COL3704 Assignment 3 (QUALITY ANSWERS) Semester 2 2024

OL3704 Assignment 3 (QUALITY ANSWERS) Semester 2 2024 QUESTION 1 Create a mind map of the functions that the National Credit Regulator is legislated to perform.  (5) 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) SECTION C: THE CONSUMER PROTECTION ACT 68 OF 2008 QUESTION 3 List FOUR (4) instances where the Consumer Protection Act will not apply. (4) QUESTION 4 Your local newspaper is delivered to you every week at your residence. In the latest newspaper there is a catalogue whereby you can order a set of dinner plates, and you can place your order telephonically. You decide to place your order telephonically. You did not have the opportunity to inspect the dinner set before entering into the agreement. List the information the supplier must give you before they enter into such an agreement with you. (6) SECTION D: CONSUMER GROUPINGS QUESTION 5 Discuss TWO (2) different types of stokvels and give examples. (6) SECTION E: INSURANCE QUESTION 6 Zenande is insured by Your Property Our Business (YPOB) (PTY) Ltd for household contents. The policy was issued in August 2023 after an insurance broker and Zenande completed an inventory of the contents of the household. The cover provided for the loss of household contents to the sum of R500 000.00. Upon her return from vacation in Thailand on the 10th of March 2024, she found out that the house was broken into, and household items stolen, including televisions, clothing, footwear, laptops etc. Zenande submitted a valid and legitimate completed claim form that YPOB supplied so that she could be indemnified for loss which had occurred and was covered by the policy. However, she knowingly and falsely increased what she thought to be the true quantum of the claim by adding an arbitrary 10%. Advise Zenande on the differences between over-insurance and under insurance. (4)