Response to MJO's, MIG's, Proof of LIability and some thoughts

The nature of a debt cannot change back and forth from simple to specialty. There is no legal vires I know of that would allow this. If the MIG paid out, and the Insurer passes the debt or a proportion of it back to the Lender under Rights of Sub, the Lender only has 12 years to chase the proportion *not* covered by the MIG payout. The rest falls under the 6 year rule. I am sure this is why a lot of the older repo's settle for such small amounts, when you look at the original sum they claim. MIG payouts were quite high at the beginning I bet - then the amount of payout tapered off as more claims were made.

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