GE Money writing off secured loan ? is this a dream

mick9000

long story short i had an unsecured load with ge money on a property...house was repossessed in 2011 clearing mortgage but leaving £25k outstanding that ive been paying back at small amounts per month...today ive received a letter saying their not pursuing it anymore and that DD will be cancelled ....has this happened to anyone else ??

andyfromotley

Do they give a reason?

mick9000

just basically that they wouldn't be pursuing it anymore and that DLC collections would cancel the direct debit ...im baffled

fermi

mick9000 wrote: »

long story short i had an unsecured load with ge money on a property...house was repossessed in 2011 clearing mortgage but leaving £25k outstanding that ive been paying back at small amounts per month...today ive received a letter saying their not pursuing it anymore and that DD will be cancelled ....has this happened to anyone else ??

It is most likely being sold on to another collector who wil be in contact soon.

somethingcorporate

Check with GE, they are the only ones who can say for sure.

Don't just bury your head in the hopes it will go away, it could get worse...

mick9000

yeh im gonna call them...it basically says they will no longer be pursuing the the shortfall and to cancel all direct debits with DLC and that they would be updating my credit file

fermi

Which is still pretty consistent with it being sold on. Credit files of the original or last owner are usually updated or changed upon sale.

This could vanish from sight for some time, but I doubt it will be abandoned, and someone else will probably demand payment at some point.

andyfromotley

Especially for 25k!

On the good news front from what i read on here, the people who buy it won't pay too much for it and will be much more likely to take a low offer of settlement when you are in that position. So maybe a glimmer of good news?

mick9000

i could understand if it had been transfered..wouldnt they state that in the letter or sold on?

WillyWonga

If its a letter from GE then could be your lucky day. I can understand if letter from a collection company they were passing back to GE. At the end of the day its all about figures for the company. Keep hold of the letter but I presume GE are clearing down their amount of bad debt. Bad debt which is being paid back at a few pounds a month is worthless to them and will have an adverse affect on the company. Better to get rid hence thats why people have been getting decent full and final settlement figures.

mick9000

Well I hope that's what they are doing.. Thanks for the reply