51K.— (1) A paying party may apply to the court to alter the method of payment specified in a periodic payments order.

(2) An application under subsection (1) shall be on notice to—

(a) the plaintiff, or

(b) where the plaintiff has assigned his or her right to payments under a periodic payments order pursuant to section 51M(1), the person to whom the right is assigned.

(3) A court may, on application to it under subsection (1), approve an alteration to the method of payment specified in a periodic payments order where—

(a) the plaintiff consents to the altered method of payment,

(b) the court is satisfied that continuity of the payments under the order is reasonably secure notwithstanding the alteration to the method of payment, and

(c) the alteration to the method of payment concerned is capable of adjustment in accordance with the F40[periodic payments index].]