Full and Final Acceptance letter

[one20]

Can anyone see any loopholes in the below? Its intended for one party to the mortgage to be cleared of liability.. there's no mention of 3rd party debt collectors?

 

We can confirm that our client is prepared to accept a payment of £x to conclude your liability in this matter. In support of this our client will provide a covenant that on receipt of this amount they will not seek further repayment of any form from you in respect of this account (by which it is meant all monies due to our client under the mortgage formerly charged to the property known as X Address).

 

Please note that the arrangement is subject to payment of the aforementioned sum being received at this office on or before 29th Sept. Cheques should be made payable to XXX and quote the reference XXX on the reverse.

 

Further, the above agreement does not in any way prejudice out client's rights to seek recovery of the remaining balance from all other parties to the mortgage (including guarantors if applicable).

[vint1954]

Last para mens that they will remove you from further liability, but if it was a joint mortgage, they can still chase the other mortgagee. Spouse or partner or even guarantor if there was one.

 

Also does not mention if they can sell ballance to a DCA