Trust Deed Forum - Default dates on credit report
Trust-Deed.co.uk
Home Home Page


















Trust Deed Forum
Trust Deed Forum
Home | Profile | Register | Active Topics | Members | Search | FAQ
Username:
Password:
Save Password
Forgot your Password?

 All Forums
 Trust Deeds
 Scottish Trust Deed Forum
 Default dates on credit report
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

Suzie28
Contributor

14 Posts

Posted - 19 April 2017 :  17:22:06  Show Profile  Reply with Quote
myself and my husband entered our trustdeed in 2013 we were discharged in 2016 Jan time. We have a credit report which shows defaults each month on every credit card and loan which were entered in out trust deed. I have checked all but one of these defaults and they date back to when we entered out trust deed (Some of the defaults begin with numbers 1-6 in orange then change to red and Default. should I do anything regarding these defaults or should I just wait till the 6 years is up and the defaults will stop showing?

Does this happen automatically? We own our house and may have looked to move but I'm guessing we would really struggle to re-mortgage with these defaults showing on our credit report?

kind regards

Suzie28

suzie

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 19 April 2017 :  17:48:53  Show Profile  Reply with Quote
Hi Suzie28,

I think you may be mixing up different types of 'defaults' here. It's actually genuinely confusing as it can mean two things.

Most accounts in a trust deed will have a "default notice" issued on them. This happens only once. The date should be sometime around when your trust deed began. These accounts will fall off your credit report six years after the default notice issue date. This is the more important area to focus on.

Marking the account status as being in "default" on a monthly basis is something different. In itself this will not cause these accounts to fall off your credit file. It's just a monthly status report stating that the account was in default at that time.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    

Edited by - TDA (Debt Adviser) on 19 April 2017 17:49:14
Go to Top of Page

Suzie28
Contributor

14 Posts

Posted - 19 April 2017 :  18:30:37  Show Profile  Reply with Quote
Should accounts that were included in the trust still be showing as default each month ?

suzie

Edited by - Suzie28 on 19 April 2017 18:31:12
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 19 April 2017 :  19:06:28  Show Profile  Reply with Quote
Not if you've been discharged, because how can you be in default when you no longer owe them anything?

One issue to resolve with the creditors is to ensure that none of them still show you as owing them money. This should take care of this monthly reporting problem.

The second issue is to ensure all the accounts had formal default notices issued around the time that your trust deed began. This will ensure they disappear six years after your trust deed began.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Suzie28
Contributor

14 Posts

Posted - 19 April 2017 :  20:35:43  Show Profile  Reply with Quote
thanks I didn't think this was right but wasn't sure if it was just what would happen up until the six year point! Have folk found it difficult getting back in touch with the creditors I don't think I have any paper work or account no's it was so many years ago.

Any tips of how to go about this would be greatly appreciated.

suzie
Go to Top of Page

Suzie28
Contributor

14 Posts

Posted - 19 April 2017 :  20:37:37  Show Profile  Reply with Quote
Thanks for all the quick responses over the last few years! Its all been very reassuring to have a forum to offer support in what can be challenging times for folk!! :)

suzie
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  09:36:02  Show Profile  Reply with Quote
Hi Suzie28.

Your former trustee may be able to help with account numbers.

It also should be possible to call these creditors and obtain these details assuming that you can clear their normal security checks.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Firewalker
Advanced Contributor

454 Posts

Posted - 20 April 2017 :  10:22:02  Show Profile  Reply with Quote
Hi Suzie

As TDA says, the Trustee could perhaps help you with that.

I had two accounts where I could not find the account number.

The Default Account Department of each company might be the easiest to deal with in that regard. Often it is removed from the normal customer services department and the account default department deal with it thereafter in the case of a Trust Deed. That was my experience anyway. As TDA says, if you can pass the security process, it should be find and you can note the account number for future communications.

Also as TDA says, when the company updates their files, a circle should appear with S (settled) or PS (partially settled) in it.

All in all, the single default date is the most important - that is what triggers the debt to fall off your file six years after the default date.

