The law forbidding creditors from collecting on prescribed debts which falls under the National Credit Act 34 of 2005 (NCA) is well known.
The aim of this law is to safeguard consumers against unfair and exploitative practices by creditors and has been in effect for a number of years.
Despite the legal requirements and the guaranteed protection they offer consumers, Reana Steyn, the Ombudsman for Banking Services (OBS) warned that the OBS is still receiving, investigating and resolving complaints from bank customer’s relating to prescribed debts.
In some cases, banks have been found guilty of engaging in this illegal practice. This may sound all complicated, but the Ombudsman for Banking Services Reana Steyn is here to simplify it for all of us.
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Extinguished by who????
Who declares the prescription??
Ombuds should inform as to where to find out the date of prescription.
MTN big culprit.
FNB is the main culpret and their cohort Groenewalt en venote. I wish they could be investigated
South Africa finally doing something for us
Edgars have destroyed lives of young students in SA over the years.
Why must we acknowledge in the firstplace?? They phone threatening not asking you politely if you acknowledge. SEND US A MESSAGE OR EMAIL THAT SAYS ITS PRESCRIBED.
Leane is beautiful! Informative interview ????????????
Absolutely! Begin at school level
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Doesn't prescribed debt affect your credit score till u pay the prescribed debt?
Very informative ???? ????…r…however I believe those rights should go hand in hand with responsibilities …because if that's the case most of debt collectors won't have jobs mos