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Reviewed 21st December 2021

How does entering a Trust Deed affect your credit rating?

Q: I’m getting to the stage where it feels like my debts will never go away and want to pursue a trust deed as a more manageable way of repaying creditors. My biggest concern, however, is that my credit rating will be damaged in the long-term and affect me when applying for credit to finance a new car or when it comes to applying for a mortgage?

A: Yes, although a Trust Deed is not a court process the creditors you have made defaults with are likely to notify the credit reference agencies that you have missed payments. There will be an entry on the Register of Insolvencies that you are subject to a Trust Deed.

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