PRESCRIPTION

Good day

we have requested a prescription on an old account with nedbank and now they are refusing us due to a client that made arrangements but according to the prescription law it states three years not paying and now they dont want to assist us with the account in question

LONDIWE EDNAH MANANA ID 831 ********** 08 3 Supplier NEDBANK PERSONAL LOANS Payment Cycle ********** ********** ********** ********** 9??????? Account No ********** ********** 01 Account Type Personal cash loan Account Status Open or current Status Date --- Open Date 24 Aug 2010 Open Balance R22,640 High Limit R0 Current Balance R14,285 Balance Date 31 Oct 2016 Last Payment Date 13 Nov 2013 Installment R681 Payment Status 9 months in arrears Overdue Amount R14,285

A mr Regan Munnik doesnt want to comply to the act

Prescription in South Africa refers to old debt, which occurs when it is no longer obligatory for a debtor to pay off their debt. Unfortunately, many South African’s are not aware that debt can prescribe. The Prescription Act 68, implemented in South Africa in 1968, enforces the regulation of prescription and states that debt can be considered as prescribed if the following requirements occur: • If in anyway, verbally or in writing, have failed to acknowledge the existence of the debt • If you have not made a debt repayment for that particular debt in the last three years • If you have not been summonsed in respect of the debt within a period of three years If the debt has prescribed – You are not legally obligated to pay for it.