It is important to know the dangers of debt, as well as the terms of it. But today we are going to talk about what the prescription of debt means and what happens next. First of all, the prescription of a debt He wants to refer to knowing when the term of debt is fulfilled, as well as the consequences that may arise from the expiration of that established period.
However, we must bear in mind that the possibility of claiming the payment of debts remains part of the claim and can continue to be demanded. However, all debt has its expiration date, and when it prescribes it cannot be claimed. For this reason, if we are in debt or claim a debt, we must take these periods into account, since they may require us to pay certain default interest, which may normally be stipulated in advance, but other times it is not (and they are usually high).
Conditions for the prescription of a debt
In general, we are going to discuss the conditions that must be met in order for a debt to be prescribed. The prescription period varies between 3 and 15 years. The conditions for expiration are:
- That the debtor has not expressly recognized or accepted the outstanding debt
- That the creditor has not exercised any extrajudicial or judicial action
This means that if the creditor sues, the statute of limitations on the debt will be interrupted until the next time a lawsuit occurs or the debtor takes action on the matter. When the debtor receives notice of the amount owed, the expiration time of the debt is nil; does not exist.
Payment terms for debts
Below we will discuss the payment terms for some of the most common debts among users.
Prescription for mortgage debt
According to the Civil Code, mortgage debts They will expire after 20 years from the maturity date initially established in the loan.. If it is not paid, the bank will do its best to claim you both judicially and extrajudicially. In any case, the bank usually leaves a time of “extension” (which is usually 2 or 3 months), will make us pay late interest, we can seize the house, auction it, etc.
Prescription for debt with the Treasury
According to the General Tax Law, it is established that there must be a 4-year period for claiming a debt with this institution. However, the 4-year period to claim stops at the moment that the Treasury begins the process of claiming the debt.
Prescription for credit card debt
It is usually one of the most common among users. This debt arises when more balance is spent than we have in a bank account. In this case, after 5 years the debt will have expired that we have with the bank. As it happened in the prescription on the mortgage debt, the bank will take legal measures to claim the money that we owe it and, in addition, take advantage of it by demanding interest for delay.
Prescription for debt with Social Security
In general, to demand payment from this institution and impose penalties for non-payment there will be a term of four years. After the time, the debt expires.
However, there is an exception: if the debt does not have to do with Social Security payments and if it has to do with other obligations, the statute of limitations will be determined by the nature of the obligations.
Prescription for rent debt
According to the Civil Code, a debt for rent prescribes at 5 years. After this time there will be no obligations to pay the unpaid amounts. The most normal thing, as it happens with the debts contracted with the banks, is that after a short period of time legal actions are taken to claim the payment.
Prescription for a fine
A distinction must be made between the prescription of the fine and the sanction. The expiration of infractions is regulated according to the Traffic Law. In this sense, difference serious sanctions (prescribes at 3 months), serious and very serious sanctions (prescribes at 6 months). If notification is not received, the sanction prescribes.
The prescription of the fine (economic sanction) is 4 years for economic sanctions and one year for other sanctions that are not.