When does the debt prescription occur? This is a context in which the repayment of the debt has not occurred on time and, given a certain period, it may not be paid. But when does this happen? It is an event that is not so frequent but still possible.
When unpaid debts lapse: the times
The moment a credit line is accepted and the contract signed, the consumer assumes the status of debtor. If delays occur during the repayment period, special penalties are applied.
Delays and non-payments lead to the registration of so-called ” bad payers “. The debtor will thus be subjected to various credit recovery procedures.
If the debtor does not proceed with the reimbursement even after the terms stipulated in the contract have ended and the time allowed for the return of the money ends, a situation that can be configured as a crime may arise. The consumer can be sued.
Once the report has been made, the debt prescription times must be considered. Generally speaking there are two scenarios of prescription debts, one at ten years and another at five. The prescription starts after ten years for a large part of the funding obtained for goods and services. The limitation after five years affects debts defined without contractual elements.
Inscription end-to-end knowledge company and the condition of bad payer
Debt prescription and end-to-end knowledge company registration. The creditor can intervene on the debtor following the legal procedure and therefore bringing the consumer to court who will most likely be sentenced. But the legal procedure is only one of the tools available to the creditor.
In fact, reporting to end-to-end knowledge company, the major Credit Information System, will also be carried out. A condition that makes the debtor a bad payer, this in fact affects a new access to credit, with the exception of particular loans, the so-called loans to bad payers.
How the end-to-end knowledge company cancellation occurs
Enrollment in the bad pay registers is subject to cancellation in the light of particular times. Cancellation that occurs automatically but in compliance with certain conditions. In this regard, we recommend that you read our in-depth analysis which specifically relates to the end-to-end knowledge company cancellation.