the citizens advice wrote to my lender in 1999 asking if i was indebted to them following a repo in 1993 the lender wrote back simply saying 'we can confirm the above account redeemed in 1994 we trust this is of assistance to you' surely they should have been more clear? can you advice me any one thanks

-- mark (howard@westbrook48.freeserve.co.uk), March 25, 2001

Answers

This is not supposed to sound depressing but it might!!! The account being redeemed could simply be that any MIG has been claimed on and the insurance company has paid out. This means that the account, as far as the lender is concerned, is clear but the insurance company has a debt which it can chase.

However, it is now past the 11/2/00 deadline meaning that they can only chase you for 6 years and it is likely that that time is up - i the case of a MIG payout it runs from when the payment was made so it might not be. If it is up they could try what they are trying with me, sayting that they have been in contact since before thae date above as they had written to an address even though I did not live there!!

Sorry to sound negative but it is possible that someone could pop out of the woodwork. For your sake I hope they never do, but if it should happen come back to this site - the people who read these are very helpful. You are not alone.

-- Matt (mattyc@ntlworld.com), March 26, 2001.

My N&P mortgage account is officially 'redeemed', according to material I recently SARNed from Abbey National, but Abbey National is nevertheless chasing me for an alleged shortfall of nearly £17,000.

I do not know why lenders use the term 'redeemed' in such circumstances.

-- Eleanor Scott (eleanor.scott@btinternet.com), March 27, 2001.