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 Almost 6 years so many questions
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Chrispiec
Contributor

11 Posts

Posted - 18 May 2017 :  20:42:46  Show Profile  Reply with Quote
Hi guys,

I am sure this has been asked before but wanted an updated opinion.

So I signed my TD on the 6/6/11. Was discharged 26/6/14. So it should disappear after the 6/6/17?

Experian does not show TD but shows 2 defaults. Default date on the latest is 11/7/11
Clear score shows TD and no defaults
Middle shows TD and defaults.

So basically after 11/7/17 will credit history be completely clear?

I have 2 loans which I am repaying and they will be paid off shortly. Have not so
Much as nearly missed a payment. I have 2 credit cards with clear balances.

Basically what are my chances of getting a mortgage soon? I am hoping to use the help to buy scheme to buy a house so could have a 20% deposit. Have saved up £15000.

Can anybody shed some light on my situation!

Thanks in advance

lp24
Regular Contributor

19 Posts

Posted - 18 May 2017 :  21:37:11  Show Profile  Reply with Quote
Hi

Not sure what are you stay in but I've heard glasgow credit union offer mortgages a year after discharge at 15% deposit. They might be worth a shout if you have a g postcode.

I'm only 4 months discharged soanother year and Abby before Mum) years but I've contacted creditors to ask them to mark my defaults as satisfied and back date them to
My trust deed signing date which they all have done (except capital one who are being awkward)

Well Done and good luck!
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lp24
Regular Contributor

19 Posts

Posted - 18 May 2017 :  21:38:45  Show Profile  Reply with Quote
Oh my goodness my spelling!


Another year and a bit before my 6 years that should say!!
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 19 May 2017 :  09:35:43  Show Profile  Reply with Quote
Hi Chrispiec.

I'm not sure it will be precisely 11/7/17 when everything related to your trust deed (and the debts that were in it) will be clear, but it certainly looks like this will occur around that time.

As you'll be discharged for more than three years soon, it seems likely that there will be mortgage products that you might have access to. There are many other factors involved though, so it will be best to contact a mortgage broker.

If you haven't seen it already, this article might be of interest:

https://www.trust-deed.co.uk/news/gettingamortgageafterascottishtrustdeed.php

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

11 Posts

Posted - 19 May 2017 :  10:12:13  Show Profile  Reply with Quote
I hope I don't sound silly here!

My credit rating across all the agencies is fair at the moment. I expect that when my bad credit falls off I will have a good score. Probably above the average in my area. Once my history is clear of bad debt do the lenders still have a record of my credit? For expample let's say I go to nationwide who are a help to buy lender will they know about my poor credit or will it be a clean slate?

I read that they will always have a record of it in one topic but then in another topic I hear they will not!

If it does give me a fresh start what's to stop me walking into any lender and getting a mortgage. I have an excellent job and salary, I will have 20% deposit by using the help to buy scheme. If it is a clean slate surely I would be looked upon favourably by lenders? Or am I wrong?
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David Tannock
Trust Deed Expert



2031 Posts

Posted - 19 May 2017 :  10:35:12  Show Profile  Reply with Quote
Hi Chrispiec,

Itís hard for us to really say what information a lender will take into consideration when they consider you for a mortgage or how far back they will look. This is probably a question for a mortgage advisor who works with lenders on a daily basis.

We do hear of people that have successfully completed their Trust Deed and went on to secure a mortgage later on down the line.

I think that if your credit report is positive and the negative credit entries have fallen off then this will be a positive thing. Also, the fact that you have a decent size deposit will also help along with a good salary.

There is nothing to stop you walking into a lender and asking for a mortgage. Thatís probably the only way you are going to know if you will be accepted for a mortgage or not. When you do come to apply please let us know how you get on.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 19 May 2017 :  11:53:39  Show Profile  Reply with Quote
Hi Chrispiec.

There's just a lot of factors involved here.

For example, mortgage lenders might ask in their application form whether you have ever been bankrupt, insolvent etc. You'd be expected to answer such questions honestly. However, just because you answer "yes" (if appropriate) doesn't mean you'll not get the mortgage. The lender might have a rule for example that they only accept applicants who have been discharged for more than three years. Another lender might have a rule that it needs to be two years, or five years, or ten years. Your credit rating is irrelevant in this scenario.

