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 Questions about the 6 year bad credit
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krisd
New Member

5 Posts

Posted - 22 June 2018 :  13:32:29  Show Profile  Reply with Quote
OK this is my first time posting so first of all "Hi!"

Background...I signed my TD back in June 2012 (terms were 36 months), my TD became protected in Aug 2012 and I was discharged Mar 2016.
My wife was not included in the TD.

My wife and I are looking at moving house and so I asked my financial adviser for some help, however upon checking my Noddle Credit Report they told me that at this moment in time I won't be able to get lenders to give me a mortgage as the Trust Deed will show on my credit report for 6 years after the discharge date. Now to my knowledge, and the knowledge of those at the Insolvency company where my TD was based, a Trust Deed should only show on my Credit Report for 6 years from the beginning of the Trust Deed (however I don't know if this is the date of signing or the date of protection).
So my financial advisor told me there would be nothing they could do until at least April 2019 (3yrs after discharge) and even then it would be 50 / 50 with regards to whether I could get a mortgage and instead they have advised me to wait until April 2022 (6yrs after discharge) before applying for any mortgage. Unfortunately this does not fit our time frame (ideally want to move within a year)

I was just looking for someone to validate what I am saying is correct or to enlighten me otherwise.


On a separate note I called Call Credit (Noddle) today and they advised me that the Trust Deed should "fall off" my credit report at the end of this month, however one of my debtors still has me shown as being in default (they have not updated the credit people since Mar 2017 which I think is around the date the debtors were all paid) and as such I have contacted the debtor in question who advised me to call back in a week as there is some debate over when the default notice was issued (shows on Noddle as Jan 2013....TD was signed in June 2012).

Has anyone experienced issues like this and how did they resolve ?

Any advice would be appreciated.


Thanks!

pingpong
Advanced Contributor

124 Posts

Posted - 22 June 2018 :  14:55:30  Show Profile  Reply with Quote
The FA advice you were given was wrong and given that I would steer clear as they dont understand your position so are not best placed to help you for your circumstances.

check all of the free services, ClearScore, Noddle, MSE Credit Club.
Make sure all the dates of defaults for both open and closed accounts are as of the date you Signed (this will be the same date as in your public records section for your PTD).
Make sure all defaulted accounts are marked as Settled or Partially Satisfied.

for anything that is wrong write to the lender and ask them to make the correction and they should do this very quickly and you will need to send along a copy of the Form 5 at the same time

Everything will then come off at the same time which will be 6 years from the date you signed the PTD and you should then be good to apply for a mortgage just like everyone else.

I would recommend a IFA Solutions business based in Johnstone who were able to search the whole marked for us. (google them they are named after a type of bird)

Edited by - pingpong on 22 June 2018 15:05:11
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TDA (Debt Adviser)
Trust Deed Expert



12572 Posts

Posted - 25 June 2018 :  10:37:48  Show Profile  Reply with Quote
Hi krisd and welcome.

Pingpong has provided some good advice. I agree that other mortgage brokers will take a different view on when it will be possible for you to get a mortgage.

The default notice you mention should be backdated to the time that your trust deed began. You'll need to press the lender concerned to do this.


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

5 Posts

Posted - 25 June 2018 :  11:43:19  Show Profile  Reply with Quote
Thanks both of you for the sound advice.
I will chase up the lender and make sure they backdate it.
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krisd
New Member

5 Posts

Posted - 28 June 2018 :  16:26:15  Show Profile  Reply with Quote
@pingpong was it Phoenix Mortgage Solutions Ltd ?

Also, spoke with the lender I was in default with and they have agreed to backdate the default to Jun 2012 (date I signed my TD) and mark the debt as partially satisfied.
Does this mean that at the end of this month the default should fall off my credit report (noddle) along with the trust deed ?
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Kevin Mapstone
Trust Deed Expert



3597 Posts

Posted - 29 June 2018 :  09:51:36  Show Profile  Reply with Quote
Sounds like it, krisd

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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krisd
New Member

5 Posts

Posted - 29 June 2018 :  14:22:25  Show Profile  Reply with Quote
Also, I checked my Experian Credit Report today.
Looks like O2 still have me shown as Delinquent with an active account.
I have contacted their Credit File Referrals Dept to get them to change their information, however I just wanted to ask....what documents are safe to send to these companies ? assume Form 5, Register of AiB Insolvencys and Credit Report are all safe to send ? I have not yet sent any of that but the person on O2 chat advised I send a copy of my Experian report
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maverick267
Advanced Contributor

132 Posts

Posted - 30 June 2018 :  09:25:15  Show Profile  Reply with Quote
rem krisd send photocopy not originals as some have asked me for and same thing as you been told its 6 years after you finish trust deed?
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pingpong
Advanced Contributor

124 Posts

Posted - 09 July 2018 :  12:33:46  Show Profile  Reply with Quote
Yes Phoenix IFS

Maverick, that's not right (at least not in my case). As long as your credit files have been cleaned up you will be considered by most lenders on the high street.

You can check yourself by searching the lenders criteria, this takes you to the intermediary check lists so they know before even applying how the application is likely to progress
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Swandog
Advanced Contributor

70 Posts

Posted - 11 July 2018 :  12:11:51  Show Profile  Reply with Quote
It's always a good idea to shop around for advice in relation to mortgages from a couple of IFA's. The advice can vary from firm to firm.
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