(1) Any debtor against whom judgment has been, or is about to be given may apply to the Court-
(a) for leave to pay the judgment debt by instalments; or
(b) if an order for payment by instalments has been made, for leave to pay by reduced instalment,
and the Court may, after hearing the parties, make such order as it thinks just.
(2) If any such instalment is more than one calendar month in arrears, the said order shall be deemed to be vacated and the judgment creditor may apply for execution of the whole amount then due on,the judgment, but the judgment debtor may apply for another order.
(3) Any party may, if an order for payment by instalments has been made, apply that the order be vacated, or that the instalments be increased or decreased, and the Court, after hearing the parties, may, make such order as it thinks just.