MJO(posted 8381 days ago)1) This is required by the lender in order to allow them to recover the shortfall and should be obtained at the repossession hearing or shortly afterwards if they do not have one they will have difficulty in getting a court to rule in their favour.
2) It is not required by the insurance company once payment has been made on the policy as the mortgage has been closed and the recovery is now insurance monies. Due to this it is no longer a speciality debt but a simple one with a six year time limit from the date of payment under the insurance policy.
Therefore;
If being chased by the insurance company you must know the date of payout – mine keep ignoring this request. The lender , in theory, has six years to claim on the policy, making a total of 12 years from repossession, before it is too late but would require sounds reasons for delaying any claim.
The MJO is only of relevance if the lender is chasing for the mortgage monies or they are claiming on the MIG (no MJO + claim paid = insurance company negligent). Insurance companies do not need one – can anyone get Carol Riley’s thoughts on this as she seems to know these things but I cannot seem to contact her?
MIG
This is a vital document. It is referred to by the chasers, on behalf of the insurance company, in their letters as the reason why they are writing and must therefore be produced in any legal action. It is also referred to in the original Loan Agreement that allows a third party to become involved if the mortgage is not paid. If this document is not produced there are no other documents that prove that the debt is real and that the person being chased is liable.
Proof of Liability
Why do companies write letter after letter demanding payment whilst not supporting these letters with documentary proof that the debt exists? It would be far easier for all involved if they sent proof of a claim with the letter so the person being chased had no choice but to negotiate with them or be taken to court where they would be found guilty.
Reasons;
They do not have the documents.
They will not supply them as older versions contain text that disproves their claim.
Many documents are incomplete.
Conclusion
These are my educated thoughts after a while of writing letters, e-mails and speaking to people I know who have some legal knowledge.
No one I know will accept a figure on a letter as proof they owe the money – they will want evidence. Companies do not supply the evidence as they cannot – debts were written off long ago and many documents disposed of. They then decided to chase them in the hope that people would be scared enough to pay without a fight.
Dates are not given as the person will then know exactly when the 6/12 year period expires and can keep communication going until that happens.
If the companies (there have been 5 in total so far, including 3 solicitors!!) chasing me had the proof they could have started legal proceedings long ago as they would be certain of winning. They have not done so and, in my opinion, never will as they have been non cooperative throughout and do not have the documents required.
That’s all from me for now – over to the rest of you. All your thoughts and comments on all of this would be good, not just for me, but for every reader of this site who is being chased for these alleged debts.