#KrunchWithKhutso unpacks ‘Prescribed debt’
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 […]