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Exam (elaborations) LPL4801 - Law Of Sale And Lease (LPL4801) $5.96   Add to cart

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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  • March 8, 2023
  • 5
  • 2022/2023
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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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