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Vehicle Finance and Prescribed Debt

Questions & AnswersVehicle Finance and Prescribed Debt
Anonymous asked 2 years ago

Does vehicle finance debt prescribe like any other debt? I have not paid, acknowledged the debt in over 3 years.

1 Answers
Matthys Potgieter Staff answered 2 years ago

Good day,

Thanks for your question.

Yes, vehicle finance can prescribe. But remember, 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.

Have a great day.