This is a loan term or an arrangement that modifies a loan term under which a bank agrees to suspend all or part of a customer's loan obligation on the occurrence of a specified event. It May be a part of the loan itself or a separate agreement. Does not include a loan payment deferral arrangement where the borrower or the bank can unilaterally defer a payment. What is it?
A debt suspension agreement (DSA) is a loan term or arrangement where a bank agrees to suspend all or part of a customer's loan obligation on the occurrence of a specified event. It may be a part of the loan itself or a separate agreement. This arrangement does not include cases where the borrower or the bank can unilaterally defer a payment, fitting the description provided.
A debt suspension agreement (DSA) is a loan term or arrangement where a bank agrees to suspend all or part of a customer's loan obligation on the occurrence of a specified event. It may be included as part of the loan itself or as a separate agreement. It differs from a debt cancellation contract (DCC), which cancels all or part of the customer's loan obligation in certain circumstances.