12 Dec How to Remove Prescribed Debt from Credit Profile

Think of your credit profile as the introduction that creditors receive of you, before agreeing to lend money or grant credit. Maintaining your credit score by dealing with any financial issues promptly will keep your credit profile on the right track, and understanding Prescribed Debt is the first step to eliminating it from your life for good.

Prescribed Debt at a Glance

Prescribed Debt refers to any contractual and civil debts that, after 3 years, have not been acknowledged or paid. To be specific and according to the Prescription Act of 1969, a debt is considered prescribed if within the past 3 years:

• There has been no verbal or written record of you admitting to the debt
• No payments have been made by you towards this outstanding debt
• You were not issued or served a summons.

Not many South Africans understand their rights when it comes to Prescribed Debt, and can unknowingly and easily become responsible for debts of this nature.

Once you’ve identified the Prescribed Debt you’re dealing with, you will naturally want to remove it from your credit profile, as it hinders your ability to obtain new credit and improve your credit score.

Get Rid of Prescribed Debt with Our Help

Having legal assistance when dealing with uncooperative credit bureaus can be a game changer, and our Cape Town Legal Consultants team excels in cases of Prescribed Debt removal.

The first step is to prove the Prescribed Debt, by collecting relevant documents and producing correspondence that shows the last time you acknowledged the debt in question and the last time you heard from the creditor. The more evidence you have to support your case, the better. This process may also require you to write a formal and detailed dispute letter to the credit bureaus.

You will need to follow up on the investigation, to ensure it is done within the stipulated time-frame. Removing this type of debt from your credit profile should not be a massive undertaking, however, the process can be delayed for several reasons. Keep checking your credit report for the updates to reflect and for discrepancies to be resolved.

By enlisting our professional legal services for Prescribed Debt removal, the burden of these tasks does not have to weigh you down, as we will see to everything. Our team will only require your input for the case to be built, and as much documentation and evidence as you can provide.

Contact us today to put your Prescribed Debt in the past and get your credit report restored. We look forward to hearing from you!