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How Long Does Unpaid Debt Remain On Your Credit Profile?

Questions & AnswersHow Long Does Unpaid Debt Remain On Your Credit Profile?
Anonymous asked 2 years ago

Does unpaid debt get wiped off you credit profile after a period of time?

I was advised that if you have debt that’s unpaid on your profile, after 5years it gets wiped and you have a new squeaky clean credit profile.

My question is, when your profile is wiped (if this is accurate information) is there still foot prints that you were poor payer left by the store that was unpaid and now its wiped? Or is it totally wiped clean as in no records anywhere?

1 Answers
Wikus Olivier Staff answered 2 years ago

Good day,

Thanks for your question.

Debt has only prescribed if there has been no attempt by the credit provider to collect it or if no summons has been issued for the debt during the last 3 years. Also, if there has been no acknowledgment of debt during the last 3 years. If you have made any form of payment in the last 3 years it constitutes an acknowledgment of debt.

Prescription of debt is a defence; thus, when the credit provider attempts to collect you can claim prescription as a defence. If the debt does not affect your credit record at this stage you can simply ignore it and if anything happens in the future claim prescription as defence. If it is causing issues for you, I would advise that you get an attorney to write a letter on your behalf to the respective credit providers notifying them of the problems that is being caused by the debt and then claiming that it has prescribed. If the debt has indeed prescribed already, the new Credit Amendment Act prohibits the prescription to be interrupted after 3 years. If it has not prescribed yet, then you need to be careful not to acknowledge it.

Have a great day.