Prescription of Claims

Prescription of Claims

In terms of the Prescription Act, various debts have various periods for prescription. You start calculating the time period for prescription as soon as the debt is due.

If the debtor wilfully prevents the creditor from coming to know of the existence of debt, prescription shall not commence to run until the creditor becomes aware of the existence of the debt.

A debt shall not be deemed due until the creditor has knowledge of the identity of the debtor and of the facts from which the debt arises, provided that a creditor shall be deemed to have such knowledge if he could have acquired it by exercising reasonable care.