COL3704 Assignment 3
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
100% GUARANTEED
, 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)
A mind map for the functions of the National Credit Regulator (NCR) would include the
following key branches:
1. Regulation and Supervision
o Ensures compliance with the National Credit Act (NCA)
o Monitors and investigates credit providers, credit bureaus, and debt counselors
2. Consumer Protection
o Protects consumers against unfair credit practices
o Addresses consumer complaints related to credit agreements
3. Education and Awareness
o Educates consumers about their rights under the National Credit Act
o Promotes responsible credit usage among consumers
4. Policy Development
o Develops policies to improve the credit market
o Advises the government on credit regulation and related issues
5. Enforcement and Penalties
o Takes action against credit providers violating the NCA
o Imposes fines and penalties for non-compliance
Each of these branches can be further elaborated with sub-branches detailing specific tasks and
responsibilities within each function.
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
the debt was on 1 December 2020. Fully explain whether
the debt collector is able to collect this debt. (5)
(COMPLETE ANSWERS)
Semester 2 2024 - DUE 2024
100% GUARANTEED
, 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)
A mind map for the functions of the National Credit Regulator (NCR) would include the
following key branches:
1. Regulation and Supervision
o Ensures compliance with the National Credit Act (NCA)
o Monitors and investigates credit providers, credit bureaus, and debt counselors
2. Consumer Protection
o Protects consumers against unfair credit practices
o Addresses consumer complaints related to credit agreements
3. Education and Awareness
o Educates consumers about their rights under the National Credit Act
o Promotes responsible credit usage among consumers
4. Policy Development
o Develops policies to improve the credit market
o Advises the government on credit regulation and related issues
5. Enforcement and Penalties
o Takes action against credit providers violating the NCA
o Imposes fines and penalties for non-compliance
Each of these branches can be further elaborated with sub-branches detailing specific tasks and
responsibilities within each function.
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
the debt was on 1 December 2020. Fully explain whether
the debt collector is able to collect this debt. (5)
