Regulation 12 Cancellation
(1)
A borrower’s liability to make repayments in respect of all loansshall 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 anyobligation in relation to any loan and—
(a)
if he was aged less than forty when he last entered into anagreement for a loan, if he attains the age of fifty or if the loan forwhich he last entered into an agreement has been outstanding for notless than twenty five years (whichever event is the sooner); or
(b)
if he was aged not less than forty when he last entered into anagreement for a loan, if he attains the age of sixty.