§ 57 — Time when revised repayment schedule ceases to apply

57.—(1) Where —(a)

A fails to pay any instalment under the revised repayment schedule within 14 days after the date on which the instalment is due to be paid under the revised repayment schedule;

(b)

A terminates or repudiates the specified contract during the period covered by the revised repayment schedule; or

(c)

B terminates the specified contract for any default by A other than a failure mentioned in paragraph (a),

then the revised repayment schedule ceases to have effect and the following become payable immediately (called in this section the outstanding repayments):

(d)

the amount of any instalment payable under the revised repayment schedule before the date of the occurrence of the event in paragraph (a), (b) or (c) (as the case may be) and that remains unpaid on that date;

(e)

the instalments payable under the revised repayment schedule on or after that date, excluding the amount in section 53(4)(a)(iii) that is part of those instalments.

(2) As from and including the date of the occurrence of the event in subsection (1)(a), (b) or (c) (as the case may be), the outstanding repayments are subject to all interest and other late payment charges (however described) stipulated under the specified contract until the date that the outstanding repayments are repaid.[Act 37 of 2020 wef 14/01/2021]

—(1) Where —(a)

A fails to pay any instalment under the revised repayment schedule within 14 days after the date on which the instalment is due to be paid under the revised repayment schedule;

(b)

A terminates or repudiates the specified contract during the period covered by the revised repayment schedule; or

(c)

B terminates the specified contract for any default by A other than a failure mentioned in paragraph (a),

then the revised repayment schedule ceases to have effect and the following become payable immediately (called in this section the outstanding repayments):

(d)

the amount of any instalment payable under the revised repayment schedule before the date of the occurrence of the event in paragraph (a), (b) or (c) (as the case may be) and that remains unpaid on that date;

(e)

the instalments payable under the revised repayment schedule on or after that date, excluding the amount in section 53(4)(a)(iii) that is part of those instalments.

(2) As from and including the date of the occurrence of the event in subsection (1)(a), (b) or (c) (as the case may be), the outstanding repayments are subject to all interest and other late payment charges (however described) stipulated under the specified contract until the date that the outstanding repayments are repaid.[Act 37 of 2020 wef 14/01/2021]