Go to Top of Page

lp24
Regular Contributor

19 Posts

Posted - 20 April 2017 :  11:27:09  Show Profile  Reply with Quote
Hi
I started my trust deed in April 2012, recieved my form 5 on 28th Feb 2017 woohoo.
For past 6 weeks I've sat with my credit file (noddle) taken note of all default dates, and emailed / phoned creditors to ensure default date is marked as start date of trust deed and marked as satisfied.
Most creditors have been more than obliging, in fact as i had used the complaint email address for bank of scotland, rbs and santander, each gave me 50 compensation! (bonus!!)
Some of my credit file has been update to reflect this and hopefully next time my report is update at start of may all defaults should be correct.
Only creditor I had problem with was Capital one who eventually agreed to change default date but would only change default date to the date my trust deed became protected, not the date i signed. (Not sure if this was correct of them?)
:) :) :)
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 20 April 2017 :  11:51:16  Show Profile  Reply with Quote
Hi lp24.

Thanks for sharing your experience.

I wonder if this insistence on using the protection date relates to how they do things with an IVA. There's a creditors meeting with an IVA to determine whether it can go ahead - if rejected then there is no IVA.

It's a bit different with trust deeds. Creditors can object to it becoming protected, but the trust deed still effectively exists (albeit unprotected). I would have thought that the signing date would be the relevant date with trust deeds for this reason, but I don't know this to definitely be the case.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
Go to Top of Page

Suzie28
Contributor

14 Posts

Posted - 24 April 2017 :  15:17:34  Show Profile  Reply with Quote
Hi Firewalker - I have emailed 4/5 and called one. Not sure how quickly they will get back to me regarding this?

its frustrating as I though the creditors all received a copy of form 5 from the Trust deed company.

I guess I will just need to chase them until I see a change in the status of the credit report.

suzie
Go to Top of Page

Mandy75
Regular Contributor

20 Posts

Posted - 24 April 2017 :  15:36:14  Show Profile  Reply with Quote
Should all accounts part of your Trust Deed fall off your credit file with the Trust Deed, My 6 years is up at end January 2018, but one of the creditors is saying .the default date is August 2018, how can this be when the default was January 2018? Can anyone help, or is this the case? Thanks

AJ
Go to Top of Page

Firewalker
Advanced Contributor

454 Posts

Posted - 24 April 2017 :  17:45:56  Show Profile  Reply with Quote
quote:
[i]Originally posted by Suzie28[/i]
[br]Hi Firewalker - I have emailed 4/5 and called one. Not sure how quickly they will get back to me regarding this?

its frustrating as I though the creditors all received a copy of form 5 from the Trust deed company.

I guess I will just need to chase them until I see a change in the status of the credit report.



Hi Suzie

It can be quick or it can take several weeks. An influencing factor is when / how often the creditor updates the Credit Reference File, and when the Credit Reference file is updated (usually monthly). So depending on the times it could be short or take several weeks.
Give them as much information as you can to start with to avoid going back and forward. Copy of Form 5 - circle the Trust Deed start date.

It did take me several months to get them all corrected. You just need to be persistent and patient. If anyone says they are going to do something to update it and they do not, ask to raise a formal complaint and go through that procedure with all the dates, times, names, or copies of letters you have have recorded. They are obliged to correct the information.
Go to Top of Page

Firewalker
Advanced Contributor

454 Posts

Posted - 24 April 2017 :  17:50:17  Show Profile  Reply with Quote
quote:
[i]Originally posted by Mandy75[/i]
[br]Should all accounts part of your Trust Deed fall off your credit file with the Trust Deed, My 6 years is up at end January 2018, but one of the creditors is saying .the default date is August 2018, how can this be when the default was January 2018? Can anyone help, or is this the case? Thanks



Hi Mandy

Each Credit report is a separate entry so the dates for each have to match the date of the Trust Deed. Some organisations are good at recording the correct date; others are not, and you have to ask them to change it. I had some that were 6 months out. It depends how streamlined and efficient their whole system is and who is updating it their knowledge of Trust Deeds.

Often they are listed as the date of protection which is only a few weeks out and it can be more trouble than it is worth getting it corrected.

All dates should be date of signing of the Trust Deed or shortly after. Then everything will fall off your credit report around the same time.
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2017 www.trust-deed.co.uk Go To Top Of Page
Snitz Forums 2000

(c) Channel Active Limited. Company Number: 06412452. Data Protection Registration: Z1332750.
Telephone calls may be monitored or recorded. Authorised and regulated by the Financial Conduct Authority.
Trust-Deed.co.uk, Clyde Offices, 2nd Floor, 48 West George Street, Glasgow, G2 1BP. Tel: 0141 2490416.