What is prescribed debt?
Prescribed Debt – In short, prescribed debt is old debt that has not been acknowledged over a period of three years. If a credit provider does not demand payment from you, start legal action against you or communicate with you in any way for three years, a debt becomes prescribed. That means the debt is essentially cancelled and the credit provider loses his right to claim payment on the debt ever again.
How do you get a prescribed debt off your credit report?
Contact the credit provider and request the removal of the prescribed debt from your credit profile. 2. Contact the major credit bureaus (Transunion, Experian, XDS, CompuScan) directly and lodge a dispute to request that they remove the prescribed debt from your credit profile.
How long does it take for debt to prescribe?
Not many consumers know that most debts expire, or prescribe, after three years, and they can free themselves of this debt provided that they don’t interrupt prescription by acknowledging the debt or making payments towards the debt during the three-year period
Which debts can prescribe?
Retail accounts Credit card accounts Telkom accounts Personal Loans / Pay-day Loans Gym memberships Cell phone accounts Monies owed on vehicle finance