Hello trustdeed1.

The question does make sense, but I don't know the answer!

Does the repossession itself get listed as an event on the credit file?

Or is it the addition of the shortfall debt that was added to the credit file?

Or both?

Have you seen a copy of the credit file, trustdeed1? What does it actually say and what date is showing against the relevant entries?

I did a voluntary repossession at the start of my TD. My mortgage account shows as being in default from when I stopped paying the mortgage until the date of the repossession and then marked as satisfied.

Thanks, no we haven't seen his credit file for quite some time - he needs to change over his bank account address as it's still in the old address and then we can look up noddle I think? So i'm not sure what is actually in the file, will have to get that sorted so we can see. The reason I ask is I phoned a financial advisor the possibility of when we might be able to mortgage again but he seemed so unsure himself. He said the trust deed itself would need to have been completed and then 6 years on top of that. When I suggested it dropped off his credit file 6yrs after the date it started and not 6yrs after it ended he disagreed with me? he said he also didn't know whether the repo would show at the date it happened on and then 6yrs on top of that date or if it would fall off with the trust deed. To be fair I was more confused after teh phonecall than I was before it ha.

Upstream - so will the repo fall off your credit file with the trust deed or at a different date? thanks

Hi trustdeed1.

The financial adviser is wrong! Trust deeds will no longer be visible six years from the start. Associated default notices should also no longer be visible six years from the start.

I'm not sure that a repossession itself shows up on your credit report. I'm interested to hear whether it does or not.

There's then the question about whether the mortgage arrears reporting should be backdated given that the shortfall debt subsequently fell within the trust deed. I think that there are probably good arguments on either side for this - it might be a question you could run by the Information Commissioner's Office.

A further issue is that many mortgage application forms (most I would imagine) will ask if you've ever had a property repossessed. The point being that a repossession no longer appearing on a credit file doesn't mean that it isn't information that a mortgage lender is entitled to take into account when making a lending decision.

We just managed to get on to noddle and the mortgage is showing the closed accounts area. It just shows the secured part of it as being satisfied and account closed as of 31/10/2012, default date is 17/04/2012. The unsecured part is showing satisfied and closed 31/07/2011, default date is 17/06/2011. Both showing zero balances.

Yeah I would have thought they debt itself should be backdated too given it fell in to the trust deed. Otherwise the debt form the mortgage will still be showing on the file for another 3yrs after the trust deed itself has gone from the credit files. Also understand what you mean about the question of whether a repo has ever happened rather than when it happened.

The repo itself isn't shown anywhere, just as a closed account but am I right it shouldn't be closed yet either until the trust deed is settled and they receive their dividend? then it should be settled at the date the trust deed started?

Mine was closed during the TD. It was settled about a year after my TD started so the default is still showing that date so I expect it to drop off my file about a year after the TD does.

Was so hoping it would all tie in to the same dates as the trust deed as that's what we were lead to believe at the time.

Hi goneunder.

It's the lender's responsibility under the data protection act to report only accurate information to the credit reference agencies.

In practical terms it's going to be your responsibility to chase up creditors that have reported incorrectly to have mistakes corrected.

More here:

https://www.trust-deed.co.uk/repair-your-credit-rating.html

Hi trustdeed1.

Unsecured lenders will know that their debt will fall into a trust deed and should report accordingly to the credit reference agencies.

You can't really say the same about a secured lender if possession of a property were taken only after the trust deed began. They didn't know until then,

So I guess there is an argument that the backdating principle shouldn't apply.

There are also arguments why it should - which makes this all clear as mud!

If you want to press it the ICO would be the arbiter in this instance.

brilliant thank you, never heard of the ICO, will look up their number and see what they say x