Recovering from a Scottish Trust Deed

[brackenbrodie]

Hi

First post and looking for some advice.

I have recently completed a Scottish Trust Deed and have my discharge letter. My brother has come into some money and says he wants to give me a share but would not do so if it meant that I would have to give it to the debt management company to go towards the TD. Anyone know where I would stand on this.

Edited December 20, 2012 by brackenbrodie
Noticed a spelling mistake

[stu007]

Hi

 

The credit agreements that fell under the trust deed will stay on your credit file from 6 years from the date that you took the trust deed (date of default on your file).

 

HOWEVER many companies will not have updated the file correctly. This means

 

a) the dates of default will be wrong and they won't drop off your file at the right time and

 

b) may not be marked as settled which they should be once you finish the deed and have the letter to prove discharge. To sort this out, you need to write to all applicable creditors, enclosing a copy of the letter. there is a template letter to send which tells them it is against the Ombudsman guidelines to make the default any later than the date you signed the deed. It can be a painful process to get your file updated (you obviously need to access your credit report to see which entries are wrong).

 

This is a rough letter you could send to creditors if they have defaulted your credit file:

 

Dear Sirs

 

Re: Account Number xxxxxxxxxxx

 

After consultation with both the Information Commissioner and the Credit Reference Agencies, I am writing directly to you to request that you formally update my credit files in accordance with the Data Protection Act.

I signed a trust deed on XXXXX which became protected and was subsequently discharged on (Date of Discharge), and (Name of Creditor) was included within the Trust Deed. For your convenience I have attached my Discharge Notification and a copy of the original Trust Deed.

 

Currently the information that you have recorded against my name with the Credit Reference Agencies is factually incorrect and as yet your company has failed to correct the entries as required.

 

• It is requested that if you intend to default the account, the default entry must be (Date of your Bankruptcy), in accordance with the Data Protection Act.

 

• It is requested that you mark the account in some way as to indicate that it is settled or satisfied, in accordance with the Data Protection Act.

 

• If you have sold the debt on, according to the Information Commissioner, you are still liable to ensure that both you and the new holder are aware and that as the originator of the information it is your responsibility to ensure that it is corrected.

 

The Information Commissioner has indicated that I should allow you 28 calendar days from the date you receive this letter to comply, during this time you are requested either to update the Credit Reference Files correctly (of all three Credit Reference Agencies) or notify me in writing the reasons that you refuse to.

 

After the 28 days have elapsed the Information Commissioner has requested that I inform them if your company fails to update the records so that they may take any necessary enforcement action against your company.

 

I have copied the relevant information provided by the Information Commissioner as an attachment to this request.

 

Yours faithfully

[IdaInFife]

Was it a protected trust deed?

 

did you payments cover all the debts?

[IdaInFife]

If you have been discharged and there is no ongoing issue with assets under a protected trust deed then you do not need to declare it

[brackenbrodie]

Thanks for your replies folks.

ida- Yes it was a protected TD, and it covered all unsecured debts and there are no outstanding issues with it. I have received my Letter of Discharge.

[IdaInFife]

Merry Christmas then

[stu007]

Hi

 

As its Protected and your now discharged be assured that they can no longer chase you for any debt secured or unsecured so enjoy your christmas.