Can a creditor sell the home of a debtor to recover outstanding debt?
Most South Africans today, are overburdened and overwhelmed with debt and are struggling to repay creditors. According to recent statistics, a third of people in South Africa with credit are struggling to repay their debts. This means, there are approximately 10 million people who are three months or more behind on debt repayments. This article […]
DO MY DEBTS LAST FOREVER?
Prescription was introduced as means of protecting South African consumers from dishonest credit providers, who are responsible for recklessly lending credit and have contributed to the detrimental debt crisis many South Africans face today. What does prescription mean? The Prescription Act 68 of 1969 (PA) says that a debt (payment of money) is extinguished/expired after […]
HOW TO MANAGE YOUR DEBT
Alecia had too much debt and her expenses outweighed her income. She decided to open a new bank account into which her salary could be paid, which would ensure that she could manage her salary before her monthly debit orders went off. Alecia thought it would be a good idea to pay her small debts […]
PAY YOUR LEVIES, OR ELSE…
Dear Mr Lawyer I am the owner of a sectional title, and I have paid my levies every month as required, until the water started seeping through the ceiling of my enclosed balcony into my section when it rains. The leak was clearly emanating from a defect in the common property. I asked the body […]