(1) The lender may terminate a consumer credit agreement on account of the default in payment by the borrower with regard to a loan that is to be repaid in instalments only if
1. the borrower
a) is in default in the payment of at least two consecutive instalments as a whole or in part
b) is in default, in the case of a contract term of up to three years, by at least 10 per cent, or, in the case of a contract term running for more than three years, by at least five per cent of the nominal amount of the loan, and
2. the lender has set the borrower a period of two weeks for payment of the amount in arrears, declaring that in the case of failure to pay within that period of time, the lender will demand the entire residual debt, and this period has expired without result.
At the latest in specifying a period of time, the lender is to offer to the borrower the opportunity to discuss the possibility of an arrangement by mutual consent.
(2) In the case of a consumer credit agreement relating to immovable property, the borrower must be in default, in derogation from subsection (1) sentence 1 no. 1 (b), by at least 2.5 per cent of the nominal amount of the loan.