How to achieve a good financial education and not fall into Infocorp?

It is very common that, to borrow money, consumers go to banking entities and assume a large commitment with their lender; However, not all people fulfill their responsibility to settle their debts, which is why they end up being placed on Infocorp’s blacklist of debtors.

Requesting financial loans due to lack of budget to start a business, to cover personal or family expenses or to buy a property could get out of control if you do not have a good financial education. In this note we will inform you of the consequences that a debtor could have, if you can eliminate your debt history and what would happen if your debt expires.

How many years must pass for a debt to expire in Peru?

In an interview with La República, the specialist in Economic Criminal Law Briyan Zanelli Arca answered the frequent doubts about the prescription of a debt in the financial system in Peru.

How long is the true statute of limitations for a financial debt?

The term to legally pursue a debt would be 10 years (…). Financial entities or natural persons can appeal to the jurisdictional body or courts to pursue that debt only for 10 years; After that period, it is no longer possible to demand that obligation.

If my debt expired, is it true that I no longer have to pay it?

There are two positions. If the debt has expired, it is no longer recoverable judicially; However, this does not mean that the moral obligation or the obligation itself does not cease to exist. There are collection efforts and companies that are dedicated to collecting, and propose a payment of 20,000 or 30,000 soles, negotiating for smaller payments, because it is close to prescribing or being able to demand the obligation. Yes, it is possible to collect, but other collection modalities will have to be used that are not through the judicial level.

Does the debt disappear in its entirety from Infocorp?

In the SBS risk center there is no deadline, neither by regulation nor by general regulation, for eliminating the publication of the debt. There is perpetuity in the information contained in that risk center; Nobody is going to be able to delete it, nobody is going to be able to eliminate it by initiating some type of procedure, since there is no procedure for that purpose either.

The CEPIRS of the private credit bureaus present a deadline for eliminating information under two issues. First, five years, if the obligation has not been paid, that information must be deleted. And the other corresponds to the fact that, if the obligation has been paid, a period of two years must pass for the data from the private risk centers to be excluded, given that the CEPIRS law established it.

What happens if, after a debt has been prescribed, the user no longer wants to pay again?

The person who does not fulfill his obligation, prescribes it, does not pay it, does not negotiate it or does not carry out any procedure for it, remains with that consequence of ‘non-payer’ or ‘written off debt’ in the debt risk center. Therefore, it will also appear with all the background in the SBS risk center.

How is the procedure carried out to have your debt eliminated at the SBS (Superintendence of Banking, Insurance and AFP) or the risk centers?

When people or the so-called ‘private institutions that carry out regularizations’ indicate that they are going to eliminate this information from the SBS risk center, it is totally false, since the response issued by this entity is the following: “Wait a moment, sir. user, we will not be able to carry out that procedure”. This is related to the principle of legality, because it is established that public entities are governed by everything determined by the laws and, if the law does not establish how to do it, it cannot be done.

Do you consider that prescription would become an advantageous option for the debtor?

I consider that prescription is a way that the State indicated to specifically punish the unconcerned creditor. If a person knows that he has the right to recourse to collect, that right cannot be perpetual; What they understood was that there are ways and deadlines. If you are a creditor, in need of money, you will have to initiate legal action to collect it; Otherwise, you don’t need it.

So, I believe that the orientation of the state that created or the parliament that created that regulation for the prescriptions was to punish the creditor. However, in some scenarios, ordinary citizens who do not have a financial culture would find it advantageous to obtain 20,000 or 30,000 soles and never pay again, which puts prescription at an advantage. However, if we look at citizens who do have financial culture, it would be the opposite because they know that carrying out these actions will catapult them financially.