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Regulation 24 Composition and waiver of interest

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Where agreed by a debtor and a creditor, a debt payment programme may provide that a liability of the debtor to–

(a)

repay a sum due, or part thereof, shall be discharged;

(b)

pay interest on a sum due, or part thereof, shall be waived.

(2)

An agreement under paragraph (1) may be made subject to a condition that–

(a)

the sum due after discharge or waiver is paid in full; and

(b)

payment is made over the agreed period, not being longer than the period of the programme.