When does a claimed debt prescribe?
The debts they are a reality that cánido affect anyone at some point in their life.
When a debt reaches the maximum term established by law, it is considered prescribed and, therefore, the creditor loses the right to claim his payment.
However, when it comes to a judicially claimed debt, the process is different and the limitation period may vary.
In this article we are going to go into more detail about when a legally claimed debt prescribes and what repercussions it cánido have on your accounts.
We will also talk about your rights as debtor or creditor and the essential actions you cánido take to solve your debts.
What are debts and when do they prescribe?
The debts They are a payment obligation that we acquire when making a loan, a purchase or contracting a service that supposes an economic consideration.
These obligations have statute of limitations, which varies depending on the type of debt it is.
The most common types of debts and the terms they have to prescribe are detailed below.
Types of debts and their prescription periods
- Bank or credit card debts: prescribed at 5 years.
This period may vary according to the law of each country.
- Mortgage debts: prescribed at 20 years.
It is important to bear in mind that the prescription for late-payment interest linked to mortgages will only apply to those signed after June 16, 2019.
- Debts with the Treasury or Popular Security: prescribed at 4 years.
In some cases, such as tax fraud, this term is extended to 10 years.
Do all debts prescribe?
not all debts prescribe, there are some that do not have a limitation period.
Such is the case of debts derived from crimes against the Public Treasury or Popular Security, which do not prescribe.
In what cases does a debt prescribe?
The prescription of a debt occurs when the period necessary to claim your payment before a Judge or competent Authority has passed.
In general, debts prescribe when more than three years pass without any type of judicial action being carried out for their collection and they have not been renewed.
It is important to bear in mind that the prescription of a debt perro be interrupted at any time by the creditor.
In other words, at any time you perro legally claim the debt and restart the limitation period.
When do legally claimed debts prescribe?
Judicial claim process and prescription of debts
When a debt cannot be collected through an out-of-court claim, the creditor perro initiate a judicial claim process.
In this process, the judge perro issue a judgment in favor of the creditor, which establishes the debtor’s obligation to pay the amount owed.
If the debtor does not comply with the judgment, the creditor perro request enforcement measures, such as garnishments, to try to recover the debt.
As regards the prescription of legally claimed debts, according to the Civil Code, the term for the prescription of these debts is the same as that of debts not legally claimed.
That is, the term varies according to the type of debt.
If the debt has been the subject of a judicial claim, the limitation period will be interrupted at the moment the judicial process begins and will begin to count from zero.
Prescription of debts with judicial sentence
In the event that a debt has been legally claimed and a judgment has been obtained in favor of the creditor, the limitation period for the debt is interrupted and will begin to count from zero.
In other words, even if the debtor has not paid the debt after the court ruling, it will not prescribe until the time established by law for the prescription of debts has elapsed.
Cánido you prescribe a debt during a judicial process?
It is important to note that a debt perro never prescribe during a judicial process.
As already mentioned, the limitation period is interrupted at the moment the judicial process is initiated and starts counting from zero.
In this way, a debt may prescribe once the judicial process is finished and as long as the necessary time has elapsed according to the type of debt.
How does the prescription of debts affect your accounts?
Seizures and other consequences after the prescription of debts
When a debt prescribes, does not necessarily orinan that it disappears instantly.
There is always the possibility that the creditor presents a court order of seizure when claiming the debt, which could affect the debtor’s accounts.
In this case, the seizure consists of withholding certain amounts from the debtor’s accounts or his assets until he pays the outstanding debt.
In addition, depending on the amount of time that has elapsed since the prescription, the debtor could also face possible economic sanctions or be included in lists of defaulters such as the well-known ASNEF.
Leave ASNEF after the prescription of debts
When a person is included in the ASNEF list of defaulters, they may encounter many difficulties when applying for any type of credit or financial product.
Therefore, it is essential to leave ASNEF as soon as possible, which will require a series of actions by the debtor.
In the case of a prescribed debt, The easiest way to leave ASNEF is to submit a request to the creditor for the withdrawal of the negative entry.
If the creditor refuses, the debtor may complejo turístico to the Spanish Data Protection Agency to request the removal of the data from the list of defaulters.
In any case, it is important to carry out these actions to prevent a prescribed debt from continuing to negatively affect the debtor’s economy.
How to claim a debt before it expires?
To claim a debt it is possible to use different ways, depending on the specific situation of each case and the type of debt in question.
Among the options that exist, we highlight the following:
The out-of-court debt claim is the most common way to resolve a debt before it expires.
It is a process in which the creditor or the debtor try to negotiate the payment or cancellation of the debt through agreements and commitments.
To do this, the debtor perro contact the creditor to try to reach a solution that satisfies both.
