Hi DontDoDebt

In terms of the trust deed, there are no restrictions in obtaining credit unlike sequestration.

Obviously your credit record will have an impact on credit, however from previous posts, Vanquis appear to be ok and it would be a good way of firstly making thing easier on an ongoing basis in terms of its use and secondly assisting with your credit rating.

Mark

Thanks Mark,

Appreciate your quick reply! I will apply and see what they say..

No problem

From previous posts, hopefully there won't be any issues.

Let us know how you get on.

Mark

Hi DontDoDebt,

It's good to hear that you have 11 payments remaining. How have you found the TD process so far?

Ah the ÔÇ£pre selectedÔÇØ marketing tactic. I remember when I was younger we used to receive scratch cards in the post with various different prizes to be won and when you scratched off the panel it always said you had won something and to phone up to claim the prize. At the time I didn't realise what a premium rate phone number was but my mum did and never allowed me to call. I always went on at her telling her we had won a holiday or a new car!

I don't think it will do any harm in applying for the credit card and from past people posting I think the acceptance criteria is pretty flexible when it comes to people who have entered Trust Deed's and are still subject to it.

It will be good to know how you get on and if your successful or not.

Its a bit pot luck regarding acceptance. I know people who are still in td or ivas who get accepted and others who dont. Equally there are some who wait until they complete their insolvency still dont get the card!

Nothing to lose.

Paul

Hi DontDoDebt.

I think using a credit card during a trust deed will, in the long term, bring only the most marginal benefit (if any at all) to your credit rating.

There's an argument that the balance of risks makes this a better idea once you're discharged.

It's your call of course - just my thoughts.

I got one about 9 months before I was due to be discharged. Started with a £150 limit and it's now upto £550.

If you plan to rebuild your credit rating, then the sooner you take steps to do so the better. If you do get accepted and run the card well i.e. pay it off in full every month, then they review your limit every four months. It would mean you would have a head start for rebuidling your file when you do get discharged.

As Plasticdaft says though, there appears to be no logic as to who they approve and who they don't. I was one of the folk who was "preselected" as well if that helps.

Appreciate all the replies, I've sent it off anyway and will await their response or not! I think I would like to have a card if it was possible even a little flexibility would help.
In reply to David Tannock, I would say the biggest change to my life has been in how I handle my business and personal bank accounts. In the past I would look at the accounts one or twice a month (in shock usually!) Now I monitor everything that happens daily from first thing every morning and I'm continually projecting forward everything that I spend.

I've had very little contact with my Trust Deed Providers, which has been really good. I thought when I signed up I would have to account for every penny every month. Everything is paid on time and I'm counting down the months now....

Thanks for that interesting insight, DontdoDebt. I bet your new-found vigilance will carry on once you are discharged too. Then your problem will be how to use the funds you have left over each month!

Hi DontDoDebt,

Its good to hear that the Trust Deed has allowed you to regain control of your finances and improve how you manage things on a daily/monthly basis.

All the best for the future and enjoy spending the extra surplus cash you now have!

Got approved for a Vanquis Credit Card... credit limit to be advised shortly, which I'm sure will be low but that's just fine!

Hi DontDoDebt,

That's encouraging that you have been approved for the credit card.

Remember to use it wisely and let us know what limit they provide you with.

Just as an update, I got the credit card in from Vanquis it has a £500 credit limit..

Hi all
I received and applied for a vanquis card three months before I was due to finish my td, just to start to build my credit rating again, it also handy for concert tickets n whatnot, but they have increased my limit from £500, to £100, in 4 months, so can only be good when u look at your credit report, and its shows you are not using the available credit? that's the way im looking at it anyway x