In the financial field, debts can be a significant burden for many people. However, it is essential to know that these obligations are not eternal. In Peru, the Civil Code It sets a specific time limit for the prescription of bank debts, which means that after a certain time, these can no longer be enforced in court. Understanding these regulations is essential to properly manage your finances.
The role of the Superintendency of Banking, Insurance and AFP (SBS) is key in this context, as it oversees and regulates the financial system, ensuring that institutions comply with the laws and protect the interests of consumers. Knowing how the statute of limitations on debts works will help you make informed decisions about your personal finances.
How long does it take for a bank debt to expire?
Cristian Cáceres, a lawyer from the Universidad San Martín de Porres, explains that the prescription of a bank debt means that the creditor loses the legal right to demand payment. “Debts with entities or companies in the financial system expire after 10 years,” says Cáceres. This means that, after a decade, financial institutions can no longer legally collect outstanding debts.
However, a time-barred debt is not automatically removed from the records of the SBS Risk Center. Cáceres clarifies that “it is possible to request the elimination of these debts from the system, but this is not done automatically.” If a person wishes, for ethical or moral reasons, they can choose to pay the debt even after its statute of limitations has expired.
What does the Civil Code say about the statute of limitations on debts?
He Civil Code Peruvian law clearly states that debts expire after 10 years. This limitation period means that, once this time has elapsed, debts cannot be enforced judicially. It is important to note that this period refers only to the possibility of legally demanding payment and does not affect the visibility of the debt in the SBS records.
Even after 10 years, the debt may still appear in the SBS Risk Center. To remove the debt from these records, the debtor must make a formal request to the SBS. This process is not carried out automatically, so it is essential that the debtor is informed and takes the necessary actions.
Step by step to see if you have debts in your name
To find out if you have debts in your name, follow these steps:
- Go to the official SBS website: go to the website of the Superintendency of Banking, Insurance and AFP (SBS).
- Access ‘Online Services’: within the portal, look for the section called ‘Online Services’.
- Check with your ID: use your National Identity Document (DNI) number to make the query.
- Review your debt report: you will receive a monthly report detailing the loans you have contracted with companies in the financial system, based on your payment behavior.
Keeping up to date with your Debt Report is essential to effectively manage your personal finances and avoid unpleasant surprises. This tool will allow you to verify the accuracy of your credit score and detect possible errors or fraud.
Is it possible to avoid inheriting a debt?
It is possible to avoid inheriting debts if they have prescribed according to the Civil Code, which occurs after 10 years without pending litigation. However, attorney Fernandez emphasizes the need for a detailed analysis of the deceased’s finances and the circumstances of each debt to avoid liability. It is recommended to obtain legal advice to adequately protect heirs.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
