Prescription of Debt in South Africa is becoming a topic a lot of people need legal help with.
In terms of the South African credit law most debts will expire or prescribe after a three-year period, if the consumer did not interrupt this prescription period by acknowledging the debt and made payments toward such debt or arrear accounts within this three-year period.
This means that the debt or arrears owing in terms of these “old” accounts can be written off as a result prescription and the status of such account can be updated on the consumer’s credit profile and the respective credit bureaus to no longer reflect as a negative account or listing.
At Welman Attorneys we offer legal assistance to clients to update the status of such prescribed accounts on their credit records- and profiles at the respective credit bureaus to no longer reflect negatively on their names.