(1) Despite anything in this Act, where at least eighty-five per cent of the total loan amount has been paid or tendered by or on behalf of the borrower, the Company shall not enforce a right to recover possession of the premises or its power of sale otherwise than by a court action.

(2) Where the mortgage involves a progressive repayment scheme or in the case of an indexed transaction, where the principal advanced may be adjusted upwards, if the adjusted principal outstanding is less than 15 per cent of the initial loan amount, the Company shall not enforce a right to recover possession of the premises or its power of sale otherwise than by a court action.