A loan waiver is an agreement signed by a debtor with one or multiple creditors by which the debtor undertakes to repay a part of the debt owed while the creditor agrees to waive the debtor's obligation to repay the rest. This type of agreement is used to resolve situations involving non-payment due to insolvency, for assurance that the creditor will be able to collect at least part of the debt owed.
There is no single criterion for determining the scale of a debt reduction; it will depend on the situation of the debtor, the size of the debt, and as in any agreement, the terms agreed upon by the parties involved.
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