You'll need to have the rear axle on stands to gauge the gripping and compare between sides.

If one wheel seems to grip more than the other, remove the handbrake console to access the adjusting nuts at the end of the cables. The cables cross, so the right cable tightens the left brake.

After balancing sides, adjust main nut so that 1st notch just starts gripping.
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1980 245 Canadian B21A with SU carb and M46 trans

It's very easy.

You can even do this with out taking the parking brake cover off, although it makes it easier with the cover removed:

To remove the cover, remove this screw on either side of the cover. Easy to access if you put the front seats all the way forward.




If you don't want to do that, just pop the ashtray out of the thing. Start at the bottom, and let it "swing" out:




The bolt can be accessed through here:



(I realize that's not the greatest picture, but when you have your ashtray out, the bolt will be pretty obvious. It's big, and in the middle of the whole thing.)

If you do decide to take the cover off, it is a good time to replace all the little light bulbs that are probably burned out inside. If you would like more info on how to do that, I wrote up a nice long response with lots of pictures a while back that I wouldn't mind posting again.

A properly adjusted parking brake will take full effect between 2-4 notches. It may seem like that's too much, but it's not.

Good luck!
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If you listen to the radio in Portland, OR, you may know me as "Portland's Favorite Soul Brother!"

Hello,

The adjustment is a nut facing rearward in the center console. If you pop out the rear ashtray and the casing that it fits into, I think it's a 17mm nut and is easily reached with a small socket set extension bar.

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Happy Bricking!!! - Richard - '87 245 DL , '82 242 GLT - Volvo's are alive and well in Brampton!!!