One of our specialities
Old debt? It may have prescribed.
Most ordinary debts have a legal time limit. Once it runs out, the debt can no longer be collected. We check the dates on your old accounts and take it from there.
When it helps
Where prescription comes in.
Prescription is one of the most useful and least understood parts of the law on debt. It often matters most when you least expect it.
- A debt collector is chasing an old account you have not paid in years.
- You need a paid-up letter to leave debt review, and the creditor will not give you one.
- An old account still shows on your credit record.
- You are not sure when you last paid, or whether you were ever summonsed.
Before you pay
Talk to us before you sign or pay anything.
- A payment can restart the clock on a debt that has not yet prescribed.
- An acknowledgement of debt signed under pressure can cost you the protection of prescription.
- We check the dates first and tell you honestly whether prescription applies.
Questions
About prescribed debt.
When does a debt prescribe?
Most ordinary debts, such as store accounts, personal loans, credit cards and cellphone contracts, prescribe after three years. The clock restarts if the creditor issues a summons or you acknowledge the debt, for example by paying something or signing an acknowledgement. Some debts, such as court judgments and home loans, take much longer.
Can a debt collector still chase me for a prescribed debt?
The National Credit Act says a prescribed debt may not be collected. If you are being chased for an old debt, talk to us before you pay or sign anything.
Why does prescription matter for debt review?
To clear your name from debt review, every debt under your plan has to be dealt with. When a creditor will not give you a paid-up letter for an old account, prescription can be part of the route.
How do I know if my debt has prescribed?
It depends on the dates: when you last paid, and whether the creditor took legal action. Send us your credit report and any letters you have, and we will tell you honestly.
Office hours: Monday to Friday, 09:00 to 16:00
Being chased for an old debt?
Send us one WhatsApp message and we will check where you stand.
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