COL3704 Assignment 3
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
CONTACT:
, COL3704 Assignment 3 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
QUESTION 1 Create a mind map of the functions that the
National Credit Regulator is legislated to perform.  (5)
To create a mind map of the functions of the National Credit Regulator (NCR) as legislated, you
can structure it as follows:
Central Node: National Credit Regulator (NCR)
1. Registration
o Registration of credit providers, debt counselors, and credit bureaus.
2. Monitoring
o Monitoring compliance with the National Credit Act (NCA).
o Ensuring adherence to credit agreements and responsible lending practices.
3. Enforcement
o Enforcing the National Credit Act.
o Investigating complaints and taking action against non-compliant entities.
4. Education & Awareness
o Educating consumers about their rights and obligations under the NCA.
o Promoting public awareness of credit issues.
5. Policy & Research
o Conducting research on credit industry trends and practices.
o Advising the government on credit-related policies.
This mind map highlights the key functions, showing the NCR's responsibilities in regulating the
credit industry in South Africa.
SECTION B: DEBT COLLECTORS ACT 114 OF 1998
QUESTION 2 On 1 September 2024, Alvereen borrows R15
000 from DEF Bank and agrees to repay the loan in 11
monthly payments of R1 500 each starting 1 December
2019. Alvereen makes six consecutive payments and
then stops paying. Despite the best efforts of the bank,
the bank is unable to collect the outstanding debt and
Alvereen’s debt is handed over to a debt collector on 1
January 2024. The last time that Alvereen acknowledged
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
CONTACT:
, COL3704 Assignment 3 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
QUESTION 1 Create a mind map of the functions that the
National Credit Regulator is legislated to perform.  (5)
To create a mind map of the functions of the National Credit Regulator (NCR) as legislated, you
can structure it as follows:
Central Node: National Credit Regulator (NCR)
1. Registration
o Registration of credit providers, debt counselors, and credit bureaus.
2. Monitoring
o Monitoring compliance with the National Credit Act (NCA).
o Ensuring adherence to credit agreements and responsible lending practices.
3. Enforcement
o Enforcing the National Credit Act.
o Investigating complaints and taking action against non-compliant entities.
4. Education & Awareness
o Educating consumers about their rights and obligations under the NCA.
o Promoting public awareness of credit issues.
5. Policy & Research
o Conducting research on credit industry trends and practices.
o Advising the government on credit-related policies.
This mind map highlights the key functions, showing the NCR's responsibilities in regulating the
credit industry in South Africa.
SECTION B: DEBT COLLECTORS ACT 114 OF 1998
QUESTION 2 On 1 September 2024, Alvereen borrows R15
000 from DEF Bank and agrees to repay the loan in 11
monthly payments of R1 500 each starting 1 December
2019. Alvereen makes six consecutive payments and
then stops paying. Despite the best efforts of the bank,
the bank is unable to collect the outstanding debt and
Alvereen’s debt is handed over to a debt collector on 1
January 2024. The last time that Alvereen acknowledged
