LPL4801
assignmen
ASSIGNMENT 1 SEMESTER 1 2025
UNIQUE CODE:
Detailed Solutions, References & Explanations
DUE DATE: 18 March 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning,
comparison and reference purpose,
Not to duplicate, reproduce and/or misrepresent the
contents of this document as your own work,
Fully accept the consequences should you plagiarise
or misuse this document.
Disclaimer
Extreme care has been used to create this
document, however the contents are provided “as
is” without any representations or warranties,
express or implied. The author assumes no
liability as a result of reliance and use of the
contents of this document. This document is to
be used for comparison, research and reference
purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or
by any means.
, 0688120934
PREVIEW
a. Applicability of the National Credit Act (NCA) to the Agreement
The first question concerns whether Thandi’s contract with Prestige Bank falls within the
ambit of the National Credit Act 34 of 2005 (NCA). The NCA aims to protect consumers
by regulating credit agreements and ensuring responsible lending practices. According
to Section 8 of the NCA, a transaction qualifies as a credit agreement if it includes:
A deferred payment structure,
The imposition of fees or interest, and
An obligation for the consumer to repay the credit over time.
In this case, Thandi's agreement involves:
1. A purchase price of R250,000, payable over three years,
2. Interest and fees, and
3. A retention of ownership clause, meaning the vehicle remains Prestige Bank’s
property until full payment.
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is”
without any representations or warranties, express or implied. The author assumes no liability as
a result of reliance and use of the contents of this document. This document is to be used for
comparison, research and reference purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or by any means.
assignmen
ASSIGNMENT 1 SEMESTER 1 2025
UNIQUE CODE:
Detailed Solutions, References & Explanations
DUE DATE: 18 March 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning,
comparison and reference purpose,
Not to duplicate, reproduce and/or misrepresent the
contents of this document as your own work,
Fully accept the consequences should you plagiarise
or misuse this document.
Disclaimer
Extreme care has been used to create this
document, however the contents are provided “as
is” without any representations or warranties,
express or implied. The author assumes no
liability as a result of reliance and use of the
contents of this document. This document is to
be used for comparison, research and reference
purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or
by any means.
, 0688120934
PREVIEW
a. Applicability of the National Credit Act (NCA) to the Agreement
The first question concerns whether Thandi’s contract with Prestige Bank falls within the
ambit of the National Credit Act 34 of 2005 (NCA). The NCA aims to protect consumers
by regulating credit agreements and ensuring responsible lending practices. According
to Section 8 of the NCA, a transaction qualifies as a credit agreement if it includes:
A deferred payment structure,
The imposition of fees or interest, and
An obligation for the consumer to repay the credit over time.
In this case, Thandi's agreement involves:
1. A purchase price of R250,000, payable over three years,
2. Interest and fees, and
3. A retention of ownership clause, meaning the vehicle remains Prestige Bank’s
property until full payment.
Disclaimer
Extreme care has been used to create this document, however the contents are provided “as is”
without any representations or warranties, express or implied. The author assumes no liability as
a result of reliance and use of the contents of this document. This document is to be used for
comparison, research and reference purposes ONLY. No part of this document may be
reproduced, resold or transmitted in any form or by any means.
