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A debtor under a regulated consumer credit agreement, a consumer hire agreement or a regulated mortgage contract (RMC) may be granted more time by the court to repay the debt, if the court considers it just to make such an order. The court may amend the agreement to take account of any consequential effects of such a time order, such as reducing the amount of the monthly payment or rate of interest, or extending the length of the agreement.

In considering whether to make a time order, the court will take into account:

1. •

   the interests of the creditor, as well as the debtor

2. •

   any previous history of default or sporadic payments by the debtor

3. •

   the existence of real evidence of the ability of the debtor to make good the default

The combined effect of sections 129 and 129A of the Consumer Credit Act 1974 (CCA 1974) is that the debtor may apply for a time order:

1. •

   following receipt of any of a ‘default’ notice, a ‘calling-in’ notice, a ‘termination’ notice, a notice of enforcement action,