A provision contained in or added to a loan agreement, similar to credit insurance, in which the lender may forgive all or a portion of a debt balance in the event that a borrower is unable to make payments due to death, disability or loss of employment.
Related information about debt cancellation contract:
- Debt Cancellation Contract Definition | Investopedia
... to repay a loan due to an event such as death, disability or involuntary loss of employment. A debt cancellation contract is an alternative to a life insurance plan .
- Debt Cancellation Contract: Definition from Answers.com
Debt Cancellation Contract Bank's contractual agreement to cancel all or part of a customer's agreement to repay a loan, contingent on a triggering event.
- What is debt cancellation contract? definition and meaning
Definition of debt cancellation contract: A provision contained in or added to a loan agreement, similar to credit insurance, in which the lender may forgive all or a ...
- Debt Cancellation Contract Law & Legal Definition
According to 12 CFR 37.2 [Title 12 -- Banks and Banking; Chapter I -Comptroller of the Currency, Department of the Treasury; Part 37 -- Debt Cancellation ...
- 97-0632 - NCUA
Sep 12, 1997 ... Re: Guaranteed Auto Protection (GAP) Program/Debt Cancellation Contract. Your letter dated May 21, 1997. Dear Mr. Thomas: Richard Hetzel ...
- Debt Cancellation Agreement | eHow.com
A debt cancellation contract, or DCC, refers to an agreement or type of coverage under which a bank cancels all or part... Debt Forgiveness Agreement. The total ...
- Debt Suspension and Debt Cancellation Contracts explained
A debt cancellation contract is defined as a loan term or contractual arrangement modifying loan terms under which a bank agrees to cancel all or part of a ...
- PART 37—DEBT CANCELLATION CONTRACTS AND DEBT - Justia
(f) Debt cancellation contract means a loan term or contractual arrangement modifying loan terms under which a bank agrees to cancel all or part of a customer's ...