LG C900 Optimus 7Q won't boot due to microsd card

My LG C900 Optimus 7Q windows phone will not start and is giving me an error message:
"your memory card has changed, is damaged or is non-compatible.
To fix this, turn you phone off and either remove the memory card or replace it with a new compatible card.
Then reset your phone to the original factory settings."

the phone has an inbuilt memory card???? is that something that I can repair/replace?
I have tried a 'Cold boot' but that doesn't work either?

it has been a great phone for 12 months until this & I dont know what to do! Help!!!!!

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Had you recently installed anything on the phone? It sounds like something got corrupt on the internal file system. Did you try a hard reset?