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Does Debt Expire in South Africa?

Prescription durations are specified by many laws in South Africa. For instance, the Prescription Act states that both contractual and delictual obligations expire three years after the day they became due (due).

How long can South Africa recover debt?

Three years for personal loans, credit cards, retail accounts, and auto loans. 30 years for court-ordered debts, mortgage loans, and money due to SARS, the South African Revenue Service.

What happens in South Africa if you don’t pay your debt?

The legal process will start if you do fail to notify your debt counselor when a payment is missed. You will receive a Section 129 letter from your creditors confirming that you are in arrears. A summons will come after this, and if it is not responded to, a default judgment will result.

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Do debts ever go obsolete?

The typical deadline is six years from the date of your last communication or payment. Mortgage obligations have a longer grace period. The time restriction is six years for the interest on the mortgage and twelve years for the principal amount if your home is repossessed and you are still in debt.

What South African debt collectors are not allowed to do?

An debt collector is prohibited from:

Use force against you or your family, or make threats to use it. threaten you or your family physically. Give or threaten to give the consumer’s employer information that might impact their employment possibilities. Serve any fictitious court papers.

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Can you be imprisoned in South Africa for debt?

Even while debt cannot land you in jail, owing money to SARS can land you in jail. If this is the case, your only remaining choice may be to learn how to file for bankruptcy in South Africa. Remember that the purpose of the sequestration procedure is to guarantee that creditors receive the least amount of benefit possible.


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