*Loan,banking and credit>>>chase credit

I have an account that is showing as settled on my credit report, can I be chased for the money still?

I had a car on finance that was supposed to come with a full mot and all the work done to it. Since it was from a vauxhall garage, I thought I'd be able to trust them, it was only a few years old and had only done 25,000 miles.

Anyway, to cut a long story short, it hadn't been sorted for the mot, it carried on having dangerous problems afterwards and I was scared to drive it. I had it for over 18 months and the car only did nearly 1,000 in that time. Considering we live 9 miles from civilisation, thats not alot.Anyway, I told the finance company to sort it, they legally owned it! They agreed to pick it up and take it to an other garage, but the girl I agreed that with left without making notes on the system. They came when I was out, told my hubby that they were taking it to the garage but reposessed it. They then started chasing me for the amount.

But it shows on my credit record as being 'settled'. Does this mean they can't chase me for it now? I thought settled meant you paid?

Settled in this case means that there is no more monetary obligation. It does not mean that you paid, just that you don't owe. They took the car; you don't owe.

That really stinks for you. I hope this answer helps.. I found this on the wikihow website:

"The simple answer is..a settlement is an agreement between the creditor and debtor for repayment of a specified amount of the debt, thereby ending the transaction (hopefully). A charge off is the action taken by the creditor after an account has been in default for 180 days. The debt is still owed and the creditor has several options to collect monies owed, including legal remedies such as a lawsuit."
http://wiki.answers.com/q/should_you_sti...
Hi,

May not be. But, still a few agents of your past lender(s) might chase you for some payment. But, I think you are legally safe now and there is nothing much to worry. You can visit http://www.cashguru.info and learn more on guarding yourself from nagging lenders. Good luck.
it is a reposession. if you want the car back you have to pay the balance of what you owe. i am not a lawyer but it is their car now.
Talk to a car salesman if you want a new car they can get you driving again with out any hassle than you are already in.
They can only chase you if on your credit report you have an outstanding debt. If it says settled then you owe nothing.