Letting your Debt Prescribe (Expire) is NOT worth it

Debt prescription refers to a legal principle in South Africa that states if a debt has not been acknowledged or claimed for a period of three years, it becomes what's known as 'prescribed'. This means that the law technically releases you from the obligation to pay that debt.

But it's important to note that debt prescription doesn't happen automatically. If a debt collector or creditor tries to claim an old debt from you, you need to raise the defense of prescription yourself. If you don't, you may be compelled to pay it. It should also be noted that there are certain debts like taxes, municipal debts or home loans which don't prescribe in the 3 years.

Using debt prescription to avoid paying debts is not a good long-term financial strategy. It's always better to tackle your debts head-on and aim for a debt-free lifestyle. - Zaka Chat