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DMS Capital Recoveries Offer


zakfixit
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Looking for thoughts and views on this. I had a flat repossessed in 1997 and the mortgage company sold it for a £23K shortfall due to negative equity, costs etc.

 

Due to personal circumstances I have been making payments of between £5 to £15 every month since 2003 on an agreed payment plan. Over the years they send me a letter every few months offering for me to clear this large debt with a lump sum payment of a few thousand.

 

They've just sent me one and on a £22K debt (now) they're prepared to accept £500 to clear this debt. Why would they do this as it's a massive shortfall ? They've said a 'satisfaction letter would be issued once payment is cleared and you would not be required to make any further repayments to us. Our Client will reserve the right to pursue any other liable party (including Guarantors if applicable) for any unpaid liability left following your payment'. There was just me on the mortgage and no Guarantor either.

 

Appreciate you reading this :)

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Hmm - you might not be required to pay them any more money, but are they going to sell the remaining balance on to another DCA ? I think you need to establish that your payment of £500 would be full and final and no other company can chase you for the shortfall in the future.

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Hmm - you might not be required to pay them any more money, but are they going to sell the remaining balance on to another DCA ? I think you need to establish that your payment of £500 would be full and final and no other company can chase you for the shortfall in the future.

 

Agreed a full and final would be req'd.......as this (( They've said a 'satisfaction letter would be issued once payment is cleared )) would or could just apply to your credit file..

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