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LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024
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QUESTIONS AND ANSWERS LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024
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[Date]LPL4801 Assignment 1
Semester 2 2024 (526694)
- DUE 26 August 2024
QUESTIONS AND ANSWERS
, LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024
Question
Forever You (Pty) Ltd is a well-known clothing store in South Africa. They
offer store cards to customers who buy clothing on credit and are a
registered credit provider in terms of the National Credit Act 34 of 2005.
When customers buy clothing on credit, an interest rate of 20% per annum
is charged on the outstanding amount. Judy, a customer, opens an account
on 1 May 2024 at Forever You (Pty) Ltd. Based on her salary slips and the
credit assessment performed by Forever You (Pty) Ltd, she is allowed a
credit limit of R5,000. On the same day, she spends R5,000 on new
clothes. She pays the first instalment on 1 June 2024, but fails to make any
further payments. You are acting as Forever You (Pty) Ltd’s legal
representative. It transpires that Judy has obtained legal advice from Kenny
Y Attorneys. The attorneys have addressed a letter to your client with the
following allegations: That the credit agreement between Forever You (Pty)
Ltd and Judy is a credit facility in terms of the National Credit Act 34 of
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