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There are various ways of executing court-issued judgments against the debtor in order to satisfy the judgment, with the most common being where the debtor settles the judgment debt by way of monetary payment, sale in execution of assets owned by the judgment debtor, issuing of a garnishee order or the issuance of an emoluments attachment order
A significant number of South Africans are finding it challenging to honour their debt obligations, thereby resulting in some being declared over-indebted. To curtail this state of affairs, the National Credit Act places an obligation on credit providers to undertake affordability assessments before granting credit to consumers.
Our courts have certain requirements with regards to debt collection in South Africa. These can be broken down into different stages. In this article our attorneys explain the nine stages for you.
Prescribed debt is debt that is no longer valid as it has not been recognised or pursued by the creditor, nor acknowledged or paid by the debtor for more than 36 months.
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.
If levies are not collected, the sectional title scheme will not be able to survive thus the importance of this task is highlighted.
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