What is Prescription act and what does it mean to you?

Prescription is a legal principle in terms of which a debtor’s liability to pay an outstanding debt is extinguished after the passing of prescribed time periods. The above will apply, provided that the debtor has not during such prescribed period, in any way acknowledged his/her liability to pay such debt. If the creditor served a summons during the prescribed period or where the debtor acknowledges liability, the prescription period will be interrupted and will start to run afresh from the date on which the summons was so served or the liability acknowledged.

What does it mean for you?
  1. If you believe that your debt has become prescribed, you need to inform us accordingly.
  2. Your claim of prescription will be assessed, and if found that the debt has in fact prescribed:
  • You will be notified of this fact on the contact information available (so please ensure that these details are updated when you submit your claim).
  • No further action will be taken to collect on the debt.You will no longer be liable to pay the debt.
  • If your claim is assessed and found not to have prescribed, you will remain liable to pay the debt and attempts to collect the outstanding debt will continue either by way of our call centre or the matter may be handed over to an attorney for legal action.

 

View the Prescription Act

 

Prescription Enquiry Form

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