Default in payment of certain installments; buyer entitled to new payment schedule.

  1. Law
  2. Delaware Code
  3. Commerce and Trade
  4. Retail Installment Sales
  5. Refinancing and Consolidation
  6. Default in payment of certain installments; buyer entitled to new payment schedule.

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In the event a contract provides for the payment of any installment which is more than double the amount of the average of the preceding installment, the buyer, upon default of this installment, shall be given an absolute right to obtain a new payment schedule. Unless agreed to by the buyer, the periodic payments under the new schedule shall not be substantially greater than the average of the preceding installments.


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