On the 24th of December I went to Standard bank in Trade Route for a loan. I couldn't get one because there's an amount of R5912 outstanding dating back to very long ago. The lady called someone and they said, the reason they never called is because it doesn't show as overdue or outstanding??? but I should make arrangement to pay it. The question being why is it showing as outstanding. I paid that loan finish long ago and if there was still an amount outstanding and overdue, why was I never contacted. This debt is more than 3 years old, I paid it finish in 2010.
According to the Prescription Act 68 of 1969, section 10 (1), a debt is prescribed if:
* You have not acknowledged the debt in the past 3 consecutive years, either in writing or verbally
* You have not made any payment towards the outstanding amount, nor have you promised to pay
* The creditor has not summonsed you for this debt within 3 consecutive years
Standard sort this out
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