(1) The parties to an agreement may agree from time to time to vary that agreement and such variation shall not be enforceable by the seller or owner without the leave of the Court and subject to such conditions, if any, as the Court may impose unless subsections (2) and (3) are complied with.
(2) A note or memorandum in writing of the variation shall be executed by the seller or owner and shall contain all the terms of the variations and shall show—
(a) the date on which the variation is made;
(b) the amount of money then owing under the agreement, whether or not it is increased or reduced by the variation; and
(c) if the date of payment of any installment is changed, or if the amount of any of the installments is increased or reduced by the variation, such change, increase or reduction in payment.
(3) A copy of the memorandum in writing of the variation shall be given to the consumer immediately after the seller or owner executes it.