The idea that debts disappear after 5 years is still very present in the population's imagination. But do they really stop being charged after that time? Read on and see whether or not this popular statement is true.
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Does a debt disappear after 5 years?
Although a large part of the population believes that after 5 years the acquired debts cease to exist, this idea is false, since the debt is still in their records, that is, they do not disappear. In this way, such amounts can continue to be charged.
This is because something is still owed, regardless of how much time has passed, as part of the contract between creditor and debtor has not been fulfilled as expected.
However, what leads many to think that a debt “disappears” is the fact that, after 5 years, that debt will no longer be negative for the debtor in credit protection agencies.
After all, do debts “lapse” or prescribe?
Many do not know, but expiring a debt and a prescribed debt are different things. Thus, when a debt expires, it means that the creditor can no longer negate the debtor's name in the credit protection agencies due to the open debt.
The prescription of a debt happens when the debtor can no longer be charged in court, that is, the creditor will no longer be able to seek in court his right to receive the amount in arrears.
How long does it take for a debt to expire?
Even though there is some confusion about the difference between expiring and prescribing, it is common to believe that every debt takes 5 years to be “forgotten”. However, as set out in article 205 of the Civil Code, the statute of limitations for overdue debts can occur in 10 years. However, the debt can be prescribed in less time, according to the situations described in article 206 of the same law.
