{"id":181,"date":"2020-09-01T19:16:33","date_gmt":"2020-09-01T17:16:33","guid":{"rendered":"https:\/\/siyaandassociates.co.za\/?p=181"},"modified":"2020-09-01T19:16:33","modified_gmt":"2020-09-01T17:16:33","slug":"prescribed-debt","status":"publish","type":"post","link":"https:\/\/siyaandassociates.co.za\/index.php\/2020\/09\/01\/prescribed-debt\/","title":{"rendered":"Prescribed Debt"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"602\" height=\"226\" src=\"https:\/\/siyaandassociates.co.za\/wp-content\/uploads\/2020\/09\/Untitled-1.png\" alt=\"\" class=\"wp-image-182\" srcset=\"https:\/\/siyaandassociates.co.za\/wp-content\/uploads\/2020\/09\/Untitled-1.png 602w, https:\/\/siyaandassociates.co.za\/wp-content\/uploads\/2020\/09\/Untitled-1-300x113.png 300w\" sizes=\"auto, (max-width: 602px) 100vw, 602px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Prescribed\ndebt &#8211; Debt collection laws in South Africa<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>A debt usually prescribes\nafter three years after the debt has been incurred and has subsequently not\nbeen acknowledged within three years. However, prescription may be interrupted\nunder certain circumstances or upon certain acts.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The prescription of debts in South Africa is\nregulated by the Prescription Act&nbsp;68 of 1969, together with&nbsp;the\nNational Credit Act 34 of 2005.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A debt is a monetary obligation one person owes to\nanother as a result of services rendered or money lend. It is an amount due and\npayable to that person who is owed. In simple terms, a prescribed debt is a\ndebt which has basically \u201cexpired\u201d. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Once a debt has prescribed, in other words three\nyears has lapsed and the credit provider or debt collector has not instituted\nany legal proceeding or demanded payment of the said amount, the debt shall be\ndeemed as prescribed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>There are different\nprescription periods for different types of debts. Same is best explained as follows:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Contractual\ndebts \u2013 3 years; <\/li><li>Cheque debts\n(any negotiable instruments) \u2013 6 years; <\/li><li>Money owed to\nthe State (loan debt, land leased debt, land purchase debt) \u2013 15 years; <\/li><li>Mortgage bonds\nand tax related debts &#8211; 30 years.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">However, prescription may be interrupted in the\nfollowing ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Acknowledgement\nof debt or making any payment towards the debt; <\/li><li>Being outside\nthe South African Borders; <\/li><li>Legal action\nbeing instituted against you pertaining the debt.<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The amendment to the National Credit Act made in\n2015 makes it illegal for a credit provider or any debt collector to collect\ndebt on a prescribed debt unless they can successfully prove that the debt has\nnot prescribed<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prescribed debt &#8211; Debt collection laws in South Africa A debt usually prescribes after three years after the debt has been incurred and has subsequently not been acknowledged within three years. However, prescription may be interrupted under certain circumstances or upon certain acts. The prescription of debts in South Africa is regulated by the Prescription [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-181","post","type-post","status-publish","format-standard","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/posts\/181","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/comments?post=181"}],"version-history":[{"count":1,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/posts\/181\/revisions"}],"predecessor-version":[{"id":183,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/posts\/181\/revisions\/183"}],"wp:attachment":[{"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/media?parent=181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/categories?post=181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/siyaandassociates.co.za\/index.php\/wp-json\/wp\/v2\/tags?post=181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}