100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
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

Exam (elaborations)

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

1 review
 18 views  1 purchase

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

Preview 2 out of 13  pages

  • July 13, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
All documents for this subject (2)

1  review

review-writer-avatar

By: palesaletswalopl • 2 months ago

avatar-seller
MasterVincent
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.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MasterVincent. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R48,29. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

78140 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R48,29  1x  sold
  • (1)
  Buy now