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.