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LPL4801 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (526694) - DUE 26 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations R48,29   Add to cart
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LPL4801 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (526694) - DUE 26 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations

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LPL4801 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 (526694) - DUE 26 August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations

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  • July 13, 2024
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  • 2023/2024
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  • lpl4801 assignment 1 complete answers semester 2

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LPL4801 Assignment
1 (COMPLETE
ANSWERS) Semester 2
2024 (526694) - DUE 26
August 2024 ; 100%
TRUSTED Complete,
trusted solutions and
explanations.




ADMIN
[COMPANY NAME]

, 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 2005, and that the
interest rate that is charged by your client is excessive, rendering the
agreement between your client and Judy null and void. It is further
alleged that the clothing was of bad quality and that Judy is entitled
to return the clothing in terms of the Consumer Protection Act 68 of
2008. In the alternative, it is stated that your client entered into a
reckless credit agreement with Judy, rendering the credit agreement
null and void. (a) Advise your client in full whether the National
Credit Act 34 of 2005 (the NCA) is in fact applicable to the said
agreement. (4)

To advise Forever You (Pty) Ltd regarding the applicability of the
National Credit Act 34 of 2005 (NCA) to the agreement with Judy,
we need to assess the relevant sections of the NCA that pertain to
credit facilities and interest rates.

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