Trust Deed Forum - KPMG trust deed
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
 KPMG trust deed
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

kwilliams87
New Member

6 Posts

Posted - 07 February 2018 :  23:07:45  Show Profile  Reply with Quote
I signed my trust deed with KPMG in November 2011 which I paid over 3 years, I was discharged but have continued to receive letters each year regarding 'summary of progress' I called them and they reassured me I had paid all I was to pay and I never really thought about it after that. I have since decided to look at buying a house with y us and and saw how shocking my credit report was on noddle.. my accounts are still showing as defaults even all these years later!
The most current letter from the end of last year states The period of the trust deed has been extended to allow the finalisation of the trust deed administration in accordance with the trust deed and schedule 5 of the bankruptcy Scotland act 1985
How can this still be going on? It's been years and all of these defaults are affecting my credit rating! I think ill call them to find out more but does anyone have any advice for what to do next?

TDA (Debt Adviser)
Trust Deed Expert



12364 Posts

Posted - 08 February 2018 :  08:46:11  Show Profile  Reply with Quote
Welcome to the forum kwilliams87.

Any continuing work by your trustee isn't the issue here.

The issue is that your creditors should have marked any default notices as being satisfied or partially satisfied when you were discharged. They should also have set the balances on the accounts to zero.

Getting the creditors to actually do this doesn't fall within the remit of the work a trustee does. It's down to you. Hopefully the following article will explain all of this more fully and suggest some steps that you can take:

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

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

kwilliams87
New Member

6 Posts

Posted - 08 February 2018 :  09:57:12  Show Profile  Reply with Quote
After calling them this morning it turns out although I have finished making my contributions that the trust deed is still ongoing, the creditors have not yet received their money. When I asked the girl I spoke to she said that it can usually take 6 months but it has obviously been well past that, she then transferred me to a colleague who reassured me he would look into it and hopefully I should be fully discharged by June of this year, when I asked why it had gone on so long he said it just sometimes takes time to contact all the creditors etc.. I find it hard to believe that since the end of 2014 they haven't been able to get things resolved! So annoying, it just goes to show this could have gone on even longer had I not looked at my credit report on noddle!
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12364 Posts

Posted - 08 February 2018 :  10:03:37  Show Profile  Reply with Quote
There are two discharges kwilliams87.

Firstly comes yours. This is the point at which you can expect creditors to update your credit file.

Secondly comes the trustee. This can be a long time after yours in some instances.

If you have been discharged, but your trustee hasn't yet, you can still take steps to ensure that your credit report is accurate and fair.


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

kwilliams87
New Member

6 Posts

Posted - 08 February 2018 :  10:52:51  Show Profile  Reply with Quote
Thank you for your advice. I asked i. I should contact my creditors regarding this but they said it should happen automatically by June.
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3513 Posts

Posted - 08 February 2018 :  12:56:53  Show Profile  Reply with Quote
What an earth have they been doing since 2014??

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

kwilliams87
New Member

6 Posts

Posted - 08 February 2018 :  18:28:37  Show Profile  Reply with Quote
I have no idea, they could not explain to me, is there anyone I could complain to or is it not really worth it? If I hadn't checked how long would it have gone on for?
Go to Top of Page

scotland28
Frequent Contributor

45 Posts

Posted - 08 February 2018 :  18:53:47  Show Profile  Reply with Quote
Surprise , Surprise !! KPMG rear their ugly heads again, for the same reasons I had 6 years ago.
When will this trust deed fiasco be regulated so everyone can sing from the same hymn sheet ?
Clear guide lines need to be set out as regards discharge criteria as it seems ,at the moment, that it is a lottery as to when and if you get discharged wholly dependant on which company you choose ! That can in no way be considered fair or just.
KPMG are a pain in the proverbial when it comes to getting discharged , I know because I was that soldier !!! Unless you keep on and on and on at them they will do nothing !
Not discharging themselves is just as bad and frustrating because until they do, your name will still feature on the AIB website and will do till 1 year after their discharge !
It appears that some of the more unscrupulous trust deed firms can still in essence make up the rules, as they see fit, to suit themselves.
I stress this is only my opinion.
I thought I was finished posting on here but I am afraid whenever I see these four letters it makes my blood boil! They made what should have been a very straight forward process taxing and extremely stressful and they are still at it !!!!
Go to Top of Page

kwilliams87
New Member

6 Posts

Posted - 08 February 2018 :  19:20:00  Show Profile  Reply with Quote
I just wish I'd realised earlier and began the process before now, I feel like this will affect my credit score for a lot longer than was necessary. It's really frustrating because I figured enough time had passed that I'd be all good to get a car loan and a mortgage but now who knows, and if I do the blooming interest will probably be sky high!
Go to Top of Page

Kevin Mapstone
Trust Deed Expert



3513 Posts

Posted - 09 February 2018 :  10:50:41  Show Profile  Reply with Quote
As long as you were discharged then your credit file should be updated to reflect this - your Trustee's discharge is another thing, as Trust Deed Assistant says, but shouldn't impact on your credit file.

In practical terms though, it may unfortunately mean that you have to work a bit harder to get creditors to update your file accordingly to show that you do not owe anything to them any longer.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
Go to Top of Page

pingpong
Advanced Contributor

99 Posts

Posted - 09 February 2018 :  14:32:19  Show Profile  Reply with Quote
Kwilliams87 don't wait till June!

you can fix your credit files in a few weeks by writing to your creditors or calling them and asking them to update the information to accurately reflect the relevant dates.

main points:

ask them to set the original default date to the day your signed the trust deed.
Ask them to amend the account data to show that it s settled or partially settled on the date you were discharged
If your TD signed date was more than 6 years ago ask them to remove the entry form the credit files as the accounts are settled and the information should not be held for more than 6 years.

They will do this even if they have not been paid yet as you have been discharged so you are no longer responsible.

you will need to send them you form 5 as evidence and if your TD is off your file it does not matter if the trustee is not yet discharged. once all the entries are updated your rating will change overnight.

you can check all your files for free with Noddle (CallCredit), Clearscore(equifax) and MSE CreditClub (experian)

I was with KPMG and had no issues at all so I guess it like everything in life. I have been though 2 sets of CV joints in an Audi i had from new in the last 3 years but owned one for 4 years before with no issues at all.

Edited by - pingpong on 09 February 2018 14:35:12
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
Jump To:
Trust Deed Forum © 2008 - 2018 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.