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LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024 R48,41
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Exam (elaborations)

LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024

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LPL4801 Assignment 1 Semester 2 2024 (526694) - DUE 26 August 2024 QUESTIONS AND ANSWERS

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  • July 13, 2024
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LPL4801
Assignment 1
Semester 2 2024
(526694) - DUE 26
August 2024
QUESTIONS WITH COMPLETE ANSWERS




[DATE]
[COMPANY NAME]
[Company address]

, 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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