Time and manner of repayments
9. Notwithstanding the provisions of regulation 8, the loans administrator may, in the case of a borrower who is in breach of an obligation to repay any loan instalment, do either or both of the following, namely:
(a)grant any relaxation or indulgence to the borrower which does not vary the agreement for the loan;
(b)require the borrower to make an immediate repayment of the outstanding amount of the loan:
Provided that the loans administrator shall not grant any relaxation or indulgence in accordance with paragraph (a) unless it is satisfied that such action represents a more effective means of recovering the debt due under the agreement than instituting legal proceedings against the borrower.