83ZEDebtor’s right to settle credit contract

1. The debtor may, at any time after the creditor has repossessed the consumer goods and at any time before the creditor sells or agrees to sell the consumer goods in accordance with this subpart, settle the debtor’s obligations under the credit contract—

2. by paying to the creditor the amount required to settle the contract; or
3. if the contract secures the performance of an obligation other than the payment of money, by performing that obligation.

4. In this section, the amount required to settle the contract means the balance of the advance outstanding, together with any interest charges, credit fees, and default fees payable under the credit contract, and includes—

5. the reasonable costs of the creditor of, and incidental to, repossessing, holding, storing, repairing, maintaining, valuing, and preparing the sale of the consumer goods and of returning them to the order of the debtor; and
6. the costs reasonably and actually incurred by the creditor in doing anything necessary to remedy any default by the debtor.

7. The costs referred to in subsection (2)(a) and (b) are subject to subpart 6 of Part 2 (which applies with all necessary modifications as if any cost that is imposed is a credit fee or a fee or charge to which section 45 applies (as the case may be)).

8. If the right to settle the credit contract is exercised,—

9. upon receipt of that amount, or confirmation of the performance of that obligation, the creditor must immediately return the consumer goods to the debtor; and
10. the contract terminates, with the rights and obligations of the parties to it satisfied.