And presumably anyone whose Repo is more than six years old has a right to demand details of MIG payouts, to see where everyone stands legally?(posted 8423 days ago)For example, suppose my Repo happened over 6 years ago. I can argue that any MIG payout cannot be claimed from me by the lender under Rights of Subrogation, because is it time-expired after 6 years, not being itself a specialty debt. So I am *entitled* to know how much was claimed, in order to evaluate the current 'shortfall claim' properly.
If it turns out that the lender did not claim on the MIG, then it has stuffed up because (a) it is too late for it to do so now, and (b) it has failed in its duty to mitgate the loss.
Either way, one would think that the lender needs to cough up the MIG policy and claim details under CPR and pre-action disclosure. This would allow us proper scrutiny of these documents.