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In South Africa, the debt collection process is governed by strict laws designed to protect the interests of all parties involved. Whether you are a business trying to recover debts or an individual facing debt recovery actions, knowing the legal framework is essential.
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.
Prescribed debt is debt that is no longer valid as it has not been recognised or pursued by the creditor, nor acknowledged or paid by the debtor for more than 36 months.
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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