WTDWYTKAM: Gerald on Metro FM: DEBT PRESCRIPTION

As a general rule, prescription occurs when a debtor’s liability
to pay a specific debt is extinguished as a result of the passing
of a prescribed time period. As soon as a debt
prescribes, a debtor is no longer under any obligation to
pay it.


It is still legal for the creditor to demand
payment or even sue for a prescribed debt. The
debtor will then, however, be able to raise
the defence of prescription. It is for this
reason, that debtors need to be aware of prescription – to
protect themselves from debts they are no longer liable for. On
the other hand, creditors must also be cognizant to pursue claims
timeously.


Gerald and Touch discuss a caller voicenote on this topic.