Does the debt with a bank really prescribe in 5 years?

In private risk centers it usually prescribes two to five years, but in the Superintendence of Banking, Insurance and AFP (SBS) it is different. Although they have to pay and that stain on Infocorp will always be there for up to two months after it is canceled, the Civil Code states that there is another term for the prescription in case it is not prosecuted. Nonetheless, there is no prescription of information, Therefore, although one would no longer be obligated to pay the debt, it would not disappear.

How much time must pass for a debt to prescribe?

The Civil Code indicates that they must pass 10 years so that a debt cannot be collected through the courts in the event that it is with a bank; however, in the SBS Risk Center this debt will never disappear and it will affect the credit history of the debtor, for which reason it will continue to be a payment obligation.

What would happen if one decides not to pay his debt?

The debtor who has been reported in the Risk Center cannot access any credit from any institution. In addition, in the event that the bank has taken it judicially, the judge may order the seizure of your possessions until you cover the amount of your debt, including bank accounts and real estate.

However, if the asset is a work tool, it cannot be affected unless the debtor has put it as a guarantee. For example, if a driver requests a loan to buy a new vehicle, it can be repossessed; but, if he asks for a loan and he already had the vehicle before and it was not his guarantee, it is an asset that cannot be seized. The house can be affected. All this is reflected in article 648 of the Civil Procedure Code.

What happens if one decides to pay off their debt?

For this, Infocorp registers a canceled debt report; however, this will take a period of two months. In addition, the person will continue to appear in the risk center. In other words, that debt will never disappear, it will only appear as cancelled.