Debts are obligations financial that we acquire when we hire a service or purchase a good and do not pay as agreed.
Over time, some unpaid debts can become a big problem, especially if your name is negative in credit protection agencies, such as SPC and Serasa. But, and after 5 years, what happens to those debts?
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What really happens to debt after 5 years?
After the 5-year period, the debt “lapses”, that is, it is no longer considered negative by Serasa. This does not mean, however, that the debt is completely extinguished.
In fact, the outstanding balance is simply no longer taken into account when calculating your Score, which means that you no longer have a “dirty name” before financial institutions and consumer protection bodies. credit.
Prescribed debts and their consequences
Prescribed debts, those that have exceeded the period of 5 years, can no longer be collected by the consumer protection agencies. credit.
However, these debts can be collected by companies extrajudicially, that is, in a friendly and extrajudicial negotiation process with the debtor.
In this way, the debt remains open with the creditor company and can be negotiated normally through the platform of the respective credit protection agency.
5 years: overdue debt x negative debt
Debts that exceed the period of 5 years are now classified as “delayed debt”, instead of “negative debt”.
However, all information regarding the debt situation is provided by the creditor company, and there may be differences depending on the policies of each institution.
Paying off debt: the only way to complete financial freedom
It is important to note that the only way to completely get out of debt is to pay it off in full.
By doing this, you restore your financial reputation, no longer being considered in default and without restrictions for new credit acquisitions.
That is, the settlement of debts brings the tranquility financial and the certainty that your name will not be denied again.
