(1) Subject to subsection (3) below, if it appears to the court just to do so-
(a) on an application for an enforcement order; or
(b) on an application made by a debtor or hirer under this paragraph after service on him of-
(i) a default notice, or
(ii) a notice under section 76(1) or 98(1); or
(ba) on an application made by a debtor or hirer under this paragraph after he has been given a notice under section 86B or 86C; or
(c) in an action brought by a creditor or owner to enforce a regulated agreement or any security, or recover possession of any goods or land to which a regulated agreement relates, the court may make an order under this section (a "time order").
(2) A time order shall provide for one or both of the following, as the court considers just-
(a) the payment by the debtor or hirer or any surety of any sum owed under a regulated agreement or a security by such instalments, payable at such times, as the court, having regard to the means of the debtor or hirer and any suret
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