Sangeet Rooplall Debt Counselling

Scenario:

You receive a call from a collections company saying that you have an overdue account from some years ago and they would like to offer you a discounted settlement... what do you do?

Most people would panic, stress, apologize for not paying and offer to make payment arrangements or to settle the account...

Most people don't know that there is a possibility that this account may be Prescribed and therefore not payable anymore.

Before you acknowledge any old debt, consider the following:

- Is this account over 3 years old?
- Have you received any statements/ request for payments in the last 3 years?
- Have you made any payment arrangements on this account in the last 3 years?
- Have you received a summons (court document that starts legal proceedings)?
- Is there any judgement on this account?

If you answer Yes to the 1st question and No to the rest then this account is most probably Prescribed according the the Prescription Act of 1969 and you are no longer liable for payment.

BUT if you have acknowledged the debt at anytime during the last 3 years then the prescription period is interrupted and the account is then active again.

An easy to understand summary of the Prescription Act is available on the Legalwise website
https://www.legalwise.co.za/help-yourself/quicklaw-guides/prescription

Hope the above is helpful

Debt Prescription Act | Law in South Africa | LegalWise Get an overview of the most important information about prescription and debt law via our QuickLaw guides. For legal cover, join LegalWise!

With Black Friday only one sleep away, have you ever wondered how the credit card came to be🤔

Here's an interesting read... (by Dominique Olivier, Ghostmail)

Diners Club, debt and the downfall of society - Ghost Mail The story of how one forgotten wallet in 1949 led to the invention of the credit card - and the global debt crisis that followed, as told by Dominique Olivier in her latest column.

We all have debt... whether it's a 🏠 or 🚗 loan or credit or store cards, we have it.

The stress starts when these become more than we can afford 😢

Debt Counselling is a way to take control of your finances. It requires Discipline for a short period of time (depending on your circumstances) but at the end, it provides you with the Satisfaction of knowing that you now control your money...