Trust Deed with the Accountant in Bankruptcy on the Register of Insolvencies. I believe the AIB then share the data with the credit reference agencies.

quote:

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Originally posted by Firewalker
[br]Hi MM991

Mine always showed as Trust Deed.

What credit reference file are you checking?

Have you looked on the Accountant in Bankruptcy website to see what is recorded there?

I believe (not 100% sure) that the Trustee notifies the AIB about the Trust Deed.

I am not sure if it is the AIB or the Trustee who notifies the Credit Reference AGencies (can the Experts perhaps clarify?).

So, depending on what is recorded in the AIB register online, you may need to speak to your Trustee to get it changed.

If the AIB website is correct, then it could be the particular Credit Reference Agency who has an incorrect record. That is why I was asking if it was just one Credit Reference Agency or all of them.
(Noddle, Callcredit, Equifax, Experian).

If it is the Credit reference agency, you can contact them with proof of the Trust Deed and ask them if they can correct it.

Alternatively, check AIB file and if it shows Trust Deed, then copy your Trust Deed and go straight to the Credit Reference Agency and ask them to correct your record.

Depending on the outcome of the above, you can then consider next steps (such as Information Commissioner Office - ICO).

Good luck. You might find it is quite easy to get it corrected.

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Hi Firewalker,

Thanks very much for getting back to me so quickly! It's Equifax I've been dealing with (via ClearScore). I sent them a message regarding the bankruptcy and their response was:

"Thank you for getting in touch.

Please be advise that Bankruptcy and Trust Deed are treated the same way.

I hope you find this useful. If there's anything else we can do for you, please let us know.

Kind regards

Equifax Customer Services"

I've checked the AIB website and the "Type" field is showing as Protected Trust Deed.

I'm not sure what the next step would be, as Equifax aren't disputing if it's a Bankruptcy or a Trust Deed, they're just saying that Trust Deeds are recorded as Bankruptcy on their credit report, which I don't think is right.

Thanks again for getting replying so quickly, great help!

My credit report is clear now MM991 so I cannot check if the information is reported differently now. It was definitely Trust Deed before because I 'snipped the image' to send to creditors to get my entries corrected.

Perhaps there are other members here who could check their reports to see how theirs is recorded?

I truly do not know what the answer is to this. It has a few dimensions:

1. I was advised that a Trust Deed came under the Insolvency Act, as
does Bankruptcy. Experts can clarify this. It may well be
that this is why they are categorizing them the same.

2. Both Trust Deed and Bankruptcy stay on your credit reference file
for six years and affect how creditors view your creditworthiness.

3. Trust Deed and Bankruptcy are not the same from other legal
perspectives (Company directorship example), so it may that you
can challenge that with the Credit Reference Agency. Although,
it may be that you have to deal with it through documentary proof
with any situation that requires you to define it.

4. It may be that you can check how it is reported on Noddle (free)
or Checkmyfile (£7.99 a month reporting on Equifax and
CallCredit). Experian usually operates separately and costs
around £15 per month. You can request a written copy from
each credit reference agency for around £2.00 and it is posted
out to you.

5. If only one credit reference agency is recording it as
Bankruptcy you may wish to challenge them and advise you will
write to the ICO.

5. And after all that, you may wish to write to the
ICO to complain that it is incorrectly recorded on that agency,
explain the differences and problems (perhaps helped by Experts
here) and see if they support your claim.

I am sorry not to be much help. This is the first time I have heard this and it differs from my record so they may have changed their system in some way.

Above is generally how I would work my way through the problem.

Trust Deeds are a form of insolvency, but I don't think it is accurate to class them as a bankruptcy on a credit file. If it is their policy to lump them in with bankruptcies then I think there are good grounds for challenging this.

Thanks to you both for the help!

I'm still waiting for Equifax to get back to me regarding the issue and I'm waiting on Experian sending me my pin through the post to see if it also shows bankruptcy on their report.

Worst case scenario I'll write to the ICO but hopefully will get it resolved before it gets to that!

Thanks again for all the help, much appreciated!

Hi mm991.

One thing to bear in mind is that lenders aren't likely to make much distinction between a bankruptcy or a trust deed on your credit file.

Ah, I would have thought that a bankruptcy would be perceived as worse!

Equifax still haven't got back to me, called them up and they say it can take up to 3 weeks.

