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Civil Litigation & Debt Collection
COVID19 has presented us with many issues we have never faced and therefore it’s understandable that there are many misconceptions regarding what is legal and what is not. Unfortunately, these misconceptions have led to many making false legal claims.
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This article explains how to recover outstanding levies in South Africa and the legal process that must be followed to do so effectively. It’s of utmost importance that this legal process is followed correctly in order for the collection of outstanding levies to be successful.
Prescribed debt is debt that is no longer valid as it has not been recognised or pursued by the creditor, nor acknowledged or paid by the debtor for more than 36 months.
Owners of homes in sectional title schemes may be seeking sectional title levy relief to help them cope financially during these difficult times, considering they are still liable to pay home loans and other personal debt commitments.
In the same way that trustees determine the levies for the year ahead during their annual general meeting, they also determine what interest rate will be applied to levies in arrears.
It is mandatory for owners or members of the scheme to pay their levies in full and on time to avoid placing the body corporate under unnecessary financial distress.
With South Africa currently in lockdown, many of the major South African banks are offering payment holidays for their clients. The financial implications that follow in COVID-19’s wake are unmatched by any other crisis faced by our country and financial institutions have geared up to do their bit to help consumers get through these difficult times.
Many South Africans are wondering how COVID-19 will affect their contractual obligations. Therefore, many companies and private individuals are reviewing their contracts and whether they can plead “force majeure”.
Many consumers have been kept in the dark about the ins and outs of credit insurance in South Africa and how it can be particularly useful in the wake of COVID-19. If you have at any stage purchased something on credit, it’s likely that you have also purchased credit life insurance knowingly or unknowingly.
There are many disputes that come from contracts that were based on verbal agreements between two or more parties. Although there is no paper trail that can prove a verbal contract, verbal agreements are as legally binding as written and signed contracts.
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