In the Peruvian financial system, the bank debts They have a prescription period established by the Civil codewhich implies that, after a certain time, they cease to be judicially. This legal framework is key to debtors, since it establishes the limits on which financial institutions can proceed with the collection of unpaid obligations.
Although the prescription releases the debtor of judicial actions, information about breach can continue to affect its Credit history. Therefore, it is important to know the deadlines and legal consequences of the prescription of a debt.
When do bank debts prescribe in Peru and what implications do you have for debtors?
According to him Peruvian Civil Codebank debts prescribe after ten years. This period begins to be counted from the expiration of the obligation or the last collection action carried out by the financial entity. Once this time has elapsed without the creditor having initiated a lawsuit, the debtor can request the prescription of the debt before a court.
The prescription prevents banks from demanding the payment of debt through judicial processes. However, the debt could continue appearing in the debtor’s credit history, which can limit access to future credits or financial products.
How would the prescription of debts affect the credit history and what options would the debtors have
While the prescription prevents the debt is legally requiredIt does not mean that it disappears from the person’s financial history immediately. According to risk centrals, information on a Unpaid Debt It can be kept in the records for up to five years after the last negative report.
To avoid consequences in their credit history, debtors can request the update of their information in the risk power plants once the registration elimination period has been met.
What goods can be seized by debts and which are protected according to Peruvian law?
He Peruvian Civil Code states that true goods can be seized In case of unpaid debts. Among these are movable and immovable property not protected by the family heritage regime, vehicles, machinery and tools that are not indispensable for the exercise of the debtor’s profession. Likewise, remuneration and pensions that exceed five procedural reference units (URP).
On the other hand, there are assets that are protected against the embargo, such as homes constituted as family heritage, personal use garments, basic foods, essential books and tools for the debtor’s work activity.
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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.
