Seasons come and seasons go. Spring is here and it’s time for a fresh start for your finances. You know that old, old debt that you have almost forgotten about but still lingers in the back of your mind? Well, it is important to know that you may not have to pay that debt back anymore. This is due to a legal clause known as prescribed debt.
South Africans have for many years been exposed to unending credit obligations, with many of them finding it difficult to make payments. Credit providers would have attempted to collect on any unpaid debt for a period of time. At a point however, they would make the decision to hand over or sell the debt to debt collection companies to collect for them.
Cape Town - Amendments to the National Credit Act making it illegal to collect prescribed debt has contributed to the big drop in civil summonses and judgments for debt, James O’Haughey, CFO of Intelligent Debt Management Group, told Fin24 in a studio interview.
Many people in South Africa are still unaware of what the law says regarding ‘old’ or ‘prescribed’ debt and end up paying off the debt, even though they are no longer liable for it. At DebtBusters, we want to make sure that you stay well informed and that you know your rights when it comes to managing your ‘old’ or ‘prescribed’ debt. Prescribed debt can be your debt solution!
At DebtBusters, we want to make sure that you stay well informed and that you know your rights when it comes to the topic ‘debt’.
Many consumers with ‘old’ debt end up paying off the debt, even though they are no longer liable for it, due to the fact that they are unaware of what the law says.
The first ever Debt Review Awards was held on 19 July 2014 in Cape Town, to celebrate business excellence in debt review and to make heroes out of those who are responsible for leading the industry. Credit providers, debt counsellors and payment distribution agencies from South Africa were nominated in order to ensure that all parties in the industry were acknowledged for their efforts.
Always looking for new ways to help assist South African consumers facing financial difficulty and tor educe the levels of over-indebtedness in South Africa, Ian Wason later founded DebtBusters in 2008.