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Don’t bank on your lender playing ball with prescribed debt

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IN YOUR CORNER

Don’t bank on your lender playing ball with prescribed debt

If your bank tries to get you to pay for a lapsed debt, there’s a new case study that reveals your rights

Consumer journalist

Prescription is a handy “out” for people when they’re being hounded to pay an old debt.

Your debt is considered to be prescribed, in terms of the Prescription Act, if, in the previous three years, you have not made any payment towards settling it, acknowledged owing the money in any way, agreed to pay it, or been summonsed in respect of it.

Many debts prescribe in three years...

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