OLD DEBT

<p>The branch at 132 Jan Smuts Avenue Parkwood (011) ********** insist on calling for old debt of books they purchase from companies.</p> <p>They should read this :</p> <p>Once a debt has "prescribed", it must be written off and you are no longer liable to pay it. <br /> <br />Unfortunately, many debt collectors will still try to collect on such debt, often knowing that it has prescribed, but hoping that the consumer will not notice. <br /> <br />Certain collectors go so far as to "buy" prescribed debts from credit providers in hopes of collecting payment from unsuspecting consumers. <br /> <br />Once the consumer starts paying the debt again, prescription falls away and the debt is once again activated.<br /> <br />Every consumer should know when their debt has prescribed. A debt prescribes when:<br /> <br />1. A credit provider has not claimed payment/sent a letter of demand/issued summons; and<br /> <br />2. A consumer has not made any payments/acknowledged the debt directly or indirectly for the time periods specified below:<br />- Personal loans, credit cards, retail accounts and vehicle loans: three years<br />- Mortgage loans, debts by court orders and money owed to the SA Revenue Service: 30 years<br /> <br />If a credit provider or debt collector is demanding payment for a prescribed debt, challenge them and report them to the Council for Debt Collectors on the following numbers:<br /> <br />(012) ********** <br />(012) ********** <br />(012) ********** <br /> <br />Fax number: <br />(012) ********** </p>