where a default notice has been served, the court will have the power under s 129 to rewrite the agreement, resulting in the rescheduling of the whole of the
outstanding balance under the loan and, if necessary, where it is ‘just’, vary the
rate of interest.
The goods in such circumstances would give the debtor the right to sue for damages for conversion or trespass to
goods or for breach of an implied warranty of quiet possession.
However, there is one limitation on the liability of the debtor who fails to
comply with a default notice provided by the rules relating to ‘protected goods’