Bank debts in Peru do prescribe, but these years must be expected to take effect, according to the Civil Code

The PRESCRIPTION OF DEBT IN PERU It is presented as a useful mechanism for a large number of debtors, since it gives them certainty about their rights and gives them peace of mind when establishing the moment in which a tax obligation ceases to be enforceable due to various non -compliance factors.

This process sets a temporary limit that allows debtors to evaluate their financial situation and make decisions based on it. Next, we tell you the deadlines for the prescription of debts, the implications that arise once this period has concluded and the types of goods that can be susceptible to embargo.

How many years prescribe a bank debt in Peru, according to the Civil Code?

In Peru, the Civil Code establishes that a bank debt prescribes after ten years. This period is of the utmost importance, since once elapsed, the creditor loses the right to demand payment through legal actions. Consequently, the debtor may not be sued in the courts for that specific obligation.

It is essential to take into account this prescription periodsince it marks the temporary limit in which the creditor can exercise his right of collection. Once the ten -year period is fulfilled, the debt is automatically extinguished and the debtor is no longer obliged to comply with the payment. It is important for both parties to know and respect this period, since it guarantees legal certainty and avoids possible legal conflicts in the future.

Banking debts in Peru prescribe after 10 years: What happens later?

Once the ten years have elapsed without the creditor initiating a judicial process, the debtor has the possibility of requesting the prescription of the debt before a court. In case this application is accepted, the debt will be legally extinguished, releasing the debtor from the payment obligation.

It is important to note that, despite the extinction of the debt, this will remain registered in the debtor’s credit history, which could affect its financial qualification for several more years. It is essential to remember that the prescription of the debt is a right that assists the debtor after a certain period of inactivity by the creditor.

Can the bank seize the salary to workers in Peru?

The current legislation establishes that three entities have the authorization to retain a part of the workers’ salary income. First, the National Superintendence of Tax Administration (SUNAT) may require the deduction of a percentage of the salary in cases of tax debts or pending administrative fines. This entity has the power to instruct employers to retain up to 30% of the salary until the debt is completely resulted.

Secondly, pension fund managers (AFP) have the ability to manage debts related to the pension system. This process requires a judicial resolution that specifies the amounts to be retained and other relevant aspects of the case.

Finally, financial institutions, such as banks, can make embargoes on wages in case of non -compliance with financial obligations, such as loan payments or credit cards. However, this type of embargo only applies when the worker’s monthly salary exceeds S/2,575, equivalent to 5 procedural reference units (URP).

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