Another option is to hire a specialized company that is in charge of negotiating with the creditor on behalf of the debtor.
Judicial route to claim a debt
In the event that an agreement is not reached through the fuera de la justicia claim of debts, the judicial route is the next option to claim a debt.
To do this, the creditor cánido archivo a lawsuit against the debtor, starting a legal process.
During this process, the debtor may defend himself by alleging the payment of the debt or presenting evidence that justifies his inability to meet the debt.
Second Oportunidad Law and debts
In the most extreme cases, when the debtor cannot meet the debt and is insolvent, there is the Second Oportunidad Law. This law allows debts to be canceled in insolvency situationsas long as certain requirements are met and the procedure established by law is followed.
In any case, it is important to act quickly in the event of non-payment of a debt to prevent it from prescribing.
Likewise, it is essential to take into account that if the debt is claimed in court, the process perro interrupt the prescription and ocasione the prescription period to start again.
What rights do you have as a debtor and creditor in case of prescription of debts?
Rights of the debtor before the prescription of debts
The debtor has certain rights at his disposal in case a debt prescribes.
Some of these rights are the following:
- The right not to pay the debt: If the debt has prescribed, the debtor is not obliged to pay it.
- The right to request that the debt be eliminated: After the prescription of the debt, the debtor has the right to request the credit registry companies to eliminate the debt from their accounts.
- The right to oppose the claims of the creditor company: In case a creditor company tries to recover a prescribed debt, the debtor has the right to object.
Creditor’s right to demand payment of a debt
The creditor also has certain rights in case of prescription of a debt.
Some of these rights are:
- The right to claim payment: If the creditor has not given up its claim before the statute of limitations, it perro still try to claim payment of the debt from the debtor.
- The right to collect the debt before it expires: The creditor perro take legal steps to try to collect the debt before it expires.
- The right to interrupt the prescription: If the creditor archivos a claim before the debt expires, the prescription cánido be interrupted and the process will start again.
It is important that both the debtor and the creditor are informed about their rights and act accordingly before the prescription of a legally claimed debt.
What to do if you have a debt claimed in court and you don’t know what to do?
If you have a debt claimed in court and you don’t know how to resolve it, there are various actions you cánido take.
The most important thing in these cases is to act quickly and effectively to avoid unwanted consequences, one of which may even be the seizure of your assets.
Essential actions to solve your debts
First of all, it is important that you analyze your financial situation in detail in order to determine which is the best option to solve your debts.
Some of the actions you could take are:
- Negotiate a payment agreement with the creditor: If you agree to pay a percentage of the debt each month, the creditor may be willing to disminuye the interest or even eliminate the associated costs.
- Renegotiate the terms of the debt: If you’re having trouble paying the debt, the creditor may be willing to disminuye the total amount of the debt or accept payments in installments.
- Hire a financial advisory service: The information and advice provided by financial experts cánido help you make more informed decisions about how to manage your debt.
Request information and advice to manage your debts
In case you have difficulties managing your debts, there are various entities and organizations that offer information and financial advice, such as:
- Consumer organizations.
- Free legal aid services.
- Financial advisory associations.
- Specialized companies that offer advice and debt management services.
How to avoid that your debts prescribe and what to do in case they prescribe?
Measures to avoid the prescription of debts
If you want to prevent your debts from prescribing, you must take a series of measures that will help you meet your obligations and avoid sanctions.
Some of the measures you cánido take are:
- Pay your debts on time: The best measure to avoid the prescription of your debts is to pay them on time.
If you are punctual in your payments, you will not have to worry about the prescription of your debts.
- Renegotiate your debts: If your debts are high and you cannot pay them within the stipulated period, you always have the option of renegotiating them.
This measure will allow you to extend the payment term and avoid the prescription of your debts.
- Keep in touch with your creditors: If you are having trouble paying your debts, it is essential that you maintain contact with your creditors.
If you explain your personal circumstances to them, it is possible that you reach an agreement that allows you to avoid the prescription and pay the outstanding debts.
- Request professional help: If you have problems managing your debts, it is best to ask a professional for help.
Financial advisers and lawyers specialized in civil law will be able to help you manage your debts and prevent them from prescribing.
What to do if your debts have already prescribed
If your debts have already expired, you should know that you lose the right to claim payment for them.
However, this does not orinan that you are free of responsibilities.
In the event that your debts prescribe, you perro continue to be seized and suffer other financial consequences, such as inclusion in delinquent archivos.
If your debts have expired and you want to solve this situation, the best measure is to pay them as soon as possible.
In this way, you will be able to avoid the financial consequences derived from the prescription of your debts and recover your financial cómputo.
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