Response to Has anyone any thoughts on this?

I think for the reasons we were discussing under the MIG thread a bit further down. Those MIG's drafted before 1993/4 were definitely insurance premiums, they were sold as such AND I am sure that a contract was created between the Borrower and the Insurance Co as well as the Lender i.e we are covered by the "premium" we paid to mitigate any losses incurred in the event of a repossession. Why would they otherwise spend so much time and effort trying to hide the older MIG's from us? Why hasn't a Lender taken an older MIG policy shortfall all the way to court? There would have to a judgement...which would create a precedent and they don't want that now do they?

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