If you need debt advice we can help

[Rick M]

I have a couple more months to pay of my Trust deed and then it is finished. Can you tell me what to expect. Will I have to send any further information to my Trustee? When will my credit rating start to get better? Thanks for any advice.

[James Falla]

Hi there Rick M and welcome to the forum.

Once your Trust Deed is completed you will need to make sure that you get a certificate of completion from your Trustee. That is formal confirmation of the end of your Trust Deed and that you are no longer liable for your debts. Before you make your last Trust Deed payment and they send you your completion certificate your Trustee will normally need to carry out a final review of your circumstances. They may well ask you to supply a final set of bank statements and wage slips at that stage.

Your credit rating will start to improve as soon as your Trust Deed ends. However it will really only become totally clean once the record of your Trust Deed comes off your credit file which will not be for 6 years from the date the Trust Deed started.

[Geraldine]

Hi Rick M

A Trust Deed will normally last for 3 years. However as James has said, the record of the TD having happened will remain on your credit file for a further 3 years (6 years in total). Your credit rating will not be fully clear until that time however you will probably be able to start getting credit if you want before then.

[Rick M]

Thanks. I heard that I will have to make a claim for PPI before my Trustee will finally release me from my Trust Deed. Is this correct?

[Hayden]

Hi Rick M

Some Trustees do require people in Trust Deeds to make a claim for PPI miss-selling before they will issue a final certificate of completion of the Trust Deed. This is not always the case however if it does happen then you will have to comply with their request I am afraid. If you are eligable for any compensation it will not be paid to you I am afraid but will go into your Trust Deed for the benefit of your creditors. You will not have to continue making money payments while this happens so for most people it it should not make a huge amount of difference.

[Steve Jackson]

Hello Rick M

As hayden has said, you do will not necessarily have to make a claim for PPI miss-selling, this will be down to your individual IP. Have you received any indication from them that this is what they will require you to do?

[Rick M]

No I have not heard anything from my IP about PPI claims. Should I ask them about this?

[Hayden]

Hi there Rick

If I was you I would let sleeping dogs lie. If your IP is not intending to ask you to make a PPI claim then there is no sence in potentially jogging their memory by asking them about it. Just make your final Trust Deed payments. Then you should make a point of speaking to your IP, confirming that they agree you have made your last required payment and then ask them when you can expect your certificate of completion. Most reputable IP firms should not take more than 6-8 weeks to get this done and send your completion documentation out to you.

[Rick M]

That sounds sensible advice. Thanks Hayden.

[Hayden]

No problem Rick. Good luck for your last couple of months and please let us know how things go