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Sarahj V

1 reviews | Active since Feb 2011

12 Sept 2024, 08:24

PRESCRIBED DEBT - NO LONGER NEEDS TO BE PAID BACK

I had an account with Woolworths more than 6 years ago, during that time i have been unemployed and now they have sold my information to Creditors to try collect. The legal implications of this are that it destroys a person's ratings. but the worst is that it is more than 3 years prescribed. which means that "Prescribed debt can be explained as old debt that has not been acknowledged over a period of three years. In other words, if two parties (say, a consumer and a creditor) agree upon a sum of money to be lent and paid back, and neither party acknowledges this again within a three-year period - then the sum no longer needs to be paid back" They haven't contact me in more than three years. NOW they contact me.

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