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Topic starter
17/06/2013 5:11 pm
Hi everyone, I've been a long time lurker, now registered to ask a few questions as my trust deed has just came to an end last month! Hurray!
I made my final payment last month on my TD and just wondered what steps I should be taking now to tidy everything up? I gather that I should at some point receive documents from my TD company declaring me discharged etc? How long on average does this take? (If its relevant, it was a very straight forward TD, no mortgage or assets at all)
Is there any thing I should be doing?
I have ordered a copy of my credit report from Experian.
Any good ways to help build my credit again?
I was also wondering how many people manage to go on and get HP/finance on a car after a TD? I have previously had 3 cars on finance, all paid off with no problems/missed payments (although I am sure this will be worthless info post TD!) At some point in the future (within the next year) I will be looking to get finance on a used car (under 4k) but am worried that I won't stand a chance- can anyone put my mind at ease?
Thank you in advance![:)]
17/06/2013 5:27 pm
Hi debtfree13
Best idea would be to contact the trustee and ask them for a timeline to discharge.
If there are no outstanding matters 3-4 weeks wouldn't be unreasonable.
Re the HP, I think this may be difficult and Im not sure if anyone has managed to obtain HP/Finance post trust deed.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
17/06/2013 5:32 pm
Welcome to the forum debtfree13. Your lurking days are over for now!
Congratulations on reaching the end of your payments.
You will hopefully receive formal notice that you have been discharged from your trust deed within a few weeks, though this can vary by firm. Asking them for an estimate of how long it will take might be a good idea.
To improve your credit rating you'll need to:
1 - Allow a little time.
2 - Clear up any problems on your credit report.
3 - Make some positive use of credit.
This article should help with several of your questions:
https://www.trust-deed.co.uk/repair-your-credit-rating.html
Positive use of credit might mean your mortgage if you have one, your mobile phone contract, or a high interest credit card which you'll probably be able to get (which comes with the obvious warnings and will not be suitable for everyone).
In terms of car credit, there are likely to be options but they might not be as cheap as you'd hope initially. Hopefully some members can share their own experience on this subject with you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
17/06/2013 5:54 pm
Thank you for the replies!
Can anyone advise re a good credit card for rebuilding credit? Obviously I don't want to apply and be rejected for cards I have no chance of getting. My plan would be to use a card to buy petrol once a month (or similar), then pay off in full each month
17/06/2013 6:41 pm
Re what CC, I got one from Vanquis without any problems approx 6mths after TD discharge. It is easy to pay your account online and such a good feeling paying your balance off every month.
All of us who were controlled by debt should control the debt we now take on. Or we didn't learn any money management lessons during the past 3yrs+ I was very dubious about applying for one as I managed without credit during the TD yrs, but we need to move on financially and to sort out your credit rating and this is a good way off doing just that.
Completed 3yr TD Sept '12 discharged Sept '12. Trustee discharged Jan '13
Building up savings.
17/06/2013 6:53 pm
Here's a few ideas for credit cards:
(Link removed 2020).
Quite a few members seem to agree with twizzle's Vanquis suggestion according to threads that I've read here in the recent past.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
27/06/2013 10:36 pm
Hi, I got a vanquis credit card during my trust deed. I got the pre approved application through the post and sent it off not expecting it to actually happen! To start with it had a £500 limit. I have used it once a month to get petrol and paid it in full. My credit limit has now been increased to £1000 and I have just made the last payment on my trust deed. I am aware of the dangers of credit but really felt safer while having a house, kids and 2 cars on the road for our jobs that we had emergency credit available while we had absolutely no savings or anyone we could borrow from. I would recommend Noddle for checking your credit scoring and making sure all debts are marked as defaulted from the beginning of your trust deed. It is free and easy to use.
