This report helps identify loans that may be approaching, or have already reached, the legal limit for debt collection (known as prescription).

Debt Prescription Explained

In some cases, after a set period of non-payment, a debt becomes "prescribed." This means the legal obligation to repay the debt is extinguished. The time frame for prescription typically varies by region and debt type. For South Africa, it's generally 3 years.

Please Note: This report is for informational purposes only and doesn't constitute legal advice.

Key Points About Debt Prescription

• Prescribed Debt vs. Written-Off Debt: Debt that a lender has "written off" doesn't necessarily mean it's prescribed. The lender may still attempt to collect the debt.

• Benefits of Prescription: Once a debt is prescribed, it should be removed from your credit report.

• Starting the Prescription Period: The clock for prescription begins as soon as the debt becomes due.

• Interrupting Prescription: Certain actions, such as making a partial payment or receiving a legal summons, can interrupt the prescription period and reset the clock.

For Borrowers: Removing Prescribed Debt from Credit Reports

If you believe prescribed debt remains on your credit report, you can take the following steps:

1. Contact the Credit Provider: Request that they remove the debt from your credit profile.

2. Dispute with Credit Bureaus: If the provider doesn't respond, file a dispute with credit bureaus like TransUnion and Experian. They will then investigate the matter.

For further information, you can refer to the following resources:

• https://www.bregmans.co.za/the-prescription-of-debt-when-you-cant-be-forced-to-pay/

• https://www.legalwise.co.za/help-yourself/quicklaw-guides/prescription

• https://nationaldebtadvisors.co.za/nda-blog/know-prescribed-debt/

MaxAdmin Setup

There is no specific setup required in MaxAdmin for this report.

MaxMoney Setup

Resources

To enable access to this report, navigate to Setups > Security > Roles and ensure the Possible Prescription Loans Report resource is enabled for the relevant role.

How to Access the Report

In MaxMoney, go to Reporting > Loan > Possible Prescription Loans Report.

Report Filters

You can refine your report results using the following filters:

• Branch: Generate the report for loans associated with a specific branch.

• Region: Generate the report for loans linked to a specific region.

• User: Generate the report for loans created by a specific user.

• Agreement Date: Enter the end date for the report to include loans with agreement dates up to that point.

Report Columns

The report displays the following information:

Client

• Client Number

• Client ID Number

• Client Name

• Client Surname

• Client Status

Loan

• Loan Agreement Date

• Loan Agreement No

• Loan Status

• No. of Payments

• No. of Interest Periods

• Loan Product

• Loan Capital Amount

• Loan Total

• Loan Receipts

• Last Receipt Date

• Loan Age (days since the last payment)