(1) A creditor shall have in place adequate policies and procedures that enable the creditor to exercise, where appropriate, reasonable forbearance measures before enforcement proceedings are initiated, which measures shall take into account, among other elements, the circumstances of the consumer and may include:

(a) a total or partial refinancing of a credit agreement;

(b) a modification of the existing terms and conditions of a credit agreement including:

(i) extending the term of the credit agreement;

(ii) changing the type of credit agreement;

(iii) deferring payment of all or part of the instalment repayment for a period;

(iv) changing the interest rate;

(v) offering a payment holiday;