5 Best Ways To Write Off Debt Legally in South Africa
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In this article, we will share the 5 best ways to write off debt legally in South Africa. 

The National Debt Review Center

Have you ever wondered about how you can legally write off debt in South Africa? 

Although it might appear impossible, it is totally possible. Administration or bankruptcy is the most popular method of debt relief, but it’s not always the best choice. There are many additional strategies you can to eliminate debt, from clever debt settlement to legal loopholes. In this article, we will share the 5 best ways to write off debt legally in South Africa. 

5 Best Ways to Write off Debt Legally in South Africa

5 Best Ways To Write Off Debt Legally in South Africa

  1. Claim Prescription – Learn more about debt prescription here & Download this free template to send to the creditor.
  2. Through a Reckless Lending investigation – We offer free reckless lending investigations for all of our clients. Book here for your free initial consultation for debt counselling.
  3. Settle the account, request paid-up letters, and update all registered credit bureaus. (Here is How to Get All 4 Credit Reports & Scores Free Forever)
  4. Find out if your debt was insured – All of our clients have credit insurance in the event that they are unable to make their debt payments. (Take this Free 20-second Assessment to see if you Qualify to be one of our clients)
  5. Escalate your issue to the National Credit Regulator and email them on complaints@ncr.org.za, the Credit Ombud on ombud@creditombud.org.za or Council for Debt Collectors at info@cfdc.org.za

Frequently Asked Questions about Writing Off Debt – Answered.

In South Africa, does debt expire?

The law in South Africa states that debt can be written off if one claims prescription. After the three-year period has passed, a debtor may refuse to pay a pending account unless a summons has already been issued.

How long does it take in South Africa for debt to be written off?

For personal loans, credit cards, retail accounts, and vehicles, the loan term is three years. According to the South African Revenue Service, mortgages and other debts often last 30 years. (Read this Free Credit Repair Toolkit)

What Happen If I Don’t Pay My Debt In South Africa?

1. The creditor will suspend your credit facility.
2. The creditor will request the return of the items in the event of an installment sale.
3. The creditor will contact you and offer you a plan of action in writing. Normally via a letter of demand.
4. If you have not answered written letters or summons, the creditor will then go to court for a judgment.
5. The creditor will ask the judge for an execution warrant to attach your property.
6. Ask for an order of a garnishee by requesting an Emoluments Attachment Order (EAO), often known as a garnishment.

You can avoid all of the above by applying for Debt Counselling Here

How to Contact the Credit Bureaus in South Africa

Credit Bureau Association
Tel: (011) 463-8218
Fax: (011) 463-8386
Email: enquiries@cba.co.za Website: www.cba.co.za

Transunion ITC
Tel: 0861 88 64 66
Email: queries@transunion.co.za Disputes can be emailed to legal@transunion.co.za
Website: www.mytransunion.co.za

Experian
Tel: 0861 105 665
Fax: (011) 707-6700
Email: consumer@experian.co.za Website: www.experian.co.za

XDS
Tel: 0860 937 000
Fax: (011) 484-6588
Disputes can be emailed to disputes@xds.co.za
Website: www.onlinexds.co.za

Compuscan
Tel: 0861 51 41 31
Fax: (021) 413-2424
Email: info@compuscan.co.za Website: www.compuscan.co.za

How Can I Remove My Name From Debt Review?

Contact The National Debt Review Center on 0410125036 or visit ww.ndrc.org.za

From: 8:00am to 16:30pm weekdays

We hope that you have enjoyed the article and it gave you more insight and strategies on how you can tackle your situation. Contact us on 0410125036 if you need further clarity or assistance or leave a comment in the comment section below.

Remember – You are in control and you have always been.

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