Payment Waiver is a relatively unique form of equitable protection for both the lender and borrower.

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Waiver programmes are designed and structured to deliver on specific promises made by the lender. For example, the lender may agree, as part of the loan terms, to ’Waive’ the borrower’s repayments in the event of the borrower’s illness and temporary absence from work, or for loss of employment. Waiver programs have five distinct attributes;

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• They are designed with the specific target lending segment in mind;

• There is validation that the targeted potential borrowers have a genuine protection need;

• The lender ensures that the Waiver being designed addresses these specific needs;

• The lender ensures that the proposed Waiver safeguards are transparent and fair;

• And, the lender ensures the potential borrowers know that they are receiving this benefit as a feature of the loan.