Are you ‘off the hook’ in Prescribed Debt? #FinanceFundi 🇿🇦 #PrescribedDebt #DebtFree #fintips

Day 3 of Mandela Week: Navigating the complexities of Prescribed Debt in South Africa
As we continue to celebrate Mandela Week and his legacy of empowering others, let's turn our focus to a financial challenge impacting many South Africans: Prescribed Debt.

The concept of prescribed debt might sound appealing - a debt that's simply "gone" after a certain time. But the reality is far more nuanced. Here at Finance Fundi, we believe in financial literacy, including understanding the complexities of prescribed debt.

In today's video, we'll delve into the world of prescribed debt in South Africa, addressing key questions:

00:07 Q: What exactly is prescribed debt?
We'll explain the legal definition and how it applies to outstanding debts.
00:32 Q: Does prescribed debt mean you're "off the hook"? We'll debunk the myth and explore the potential consequences of ignoring the prescribed debt.

Damage to your credit score: Even a "prescribed" debt can negatively affect your creditworthiness for years.
Debt collection harassment: Creditors may still attempt to collect, potentially leading to legal action.
By understanding prescribed debt and your options, you can make informed decisions to manage your finances effectively.

It's important to remember that you must settle your debt, part of that is arrangements for settlement letters and acknowledgments of debt. This video is just one of several we'll release during Mandela Week, all focused on empowering South Africans to achieve financial freedom. Stay tuned for more valuable insights and actionable advice!

#MandelaWeek #DebtFreeSA #PrescribedDebt #FinancialLiteracy #SouthAfrica #FinancialEmpowerment #FinanceFundi #MandelaDay