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Limitation on right of enforcement.
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54.—(1) A creditor or an owner shall not enforce a provision of an agreement by—
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(a) demanding early payment of any sum,
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(b) recovering possession of any goods (save where the goods are in imminent danger of being damaged or stolen), or
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(c) treating any right conferred on the consumer by the agreement as determined, restricted or deferred,
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unless he has served on the consumer, at least 10 days before he proposes to take any action, a notice which shall specify the following:
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(i) details of the agreement sufficient to identify it;
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(ii) the name and address of the creditor or owner, as the case may be;
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(iii) the name and address of the consumer;
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(iv) the term of the agreement to be enforced; and
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(v) a statement of the action he intends to take to enforce the term of the agreement, the manner and circumstances in which he intends to take such action and the date on or after which he intends to take such action.
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(2) A creditor or an owner shall not, by reason of any breach by a consumer of an agreement—
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(a) determine the agreement,
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(b) demand early payment of any sum,
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(c) recover possession of the goods,
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(d) treat any right conferred on the consumer by the agreement as determined, restricted or deferred, or
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(e) enforce any security,
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unless he has served on the consumer, not less than 10 days before he proposes to take any action, a notice which shall specify the following:
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(i) details of the agreement sufficient to identify it;
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(ii) the name and address of the creditor or owner, as the case may be;
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(iii) the name and address of the consumer;
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(iv) the nature of the alleged breach;
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(v) either—
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(I) if the breach is capable of remedy, what action is required to remedy it and the date before which that action is to be taken, which date shall be not less than 21 days after the date of service of the notice, or
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(II) if the breach is not capable of remedy, the sum, if any, required to be paid as compensation for the breach and the date before which it is to be paid, which date shall be not less than 21 days after the date of service of the notice; and
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(vi) information about the consequences of failure to comply with the notice.
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(3) If the consumer takes the action specified under subparagraphs (v) (I) or (v) (II) of subsection (2), before the date specified for that purpose in the notice, the breach shall be treated as not having occurred, in any records maintained for information on the consumer's credit record.
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(4) Notwithstanding this section, a creditor or an owner may apply to a court of competent jurisdiction in any particular case to have the provisions of this section dispensed with where the court is satisfied that it would be just and equitable to do so.
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