MMC Benefits Handbook
Loan Defaults
Your outstanding loan balance will be considered to be in Default if:
- you breach a representation in the Loan Note and Security Agreement or make any false or misleading statement when you apply for the loan, or
- you fail to timely make the loan repayments, or
- you file for bankruptcy, or
- it is determined by the Loan Administrator that your ability to repay the loan is substantially impaired.