- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
12.—(1) A borrower’s liability to make repayments in respect of all loans shall be cancelled if—
(a)he dies; or
(b)he is a person to whom paragraph (2) applies.
(2) This paragraph applies to a borrower who is not in breach of any obligation in relation to any loan and—
(a)if he was aged less than forty when he last entered into an agreement for a loan, if he attains the age of fifty or if the loan for which he last entered into an agreement has been outstanding for not less than twenty five years (whichever event is the sooner); or
(b)if he was aged not less than forty when he last entered into an agreement for a loan, if he attains the age of sixty.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: