(1) A debtor or hirer may make an application under section 129(1)(ba) in relation to a regulated agreement only if -
(a) following his being given the notice under section 86B or 86C, he gave a notice within subsection (2) to the creditor or owner; and
(b) a period of at least 14 days has elapsed after the day on which he gave that notice to the creditor or owner.
(2) A notice is within this subsection if it -
(a) indicates that the debtor or hirer intends to make the application;
(b) indicates that he wants to make a proposal to the creditor or owner in relation to his making of payments under the agreement; and
(c) gives details of that proposal.