There are situations in life in which for one reason or another you end up owing money. It is not a circumstance to anyone’s liking, that is why one of the questions that resonate the most in the heads of debtors is when to prescribe a debt . What we could call the expiration date depends on the type of debt it is, but two fundamental aspects must be taken into account.
The first is that it does not prescribe a debt when the creditor has taken any judicial or extrajudicial action to claim it . It can be through a notarial request or a simple letter. The second is that there is no deadline when the debtor has expressly or tacitly acknowledged the existence of the debt. In these two cases, the answer to when a debt is prescribed is when it is paid. Keep this in mind whether you are the creditor or the one who owes the money. But let’s see more specific cases below.
When to prescribe a debt according to its type
Of course, you will be afraid for a while to open the mailbox or receive a call because when it prescribes a debt it is with the passage of several years. Three, which is said soon, is how long it takes to extinguish defaults related to supplies such as electricity, gas, electricity or the telephone. That is as long as you have not received a letter from the company claiming it.
Another of the monetary commitments that are most often breached are those of the rental of a home . In this case, the answer to when a debt expires is five years . Multiplying that period by four, that is, 20 years , is how long it takes to expire the default on the mortgage . And taking into account that it is two decades from the due date set on the loan. In short, you can spend almost a lifetime and that debt will not be extinguished.
Credit card debt is also very common . The payments with them expire after five years , however, if the card is considered a personal loan , that is, a financial product, which is obtained through a contract with the bank, the prescription is extended to 15 years . It is highly unlikely, if not impossible, that the financial institution will not claim the debt as soon as a few months have passed since its default. And also request that interest be paid to you.
If you do not want to be worried almost for life and wondering when a debt is prescribed, what you have to do is calculate your debt capacity before contracting financial products. And if you have to ask for a loan for a specific problem or to pay a receipt before what you owe goes to more, do it with your head and in companies like Monedo Now that look at your finances and offer you a personalized product so that you do not have problems to return the money. You may also be interested in reading about our loans with Asnef if you are included in this file of delinquencies.