Die algemene reël is dat ‘n skuldeiser op slegs die skuldenaar se bates kan beslag lê om met ‘n eksekusieproses die bates te verkoop ten einde die uitstaande skuld te delg. ‘n Uitsondering op hierdie reël is die verhuurder se stilswyende hipoteek ingevolge waarvan hy ook bates van derde partye op die huurperseel in eksekusie […]
Read more...Category: Debt collection
Debt collection
How does the in duplum rule limit interest?
In terms of this rule the interest accruing on an outstanding debt may never exceed the capital amount. Interest therefore stops running as soon as it is equal to the capital. For example Mr X borrows R5 000 from ABC-Bank. The interest will immediately stop running as soon as it amounts to R5 000. Should […]
Read more...How do I remove a judgment listed against me with one of the credit bureaus?
You will have to bring an application for the rescission of that judgment. To succeed with such an application you must have a bona-fide defence against the claim. Not having sufficient funds to pay the debt when the judgment was taken is strictly speaking not a bona-fide the defence, but most courts will still grant […]
Read more...How can I improve my credit control?
The rule that prevention is better than cure certainly also applies to debt collection and credit control. Effective credit control starts the moment that your client walks into your shop, office or practice. You should ensure that you obtain the following information from the debtor: 1. Full names; 2. Identity number; 3. Marrital status; 4. […]
Read more...Can both spouses be held liable for debts in respect of household necessities with a marriage out of community of property?
Yes. Section 23 of the Matrimonial Properties Act, 1984 stipulates that both spouses are liable for such debts irrespective of which of the spouses incurred the debt
Read more...Can a debtor’s house be sold by another creditor where a bank has registered a bond over the property?
Yes. The bond gives the bank a preferential right in respect of the proceeds of the sale, but doesn’t prevent other creditors from attaching the property and selling it in execution. The other creditor’s attorney will normally first find out what the outstanding balance on the bond is and what price the property will probably […]
Read more...Can a creditor or his attorney be forced to accept a pay-off agreement in respect of an outstanding debt?
No. As soon as the debt is due and payable the creditor is entitled to claim the full balance, including the capital, interest and costs. The creditor will however often be prepared to accept a reasonable monthly down payment. Various conditions will normally be laid down by the creditor, such as: That the debtor will […]
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