Getting people to pay their accounts (credit card, clothes or an account for services rendered) is a tedious task and is often attempted without much success. No business can afford to ignore accounts owed, nor have them on the books for extended periods of time.
But what can be done about it? The best answer - call your Attorney.
Being in an accident can be a haunting experience and often leaves those involved traumatised. Thinking about claims and costs becomes a distant thought but it is something that has to be addressed as efficiently as possible.
A recent study has indicated that almost half of South Africans who have Credit accounts are in arrears. Many people seem to find themselves on the wrong side of debt collecting agencies or they continuously apply for loans or further credit in order to pay off their existing debt only to find themselves in mounting liability.
How worried should you be when the debt collectors come knocking?
In South Africa, the National Debt Collection Act (hereinafter referred to as the ‘Act’) governs the process of collecting debts. Debt collection occurs when an attorney, a person who is an agent of an attorney, or a registered debt collector collects, on behalf of the client, the capital amount plus lawful interest as well as the debt collector’s fee.