Trust Deed Forum - DAS credit file info
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
 DAS credit file info
 New Topic  Reply to Topic
Author Previous Topic Topic Next Topic  

steve1984
Advanced Contributor

174 Posts

Posted - 09 May 2018 :  10:15:05  Show Profile  Reply with Quote
Hi All,

Sorry I know this forum is about trust deeds but I found very useful information here years ago when I was sorting trust deed so hopefully someone might be able to help with this DAS query.

Can anyone tell me what a credit report should look like for someone (wife) who has a DAS scheme?

We are about to settle it just now so I had a look at credit file for her. One of the accounts shows as being in DM (debt management) for 5 years, the other just shows as defaults every month for 5 years. So big red dots for every month.

Can anyone tell me is this how it is supposed to look even though she has made the required payments every month?

Also does anyone know what happens when we pay it off? Should it fall off 6 years from when it started or will it be 6 years from next week when we pay it off?

Thanks

Steve

steve

TDA (Debt Adviser)
Trust Deed Expert



12572 Posts

Posted - 09 May 2018 :  10:22:04  Show Profile  Reply with Quote
Welcome back steve1984.

DAS and debt management operate in similar ways. While your wife hasn't specifically been in a debt management plan, it doesn't seem like her status is being particularly misrepresented in this respect.

Credit reports are reporting against the original contractual lending terms, so reporting that an account is in arrears also seems accurate even if the DAS payments have been kept up to date.

The usual six year rule applies. So any record of the DAS itself will fall off six years after it began. Any account reporting will also fall off six years after it was applied.

The exception might be if default notices have been issued - those accounts should fall off the credit report six years after the date of the default notice (which could be sooner than six years after the debt was cleared). Unlike with trust deeds, I'm not aware of any obligation for default notices to be issued while someone is using DAS.

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

steve1984
Advanced Contributor

174 Posts

Posted - 09 May 2018 :  11:25:40  Show Profile  Reply with Quote
Hi again.

Sorry I'm not very good at understanding this stuff.....

So do you mean a red dot on her barclaycard account for April 2018 will take 6 years to fall off (i.e April 2014), or do you mean it will all fall off 6 years after the 1st red dot on June 2011?

There is no actual mention of a DAS on her account (in the way that the TD are mentioned in the specific section of the credit report if that makes sense

steve
Go to Top of Page

TDA (Debt Adviser)
Trust Deed Expert



12572 Posts

Posted - 09 May 2018 :  11:39:17  Show Profile  Reply with Quote
Hi steve1984.

If there's no default notice issued, I'd expect a credit account (and all associated status reporting) to remain on the credit file for six years from the date that the balance was fully repaid.

Some credit reports do include a specific reference to a DAS being put in place - they seem to vary in this respect.

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