by VDT Attorneys | Apr 14, 2015 | Credit Act, Debt
‘Debt’ for purposes of prescription can be broadly interpreted as arising from and being due or owing under a contract, but also includes delictual debts. Prescription will usually start to run as soon as the debt becomes due. Should the debtor intentionally prevent...
by VDT Attorneys | Apr 14, 2015 | Credit Act, Debt
What is a suretyship? A suretyship is an agreement between three parties being 1) the creditor, 2) the principal debtor and 3) the surety. In terms of this agreement, a surety in his personal capacity undertakes to fulfil the obligations due to the creditor by the...
by VDT Attorneys | Apr 9, 2014 | Debt, Director
It has become general practice for SARS to issue a letter of demand requesting a reasonable explanation as to why a person or third party should not be held personally responsible for the debt owing to SARS by a corporate entity. SARS goes further by stating that if...
by VDT Attorneys | Oct 25, 2013 | Credit Act, Debt, Personal
In terms of Section 86 of the Act, an over-indebted individual may apply to be placed under Debt Review with Debt Review offering the following remedies: Credit providers are unable to take legal steps against the consumer while under Debt Review. Re-arrangements can...
by VDT Attorneys | Mar 18, 2013 | Consumer, Debt
When a judgment is taken against a debtor his name is listed at credit bureaus, such as Trans Union, and the consumer no longer qualifies for any further credit until this credit listing is removed. But how is such a removal accomplished? Firstly, a rescission of the...
by VDT Attorneys | Oct 25, 2012 | Debt, Loan
When a debtor is a man of straw, legal action can be instituted against the debtor and you may even get judgment in your favour, but the difficulty comes when the judgment must be enforced against someone who has little or no means to pay. But does this mean that the...
