Is prescribed debt applicable if you are listed under debt review
I went under the debt review process in 2014 but unfortunately lost my job and the debt counselling company cancelled the debt review as it had not gone through the courts. I was told I needed to sort my creditors out myself but that the debt review would remain until all my debts were cleared. Most of my debt would now be considered as prescribed but I don’t know if that is applicable with the debt review still on my name?
Debt counselling or review is one and the same. With such in place, your creditors cannot take legal action against you. The downside is that you will not be able to qualify for any credit facility whatsoever until you have paid out all the debt in terms of your debt counselling order. To answer your question, your debts under review do no prescribe.