With the new year fast approaching, it is only fair for one to be equipped with the necessary financial knowledge to begin the year on a good note.
Many enter into retail accounts, credit cards and even vehicle financing. At the same time, many don’t realise the unforseen and unacknowledged debt attached to these accounts.
Prescribed debt is, in short, “old debt”, that has not been acknowledged over a period of three years*. A debtor could invoke prescription protection against creditors until March 2015 when the National Credit Act was amended. The act illegalises the collection of prescribed debts by creditors/ collectors.
#KrunchWithKhutso further unpacks this debt on #KrunchOnMoney with Khotso Ramphele.
Written by: Y