After how many years am I no longer obliged to pay a debt? This is what the law says in Peru

In Peru, the number of delinquent debtors is very high. According to a study by the Universidad del Pacífico, more than 8.5 million Peruvians do not meet their financial obligations on time. These people can be registered in risk centers such as Infocorp or Sentinel if they fail to pay their debts on the established dates. If you face a debt that exceeds your current payment capacity, it is advisable to approach the corresponding financial institution to explore refinancing options.

It should be noted that, in private credit bureaus, the statute of limitations period for debts varies between 2 and 5 years. However, this condition is different in the case of Superintendency of Banking, Insurance and AFP (SBS)where regulations may be different.

In how many years do debts expire?

In an interview with La República, lawyer Cristian Cáceres spoke about the prescription of debts. “A statute of limitations means that your creditor can no longer legally collect from you,” she explained. “The debts with the entities or companies of the financial system, the statute of limitations expires after 10 years,” the expert revealed.

According to Cristian Cáceres, a lawyer from the San Martín de Porres University, there is the possibility of eliminating the debts of credit information systems. “A debt That it is prescribed does not mean that it never existed. If for some ethical or moral issue I want to pay it, I can do so. As it is a legal issue that already becomes impossible to collect, you can request the SBS and these systems to eliminate it once it is prescribed, but this is not an automatic procedure,” he expressed.

This is what the Civil Code says regarding prescribed debts

The Civil Code of Peru establishes that debts They prescribe after a period of 10 years, after which time they can no longer be enforced through judicial means. However, it is important to highlight that this limitation period does not affect the visibility of the debt in the registry of the Risk Central of the Superintendency of Banking, Insurance and AFP (SBS).

Although one debt has expired and cannot be judicially claimed, it may continue to appear in the debtor’s credit history. This situation underscores the importance of properly managing financial obligations and understanding the implications of credit bureau records.

What is a public debt?

According to the MEF, a public debt It is defined as the total outstanding financial obligations that the public sector maintains with its creditors on a specific date. This debt It is a mechanism used by the State or any public entity to acquire financial resources. It is commonly realized through the issuance of securities in financial markets, both local and international.

Besides, the public debt It may include direct loans granted by entities such as multilateral organizations and foreign governments, among others. This financial tool is essential for the management of economic needs and the development of projects in the public sphere.