(1) A credit agreement may, if the court thinks just, be reopened on the ground that the credit bargain is extortionate-
(a) on an application for the purpose made by the debtor or any surety to the High Court, county court or sheriff court; or
(b) at the instance of the debtor or a surety in any proceedings to which the debtor and creditor are parties, being proceedings to enforce the credit agreement, any security relating to it, or any linked transaction; or
(c) at the instance of the debtor or a surety in other proceedings in any court where the amount paid or payable under the credit agreement is relevant.
(2) In reopening the agreement, the court may, for the purpose of relieving the debtor or a surety from payment of any sum in excess of that fairly due and reasonable, by order-
(a) direct accounts to be taken, or (in Scotland) an accounting to be made, between any persons,
(b) set aside the whole or part of any obligation imposed on the debtor or a surety by the credit bar