This is a loan term or an arrangement that modifies a loan term under which a bank agrees to cancel all or part of a customer's loan obligation on the occurrence of a specified event. It may be included as a part of the loan documents, or it may be a separate agreement. What is it?
A debt cancellation contract (DCC) is a loan term or arrangement in which a bank agrees to cancel all or part of a customer's loan obligation upon the occurrence of a specified event, such as death, disability, or involuntary unemployment. This type of agreement can be included as part of the loan documents or as a separate agreement.
A debt cancellation contract (DCC) is a loan term or arrangement in which a bank agrees to cancel all or part of a customer's loan obligation upon the occurrence of a specified event, such as death, disability, or involuntary unemployment. It may be included as part of the loan documents or as a separate agreement.