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COL3704 EXAM PACK 2023
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QUESTIONS AND ANSWERS
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COL3704EXAM PACK
2023
QUESTIONS AND
ANSWERS
FOR ANY HELP:
EMAIL:
musyokah11@gmail.com
, lOMoARcPSD|24668432
Sec 琀椀 on A
Ques 琀椀 on 1
False, the Na 琀椀 onal Credit Act 34 of 2005 does not apply to all credit agreements, the Act will not
apply:
• To loans to the State, or any organ of State,
• To loans where the credit provider is the South African Reserve Bank.
• To Agreements between individuals dealing closer than arm’s length.
• Where the credit provider is situated outside RSA.
• Insurance policies and stokvel transac 琀椀 ons.
Ques 琀椀 on 2
(a) The owner of ABC store is discrimina 琀椀 ng against Alvereen unfairly because a natural person
may apply for credit and may not be discriminated upon the following grounds;
• Age
• Race
• Ethnic or social origin
• Race
• Marital status
• Culture, language, and birth disability
• Belief
• Conscience
• Colour
• Pregnancy
• Sex
(b) Alventeer can:
• Lodge a complaint with the NCR, who a 昀琀 er comple 琀椀 ng its inves 琀椀 ga 琀椀 on and 昀椀 ndin
the complaint was merit, will revert the ma 琀琀 er to the Equality Court or;
• Approach the Equality Court directly in order to ini 琀椀 ate the proceedings against the
o 昀昀 ending party.
Downloaded by Jack martinez (pmachuki7686@gmail.com)
, lOMoARcPSD|24668432
Ques 琀椀 on 3
(a) Debt counselling is the process where assistance is provided to a consumer in restructuring
or rearranging his or her debts so that the consumer can pay their monthly expenses to their
creditors on 琀椀 me.
A consumer may reach a debt counsellor to review his or her 昀椀 nancial a 昀昀 airs to ascertain whether
the consumer is over-indebted and quali 昀椀 es for debt counselling.
During a debt review process, a debt counsellor contacts your credit providers and nego 琀椀 ates lower
instalments and make payment arrangements on your behalf, reducing your payments to a
manageable amount monthly.
When a consumer has paid all their debts the debt counsellor must provide the consumer with a
debt clearance cer 琀椀昀椀 cate within 7 days of which the consumer has paid o 昀昀 all their debts that were
subject to debt counselling/debt review.
A debt collector is generally a person or company that regularly collects debts owed to others or who
has the primary purpose of collec 琀椀 ng debts.
A debt collector can be de 昀椀 ned as a person, other than an a 琀琀 orney or his or her employee or a party
to a factoring arrangement, who for reward collects debts owed to another on the la 琀琀 er’s behalf, or
a person wo, other than the party to a factoring arrangement, will bene 昀椀 t from collec 琀椀 ng debts
owed, or a person who, as an agent or employee of a person referred to as an agent of an a 琀琀 orney,
collects the debts on behalf of such person or a 琀琀 orney, excluding an employee whose du 琀椀 es are
purely administra 琀椀 ve.
A debt collector is also obliged to open a separate trust account in which to deposit the money
collected and to have this account regularly audited.
(b) Debt counselling would assist Lesego dearly
Lesego should approach a debt counsellor to review her 昀椀 nancial a 昀昀 airs to assure whether she is
over-indebted and quali 昀椀 es for debt counselling. This is done by assessing the Lesego’s available
昀椀 nancial informa 琀椀 on. The debt counsellor may charge the prescribed fee of R50 for this
consulta 琀椀 on. The assessment could display:
• the consumer is not over-indebted and the applica 琀椀 on for debt counselling must be
rejected.
• the consumer is not over-indebted but is in danger of not paying his or her debts in a
琀椀 mely fashion.
• the consumer is over-indebted because he or she is unable to pay all his or her debts in a
琀椀 mely fashion and in this case, the debt counsellor will charge the fee to 昀椀 nalise the debt
restructuring with relevant creditors. The debt counsellor will apply to the magistrate’s
court and make a proposal, the court could either accept or reject the proposal, create
an order declaring the consumer over-indebted, or make an order rearranging the
consumer’s obliga 琀椀 ons.
If Lesego can follow these procedure she should manage with her debt.
Downloaded by Jack martinez (pmachuki7686@gmail.com)
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