(1) Subject to this section, the Secretary may, on behalf of the Commonwealth, decide in writing:
(a) to write off an amount payable to the Commonwealth by a person under section 31; or
(b) to waive the right of the Commonwealth to recover from a person the whole or part of such an amount; or
(c) to allow such an amount to be paid by such instalments as are specified in the decision.
(2) The Secretary may make a decision under subsection ( 1) on his or her own initiative or on written application by the person concerned.
(3) The Secretary must not make a decision under paragraph ( 1)(a), (b) or (c) on the application of a person unless satisfied that a refusal of the application would cause the person, or the person's family, unreasonable financial hardship.
(4) A decision under subsection ( 1) takes effect:
(a) on the day specified in the decision, being the day on which the decision is made or any day before or after that day; or
(b) if no day is so specified--on the day on which the decision is made.
"person" does not include the Bank.