HOW TO GET YOUR DEBT WRITTEN OFF IN SOUTH AFRICA
Can Your Debt Really be Written Off?
The amendments to the National Credit Act in March 2015 make it almost impossible for debt collectors to get back this expired debt. If any payments or promises of payments have been made in that time, then the debt is still valid and the consumer is liable.
But Can You Write Off those Debts?
Yes! you can if your debt is prescribed
Prescribed debt is ancient debt that has not been acknowledged, verbally or in writing, or paid for more than three years.
Prescribed debt is old debt that has been written off by creditors.
A Debt is prescribed if:
Claims for payment has been made by the creditor.
Demand letter has not been issued summons.
Types of debts that can be prescribedÂ
Personal loans, credit cards, retail accounts and vehicle loans: three years
Mortgage loans, debts by court orders and money owed to the South African Revenue Service (SARS): 30 years
Conclusion
This modification provides assistance to consumers who were previously unclear of what prescribed debt was. Collectors would frequently let the debt remain, gaining interest over time, before pursuing the debtors when the sum was far more than it should have been.
If a creditor or debt collector demands payment for a prescribed debt, file a complaint with the Council for Debt Collectors. Alternatively, contact National Debt Advisors (NDA) now for debt relief, and we will do a full investigation to determine whether any of your debt can be categorized as prescribed.