Banks might keep their own records of personal insolvencies - it is public information initially and therefore available to them.

Banks who were amongst your trust deed creditors may also have information available to them about your previous insolvency.

This is one of the reasons why approaching a mortgage broker might be a better idea than wandering into a bank yourself. They'll have access to information about which lenders might be more amendable than others.

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

Edited by - TDA (Debt Adviser) on 19 May 2017 11:53:57
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Chrispiec
Contributor

11 Posts

Posted - 19 May 2017 :  13:58:14  Show Profile  Reply with Quote
I plan on using nationwide as I have never had an account with them and it is also the mortgage company that the house builder persimmon tend to advise to use! So they should not have any knowledge regarding my poor credit history!

Is it worth my time emailing the lenders who I have defaults with in order to get them to change the default date to the date I signed the TD? Trust deed signed 6/7/11 but default dates are as late as 22/7/11.
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 19 May 2017 :  16:39:54  Show Profile  Reply with Quote
A lot of work for the sake of a fortnight?

Up to you Chrispiec, but we have heard of some lenders relying on the protection date rather than the signing date. My hunch is that the signing date is the appropriate one of these two, but I don't know that for a fact.

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

11 Posts

Posted - 19 May 2017 :  18:51:07  Show Profile  Reply with Quote
Oops should say TD 6/6/11 and defaults 22/7/11
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TDA (Debt Adviser)
Trust Deed Expert



11985 Posts

Posted - 22 May 2017 :  09:08:55  Show Profile  Reply with Quote
I guess a similar equation though Chrispiec.

A fair amount of work perhaps, for a limited win.

Bear in mind also that some creditors might only report to the credit reference agencies once per month. So by the time you've persuaded them that there is an error, and they've actually dealt with it, the defaults may have hit the six year point anyway.

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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David Tannock
Trust Deed Expert



2031 Posts

Posted - 22 May 2017 :  10:15:00  Show Profile  Reply with Quote
Hi Chrispiec,

Your Trust Deed was signed on the 06/06/11 but the default is dated 22/07/11. The date of 22/07/11 looks to me like this might the date which your Trust Deed became protected. As TDA explained some lenders will put the date of default as the date which someoneís Trust Deed became protected.

If as we suspect 6 years from the default date the entry will fall off then it might be best to wait until the 22/07/11. You obviously have nothing to lose by chasing up the lender to see if they will change the date to the 06/06/11 which is the date you signed your Trust Deed.

One possibility to think about is that you might see your dream house between now and the 06/06/11 or the 22/07/11 and having the default date changed to the earlier date could help with the mortgage and purchase of the house.

As I said I donít think you have anything to lose sending an email / letter to the lender and asking if they will change the date of default.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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Chrispiec
Contributor

11 Posts

Posted - 22 May 2017 :  14:53:16  Show Profile  Reply with Quote
Thanks David.

I was going to email them but cannot find an email address for rbs or mint. Also I have just moved house in January and cannot find my discharge letter anywhere. Is it still worth my trouble without the letter?

Don't suppose anybody would have an email address for the relevant depts for the above companies!!!
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David Tannock
Trust Deed Expert



2031 Posts

Posted - 22 May 2017 :  16:07:40  Show Profile  Reply with Quote
Hi Chrispiec,

If you donít have the discharge letter and Form 5 then it probably isnít worth your while as you will need to prove you were discharged.

The other way to prove this is if your details are still on the Register of Insolvencies you can print this off as it confirms the debtor discharge date.

If you do decide to contact the lenders then give them a call, ask for an email address and take it from there.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed
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Chrispiec
Contributor

11 Posts

Posted - 22 May 2017 :  16:42:59  Show Profile  Reply with Quote
I've emailed them anyway! Found an email address for mint in my inbox and rbs has a complaints e-form to complete.

I will see what they say when they get back to me! Everything is getting fairly exciting but at the same time really nerve racking at the same time! There are 3 of these new build site near me and my fiancť and I are desperate for them to launch so we can reserve something but really worrying about reserving a plot with the stress over applying for a mortgage and also the help to buy.

We have, in my opinion, a good income and are looking at spending around 190,000 to 200,000. I will keep you all updated to how I get on with the mortgage.
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