(4) The default notice must contain information in the prescribed terms about the consequences of failure to comply with it. (3) The default notice must not treat as a breach failure to comply with a provision of the agreement which becomes operative only on breach of some other provision, but if the breach of that other provision is not duly remedied or compensation demanded under subsection (1) is not duly paid, or (where no requirement is made under subsection (1)) if the days mentioned in subsection (2) have elapsed, the creditor or owner may treat the failure as a breach and section 87(1) shall not apply to it.
(2) A date specified under subsection (1) must not be less than days after the date of service of the default notice, and the creditor or owner shall not take action such as is mentioned in section 87(1) before the date so specified or (if no requirement is made under subsection (1)) before those days have elapsed. (c) 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. (b) 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 (1) The default notice must be in the prescribed form and specify.
1(3)) 88 Contents and effect of default notice. 87 excluded (E.W.S.) () by The Financial Services and Markets Act 2000 (Regulated Activities) (Green Deal) (Amendment) Order 2014 (S.I. (4) Regulations may provide that subsection (1) is not to apply to agreements described by the regulations.Ĭ2 S. (3) The doing of an act by which a floating charge becomes fixed is not enforcement of a security.
(2) Subsection (1) does not prevent the creditor from treating the right to draw upon any credit as restricted or deferred, and taking such steps as may be necessary to make the restriction or deferment effective. (d) to treat any right conferred on the debtor or hirer by the agreement as terminated, restricted or deferred, or (c) to recover possession of any goods or land, or (b) to demand earlier payment of any sum, or (1) Service of a notice on the debtor or hirer in accordance with section 88 (a “ default notice ”) is necessary before the creditor or owner can become entitled, by reason of any breach by the debtor or hirer of a regulated agreement,.
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