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