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If you are living in Rustenburg and you need help with your debt, the good news is that Debt Sage is helping many consumers in Rustenburg. Debt counselling provided by Debt Sage could be what you need. We are a leading debt counselling firm with many years of experience in the debt counselling industry.

When you and the credit provider that you borrowed from has not acknowledged the debt for a specified number of years it becomes prescribed debt. When you have prescribed debt, you do not have to pay it. A period of three years applies for unsecured loans/ credit to prescribe. Prescribed debt should not appear on your credit report either.

The Prescription Act 68 of 1969, details the law with regards to various prescriptions, including prescribed debt. According to the Act, “a debt shall be extinguished by prescription after the lapse of the period which in terms of the relevant law applies in respect of the prescription of such debt.”

When you have prescribed debt, you do not have to pay it. Some credit providers are selling that debt and debt collectors call trying to collect that debt. When debt collectors call you to collect and you are sure that the debt is older than three years, and you have made no payment during the past three years and neither have you signed or acknowledged the debt during the past three years, you do not have to pay this debt.

Debt written off should not be confused with prescribed debt. If you pull your credit report and it has debt written off, the credit provider still has the legal right to collect that debt even though it appears as written off on the credit report.

Contact Debt Sage, the debt counselling experts today. We will together review your case and see how we can help you. We offer free financial advice and health checks so that one can make the right financial decision. We are able to help you consolidate your debts into one easy monthly payment that will simplify your financial life.

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