What happens if I have a debt for more than 10 years?

Article by: María Dolores Amaya Segundo | Last update: April 10, 2022
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If you are claimed for a debt from 10 years ago or a period of time longer than the expiration date, the best thing you can do is contact a specialized lawyer to defend your interests. In this way, you will be able to know the options you have in the face of a possible legal procedure and avoid it if possible.

How to know if a debt is prescribed?

For example, if a particular debt prescribes after 6 years, if during that period no one has recognized that debt and no one has claimed it, we can say that it is a prescribed debt.

How long does it take for a debt to prescribe?

As a general rule, the limitation period for debts in Spain is five years. However, there are other usual debt terms that it is important for you to know: Debts with the Treasury and Social Security prescribe after four years.

When can a debt not be claimed?

A debt cannot be claimed for a lifetime. That is, debts have a statute of limitations (the statute of limitations can be defined as the period of time during which payment of a debt can be demanded); although it is true that there is no general or common term applicable to all debts.

What happens to debts that are not paid?

Consequences of not paying a debt to the bank

These interests and commissions will also accumulate on the original debt, with which the debtor will owe more and more money. As of the third non-payment, the bank will be able to present a legal claim, the result of which will depend on the type of loan contracted.

36 related questions found

What happens if I am sued and cannot pay?

Once they have sued you and you do not have how to pay the debt, in the absence of payment, they can seize your assets. For this to happen, there must necessarily be a commercial trial. Otherwise, nothing can be seized.

What can be seized if you do not pay a personal loan?

In other words, the debtor will have the right, at least, to enjoy that part of his salary. The second tranche (from 655.20 to 1,310.40 euros) is 30% seizable. Of the third tranche, 50% can be seized; of the fourth, 60%; from the fifth, 75% and from the sixth onwards, 90%.

What is the minimum amount to go to trial?

Thus, a debt of less than 6,000 euros would lead us to a verbal trial, a simpler and faster process. However, if the debt were greater than 6,000 euros, it would be necessary to go to an ordinary trial, a more complex process that requires more time to carry out.

What happens if I have a debt of more than 5 years?

According to a professor at the Universidad Libre de Derecho de México, if your debt is derived from a security (check or promissory note), the indebtedness will end after three years; If more than 5 years have passed since you went into default, the bank will not be able to seize your assets or properties to collect your debt…

When is a debt due?

The debt is payable when there is no legal impediment that prevents its claim.

What debts never prescribe?

The prescription does not apply to any type of debt. According to article 1965 of the Civil Code, the following actions are not prescribed: division of the inheritance between co-heirs, division of the common thing between community members, demarcation between adjoining properties, raising a private document to a public deed.

How many years does a debt last?

As stipulated in article 2562 of the Civil and Commercial Code of the Nation, a debt between consumers and users expires after two years. After this period, any legal action sought by the creditor has no effect, while there is no longer a requirement to make the payment thereof.

How long does it take to leave the Credit Bureau?

The credit history remains in the database for a period of 72 months from the settlement date, as long as the Credit Grantor has reported the closing date or the last time it reported to the Credit Bureau.

What amount can be claimed for monitoring?

In fact, the order for payment process until 2009 was limited to €30,000, later it was modified to the maximum amount of €250,000 and after the last reform of the amount in 2012 and adapting to European regulations, there is no limit amount to claim.

How can I find out what a court summons is about?

Citations. A summons is the judicial document that urges you to go to court on a certain day and time to celebrate the trial of a certain class, or to take a statement in some criminal proceedings.

Who pays the costs of a trial trial?

The debtor must pay the costs to the Community in a payment trial even if he pays the claimed debt before being required by the Court.

What happens if you do not return the money of a loan?

If the non-payment is prolonged, the entity may register us in non-payment files as ASNEF. Sometimes the entity may transfer our debt to a collection company. In extreme cases, lenders can go to court to claim payment of the requested credit.

How to force someone to pay a debt?

To forcefully collect a debt, you can file a lawsuit through which you ask the civil or small claims judge to order payment of what is owed or enforce the obligation.

How do I get out of the Credit Bureau?

The Credit Bureau deletes the information of the credits that you have requested after a certain time depending on the amount of the debt:

After one year, if it was 25 UDIS or less (165 pesos). After two years, if it was more than 25 UDIS and up to 500 UDIS (from 165 to 3,300 pesos).

When does a debt expire in Mexico?

Article 1164. Prescribes the obligation to render accounts in five years. In the same term, the liquid obligations that result from the rendering of accounts are prescribed.

When is a debt due and payable?

Overdue, that is, it must be a debt whose maturity date has already passed at the time the debtor claims payment. Requirable, that is, that the payment is not subject to any condition.

What is a liquid and payable debt?

Legally, a debt is liquid if it is indubitable, not only what is owed, but also how much is owed. Due, if payment is not deferred or subject to term or limiting conditions.

What is liquid debt?

A liquid debt is that amount of money that is expressed by letters and figures. In other words, a debt is liquid when it can be quantified, that is, determined. An indemnity for civil liability, for example, would not be a liquid debt since it is not quantified.

What is liquid and illiquid debt?

869), the only exception is given by the illiquid debt in which case the debtor can pay the liquid part; a debt is liquid, when its existence is certain and its amount is determined, for which it is illiquid, when there is uncertainty in the extremes of the debt (5).

What is a liquid obligation?

– that the obligation is liquid. This means that you know exactly what is owed, or how much is owed. In other words, such an amount of money is owed; a certain car is owed.

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