Lorraine Viljoen

Bond Account ***. I have requested a cession cancellation letter from Nedbank. But now 17 years later they confirmed that there is a outstanding balance of R43k The property was auctioned in 2003. The offer to purchases was signed for R108k. The bank confirmed that they did received R120k at that time. Thus there was a short fall of R43k. The lawyer whom dealt with this was Heiko Draht. which I have paid a monthly installment to ensure that my debt is being taken care off. Then why did I sequestered myself to find out after 17 years that this was not taken care off. In this 17 year nobody from Nedbank nor the lawyer contacted me to inform me that there is still debt unpaid. As per the below, I have no obligation to pay the outstanding amount What does it mean when debt is written off?

While there are ways for creditors to still claim this debt, the amendments to the National Credit Act in March 2015 make it almost impossible for debt collectors to get back this expired debt. Before it was up to the consumer to know this as a defense when dealing with collectors, and many collectors would be hoping to trick the consumer into paying the expired debt, but now there is a greater move to inform consumers of their rights.

However, if any payments or promises of payments have been made in that time, then the debt is still valid and the consumer is liable for it. Often collectors will try and find a way to trick you into acknowledging the debt during communications, and if you play into their hand and admit to knowing about it then they can hold you responsible.

Every consumer should know when their debt has prescribed. A debt is prescribed when:

A credit provider has not claimed payment, sent a letter of demand or issued summons A consumer has not made any payments/acknowledged the debt directly or indirectly for the time periods specified below: Personal loans, credit cards, retail accounts and vehicle loans: three years Mortgage loans, debts by court orders and money owed to the South African Revenue Service (SARS): 30 I have requested a cession cancellation letter from Nedbank, but with no luck. If I had not contacted Nedbank for the cancellation letter what would they have done with the outstanding amount. This was written off long time and now due to me raising an inquiry they want me to pay this. I need the cession cancellation letter urgently.

thank