Cryptocurrency Q&A
Does debt fall away after 3 years?
Does debt fall away after 3 years?
GyeongjuGloryDaysFestival
Sun Nov 10 2024
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7 answers
1819
I'm wondering if there's a rule or a law that says debt automatically disappears or becomes invalid after a period of 3 years. Is this true, or do debts persist beyond that time frame?
7 answers
Filippo
Tue Nov 12 2024
During this period, the consumer must not have made any payments towards the outstanding amount.
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Martino
Tue Nov 12 2024
The Prescription Act 68 of 1969 outlines specific conditions for a debt to be prescribed.
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Elena
Tue Nov 12 2024
The lack of payment is a crucial factor in determining the prescription of a debt.
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noah_harrison_philosopher
Tue Nov 12 2024
Additionally, the lender must not have taken any legal action against the consumer within these three years.
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Alessandra
Tue Nov 12 2024
A debt becomes prescribed if the consumer has not acknowledged owing the debt in the last three years.
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