I went under debt review 4 years ago. I have been unable to pay the monthly debt review amount for 3 years now. Has my debt been prescribed. Or am I liable to pay?
Thank you for the question.
Debt has only prescribed if;
(1) There has been no attempt by the credit provider to collect it.
(2) If no summons has been issued for the debt during the last 3 years.
(3) If there has been no acknowledgement of debt during the last 3 years.
If you have made any form of payment in the last 3 years it constitutes an acknowledgement of debt.
Prescription of debt is a defence; thus, when the credit provider attempts to collect you can claim prescription as a defence.