These are the years that must pass for a bank debt to expire in Peru, according to the Civil Code

In the Peruvian context, debts not only imply a significant economic burden, but also a considerable emotional impact. Therefore, it is essential to understand what the Civil Code Peruvian in relation to debts with a bank: what is the time that must pass that my bank debt becomes statute-barred?

Along these lines, it is important to note that prescription is a legal mechanism that establishes a time limit within which a debt can be claimed judicially. This generates relief for those who bear this monetary burden. Check out all the details in this article.

How long does it take for a bank debt to expire in Peru? This is what the Civil Code says

He Civil Code Peruvian establishes that the debts The statute of limitations expires after 10 years. This limitation period means that once this period has elapsed, the debts can no longer be enforced in court. It is important to note that this period refers exclusively to the possibility of legally claiming payment and not to the visibility of the debt in the records of the SBS.

Even after 10 years, the debt may remain registered in the SBS Risk Center. To remove the debt from these records, the debtor must submit a formal request to the SBS, a procedure that is not carried out automatically.

Debt prescription: what are the exceptions?

In the legal field, it is essential to take into account that there are particular situations that may influence the limitation period for certain debts. For example, mortgage debts have a 15-year limitation period, due to the specific nature of the guarantee that supports them. On the other hand, debts arising from non-contractual liability, such as damages, have a 2-year limitation period.

It is important to note that the statute of limitations may be interrupted under certain circumstances. This occurs when the debtor acknowledges the debt, makes a partial payment or when the creditor initiates legal action to claim the corresponding payment. The interruption of the statute of limitations implies restarting the calculation of the term, thus giving the creditor more time to demand compliance with the pending obligation.

Bank debts: can the bank seize my assets?

In Peru, it is important to keep in mind that banks have the power to seize assets and bank accounts in the event of debt. However, this process must follow a legal procedure that includes obtaining a court order. This order is granted after the creditor has exhausted other means to try to collect the debt without success. Therefore, it is essential to respect due process and the rights of both parties involved in these financial situations.