~Help Needed~Full & Final Settlement Query~

Didismump

On Friday I had a call from DLC saying they were calling on behalf of GE Money. They asked for an outstanding amount ( quite a LARGE amount) on a mortgage debt that has (and states )quite clearly (on my Equifax Credit Rating) been settled.
In the explanation on Equifax it states that ''Payment received as full and final settlement although the payment would not fully clear the balance'' ...
I have not heard from GE Money since 2007 regarding this matter, when it was taken to the Financial Ombudsmen.
I never heard back from either..so have kept my head down since (naughty I know, but I did not know what else to do), and only found out about the settlement being agreed (in December 2008) when I checked my credit rating on Equifax about 3 months ago...
Can they now come after me for this debt, even though my credit rating states the above quite clearly???
HELP!!!......I feel as sick as a pig about this..and am worried out of my mind of any repercussions that they can inflict....:(

Didismump

~ ANYONE got ANY advice with this..PLEASE...:(

CLAPTON

repost on the debt free wannnabe board

they know a lot about debts

hcb42

and dont do anything on the strength of a call. Dont confirm anything and tell them if it is important they should write to you at your address on file.

Didismump

Just had another call....I was asked a barrage of questions and answered as little as possible ( sorry...I had not seen these replies until now)
They said they had sent me several letters regarding the debt..I told them I have received nothing ( which is true) , but that I would claim ''statute barred''...
They then said it has to be 10-12 years for me to do so...
I told them it states quite clearly on my credit rating that the Debt has been agreed/settled as a partial settlement in Dec.2008 and accepted as a full and final payment...and they asked what I had paid off, as the debt was NOT settled...Am now shaking like a leaf and feeling SO sick as I truthfully have NOT heard a bean from anyone about this since 2007..and I don't have a bean to pay them back..:( Will re-post this as advised...
Thank you for your help so far...:)

ACG

Ignore whats on your credit report - its not a legal document.

Do you have anything from the company involved that states it has been settled (either fully or partially)? Im assuming not.

I believe its 12 years to get statute barred.

If you do not have the money then they cant get blood from a stone, but there is no point trying to evade it, you need to sort out what it is they want/will accept in comparison to what you can offer.

why is this coming about after so long? Have you just applied for a mortgage?

StuC75

What have you received confirming that it was settled?

Sometimes such a note can show if they have just written it off as a bad debt (internally)..

These debts then get sold on to DLC to pursue..

If it was previously with the FO, what was being queried there?

Didismump

~Have received a Letter today..
The First Letter EVER Received since 2007....

The letter states as follows ( written exactly as it was sent)...:-

Dear Mrs...........

We are here to help you through this difficult period.

We have chosen to send you this letter as someone who may be struggling to manage your credit commitments through this very difficult period.
It is likely that you may not have spoken to us for sometime, or indeed ever, concerning the above debt, because you think we may not be prepared to understand or empathise with your circumstances.
We want to reassure you that we are fully aware of the financial difficulties everyone is facing during this difficult time and have embraced a policy of fair and realistic treatment for all of our customers.
One of the impacts of the ''Credit Crunch'' has been an individuals ability to obtain credit, particularly mortgages, with lenders scrutinising applicants credit history and payment records much closer.In the future, credit is only likely to be available to individuals with good credit history or those that can display positive efforts to pay off their defaulted accounts.
This is why we believe the current economic conditions should be the reason you need to start tackling your debt problems. While it is clear that there are tough times ahead for all of us, history tells us things will improve but there will be long lasting effects.
Give us a call today, so that we can start working together, and making positive progress towards paying your outstanding balance; it will benefit you in the long term.

Yours Sincerely..........

Now....
Because of the way that the letter is written it almost seems like they are hoping that I will re-contact them..and are querying the debt...
I still do not know WHERE they got the amount from that they told me I owed way back in August ( and is written on the letter today)..as the property that was repossessed was sold for £100,000..and I had borrowed £111,592 ( but they charged an early exit fee/penalty that then took the debt to £117,167...but are now saying that the outstanding balance is £38,447.53....

So....

I have looked on the National Debt Line..and it states as follows:-

A mortgage shortfall can happen if your home is repossessed, and not enough money was raised by the sale to pay the balance owing on the mortgage and any secured loans. Your lender may then chase you for the remaining amount.

The Limitation Act says that the limitation period for mortgage shortfalls is twelve years for capital owed, and six years for the interest part of the shortfall.

The cause of action (when the limitation period starts running) for mortgage shortfalls, is usually when the lender is entitled to be repaid in full. Under the terms of most mortgages, this is normally after two or three missed payments.

Anybody know where I now stand with this..as I have ''sat on the phone call'' that I received in August, simply waiting for a letter to arrive..and it has taken until today to do so...
HELP...ANYONE????.........