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When is debt written off in South Africa

Prescribed debts are contractual and civil debts that should be extinguished or written off after a set period of time, usually three years, from the date the payment was due.

How long before bad debt in South Africa is written off?

In other words, the debt has been paid off. Debt that has not been recognized by the creditor or paid on for more than 36 months is considered prescribed in most cases.

How long does it take for a debt to be legally written off?

The time limit for most debts is 6 years since you last wrote to them or made a payment. Mortgage debts have a longer time limit. If your home is repossessed and you still owe money on your mortgage, you have 6 years to pay off the interest and 12 years to pay off the principal.

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In South Africa, what happens if you don’t pay your debt?

If you fail to make a payment and do not notify your debt counselor, the legal process will begin. Your creditors will send you a Section 129 letter confirming that you are in arrears. This will be followed by a summons, which if ignored will result in a default judgment.


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