Exam (elaborations)
Exam (elaborations) LPL4801 - Law Of Sale And Lease (LPL4801)
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Exam (elaborations) LPL4801 - Law Of Sale And Lease (LPL4801)
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(a) The National Credit Act 34 of 2005 ("the NCA") is applicable to the agreement
between Thandi and Prestige Bank as it is a credit agreement that falls within the
definition of "credit agreement" in section 8(4) of the NCA.1 The agreement provides
for the payment of fees and interest, which are credit charges, and the agreement
allows Thandi to defer payment of the purchase price over time, which is credit.
Therefore, the agreement meets the requirements for a credit agreement under the
NCA.
(b) Thandi has the right to cancel the agreement with Prestige Bank within five
business days of receiving the vehicle, as provided for in section 129 of the NCA.2
This is known as the cooling-off period. Thandi can cancel the agreement by giving
written notice to Prestige Bank, and she will be entitled to a full refund of any money
paid to Prestige Bank, less any amount for reasonable use of the vehicle.
(c) Thandi has the right to approach Prestige Bank to request a restructuring of the
agreement in terms of section 86 of the NCA.3 She can request a change in the
payment terms, including a reduction in the instalment amount or extension of the
payment period. If Prestige Bank refuses to restructure the agreement, Thandi can
refer the matter to a debt counsellor or a court for debt review. If the debt counsellor
or court finds that Thandi is over-indebted and cannot afford to pay her debts, the
debt counsellor or court can make a debt restructuring order that will provide for
reduced payments over a longer period.
1
See section 8(4) National Credit Act 34 of 2005.
2
See Section 129 of the National Credit Act 34 of 2005.
3
See Section 86 of the National Credit Act 34 of 2005.
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