Bank debts prescribe after spending this amount of years in Peru, according to the Civil Code

The prescription of debts in Peru is configured as a valuable tool for numerous debtorssince it provides clarity about their rights and generates tranquility by defining the moment in which a Tax obligation Stop being claimable.

This process is activated for different reasons for non -compliance, which allows citizens to have greater control over their financial situation. This procedure establishes a temporary framework that gives debtors the opportunity to analyze their economic situation and make informed decisions.

After how many years bank debts prescribe in Peru?

In Peru, the Civil code It determines that bank debts prescribe after a period of ten years. This period is crucial, since, once fulfilled, the creditor loses the power to claim payment through legal actions. As a result, the debtor is protected, since he cannot be brought to trial for that particular obligation.

What happens after the debts with the bank prescribe?

After ten years without the creditor having initiated legal actions, the debtor has the possibility of requesting the prescription of debt before a court. If the judge accepts this request, the debt will be extinguished legally, exempting the debtor from the obligation to make the corresponding payment.

Although the debt has been extinguished, its registration will remain in the Credit history of the debtor, which could negatively influence his financial qualification for several years. It is essential to consider that the prescription of the debt is a right that corresponds to the debtor after a specific period of inactivity by the creditor.

Can banks seize my salary if I have debts?

Current regulations allow three entities to retain a portion of the salary income of the workers. First, the National Superintendence of Tax Administration (SUNAT) may request the deduction of a percentage of the salary in situations of tax debts or administrative fines not paid.

This institution has the authority to instruct employers to retain up to 30% of the salary Until the obligation is completely resulted. Second, pension fund managers (AFP) are empowered to manage debt collection linked to the pension system.

To carry out this procedure, it is necessary to have a Judicial Resolution that details the amounts to be retained and other significant elements of the case. In addition, financial institutions, including banks, have the power to seize wages in situations of breach of financial obligations, such as the payment of loans or credit card debts. It is important to note that this type of embargo is applied only when the Monthly salary The worker exceeds S/2,575, which corresponds to 5 procedural reference units (URP).

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