Even if the trust deed is recorded as bankruptcy on my credit report should it not only show one or the other? Currently I have 3 negatives on my credit report, one of which is that I don't have a credit card which I'm aware of. Then I have "You have had at least one bankruptcy" and "You have had at least one account in Default or Repossession (MAX RECOVERY, NATIONWIDE BUILDING SOCIETY and 2 more)".

Even if they record a trust deed as bankruptcy is it correct to show both the bankruptcy and the having accounts in Default or Repossession? (I always assumed that was the Trust Deed?)

Hi MM991

Each Creditor is listed separately as Defaulted.
And the Trust Deed is listed separately.
The Trust Deed / bankruptcy does not remove the other defaults.

I personally would do what I could to get the Bankruptcy changed to Trust Deed - for it to be accurate if nothing else. Employers may consider Trust Deed and Bankruptcy differently.

In all honesty, it does not really matter from a credit perspective.
A Trust Deed or Bankruptcy will stay on there for six years from date of signing and so will over-ride everything. If the dates of default on accounts match the Trust Deed signing / Bankruptcy then all will disappear when the Trust Deed falls off at six years.

It is easy to get hung up on the detail contained in credit reference reports (I know!). Right now mine is saying I have one or more accounts that are close to the limit - and that is not the case.

I am not sure if you have checked every Credit Reference Agency to see if they have all recorded it as Bankruptcy or Trust Deed?

And have you checked the default dates to see if they match the Trust Deed date? I found from experience that not all credit reference agencies had the same information recorded.

I do truly appreciate your frustration at this stage.

Hi Firewalker,

Think I've got to the bottom of it, according to Equifax my credit report only has a Trust Deed logged on it and not a bankruptcy. For some reason the front page of my Clear Score dashboard shows Bankruptcy but the actual report shows a Trust Deed. Sorry for all the confusion! I really appreciated all the help!

One last question if I may, you mention that I should check all my default dates to ensure they match the Trust Deed date. Should they match the start date or the end date of my Trust Deed? The majority of my Defaulted accounts are showing dates within the last month and it looks like they are being updated monthly, is this correct?

Thanks again for all the help!

Hi mm991.

It sounds like you're mentioning the default status report - which may be added each month.

As you've been discharged now, this shouldn't be happening any longer.

The actual "default notice" should have a single issue date somewhere there - and that issue date shouldn't really be after the date that your trust deed began.

Hello,

Yes that's correct, sorry I should have mentioned! I was referring to the Defaults section on my credit report. Yes each account has an Account Start Date and a Default date which is either on the date I entered the Trust Deed or within a year later.

I've also noticed that most of my Defaulted accounts have a balance of 0 and are showing in the Settled accounts section, but there are a few which still have a balance in the Defaults section and aren't showing in the Settled accounts section. Should my Trust Deed not have settled all the accounts which I entered into the Trust Deed?

Hi again.

Default notices shouldn't be dated (much) after your trust deed began.

They'll stay on your credit report for six years from the date of issue - so you might want to contact some creditors and demand they're backdated.

Likewise you may wish to contact those creditors still reporting that a balance is due when, in fact, it isn't.

Your trust deed may have dealt with your debts - but each creditor is responsible for ensuring that the information they're reporting to the credit reference agencies each month is correct.

Hi MM

It does take some time for your accounts to be updated/corrected. It is not as seamless as one would expect.

I see that some of your accounts are showing the date you entered 'or within a year later'.

The main creditor record (not the circle payments record) for each account should have the date of the Trust Deed signing. Because of the way accounts are updated by creditors they often enter a date when the whole account went into default, or when the account was passed to a collector, which can be months later.

Each record will stay on your file until six years after the default date (ignore the circle payments record for now).

If you want the defaulted accounts to fall off your account at the same time as the Trust Deed, they have to show the same date as the signing / start date of the Trust Deed, which is also shown in your credit report.

To get the individual credit accounts changed/corrected, you have to write to the company, or call them, and ask for your record to be corrected to show the correct Default date and S (for settled) or PS (for partially settled), in accordance with the Data Protection Act.

From experience, I would not get hung up on who shows as settled or not right now - the Trust Deed over-rides everything and in time things are updated. As I said, in practice it is not as seamless as you would expect.

My recommendation is to focus on having the date corrected - and all accounts will disappear around the same time six years after those dates.