Can a Creditor Sell the Home of a Debtor to Recover Outstanding Debt?
Most South Africans today, are overburdened and overwhelmed with debt and are struggling to repay creditors. According to recent statistics, a third of people in South Africa with credit are struggling to repay their debts. This means, there are approximately 10 million people who are three months or more behind on debt repayments. This article […]
Do I still need to pay my debt after all this time?
What is prescription? As a general rule, prescription occurs when a debtor’s liability to pay a specific debt is extinguished as a result of the passing of a prescribed time period. As soon as a debt prescribes, a debtor is no longer under any obligation to pay it. It is still legal for the creditor to demand payment or even sue for a […]
Unable to pay your debt? Considering debt review? You should consider the following:
In these difficult economic circumstances, you may find yourself in a position where you are unable to pay your debt. The National Credit Act makes provision for debt management in the form of debt review by making an application to the court to restructure the payment schemes of all your creditors. It may be a […]