Your first step is to establish how much the debt is, and who it is owed to. The most direct way to do this is to obtain a copy of your credit report (from a credit bureau), and then confirm the information with the attorneys who acted on behalf of the party you owed the debt to. The attorney can confirm the listed judgement(s) against you, as well as the full outstanding balance. Remember this is most likely more than the amount of debt you left unpaid, as there will be additional costs such as interest and legal fees.
After you establish this information, agree upon a settlement amount and a payment schedule. Make sure that you pay the full outstanding amount (including the costs) on or before the date you agreed to.
Once you have paid all outstanding debt, you can request the following documents: Paid up Confirmation and the Consent of Rescission of the judgment.
You now need to go back to the court where the original judgment against you was obtained (e.g. Port Elizabeth Magistrate’s Court), and apply to schedule a hearing to officially rescind the judgment against your name.
You will need to provide the clerk of the court the Consent of Rescission you obtained, so that it can be made an order of court.
Once you have done this, submit the court order to the relevant credit bureaus, so that the judgment against your name can be deleted.
For more information contact us on 041 501 9800.