The debts in the financial system can be a significant burden for many people. However, it is important to know that these obligations are not eternal. In Peru, the Civil Code establishes a specific period after which debts expire, which means that they can no longer legally be collected. This process requires a clear understanding of current regulations.
The role of Superintendency of Banking, Insurance and AFP (SBS) is crucial in this context, as it supervises and regulates the financial system, ensuring that institutions comply with laws and protect the interests of consumers. Understanding how debt prescription works can help you better manage your finances and make informed decisions.
After how many years do debts expire?
Cristian Cáceres, a lawyer from the San Martín de Porres University, clarifies to La República that the prescription of a debt implies that the creditor loses the legal right to demand payment. “Debts with entities or companies of the Finance system expire after 10 years,” says the public management expert. This means that, after a decade, financial institutions can no longer judicially collect outstanding debts.
However, Cáceres points out that a prescribed debt does not disappear from the records of the Risk Central of the S.B.S. automatically. “It is possible to request the removal of these debts from the system, but this is not done automatically,” he explains. If a person wishes, for ethical or moral reasons, he can choose to pay the debt even after its prescription.
What does the civil code say about the prescription of debts?
The Peruvian Civil Code establishes that debts expire after 10 years. This limitation period means that, once this time has passed, the debts cannot be enforced judicially. It is important to note that this period refers only to the possibility of legally demanding payment and not to the visibility of the debt in the SBS records.
Even after 10 years, the debt may continue to appear in the SBS Risk Center. To remove the debt from these records, the debtor must make a formal request to the SBS, a process that is not carried out automatically.
SBS: what is debt reporting?
He SBS Debt Report It is a monthly document that details the credits contracted with companies in the financial system, based on the payment behavior of the debtor. This report is a valuable tool for consumers, as it allows them to verify the accuracy of their credit score and detect possible errors or fraud.
Among the benefits of reviewing the Debt Report are the possibility of confirming the cancellation of debts and the detection of possible irregularities in the assignment of credit lines. Staying up to date with this report is essential to effectively manage personal finances and avoid unpleasant surprises.
Source: Larepublica
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