As a result of the economic crisis in our country, going through periods of tightness, unfortunately, has become quite common. And with that, many Brazilians had their names “dirty” due to unpaid debts. But do you know what happens to debts you don't pay? That's what we're going to explain here. Keep reading and find out what happens after five years of outstanding bonds.
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Do unpaid debts “lapse”?
Many use the term “lapse” to refer to the prescription of the debt, that is, when it exceeds its period of validity. However, in practice, such debts do not exactly have an expiration date.
Therefore, no open title prescribes, but the name of those who owe amounts can be removed from credit protection agencies, such as Serasa and the like. However, the record of defaulters remains active, especially if the debt is of a banking nature, preventing them from making some financial requests.
This happens, for example, if the debtor wants to apply for a credit card, financing or loans. Financial institutions have access to the register of defaulters, and may or may not comply with the requirement. Thus, most of them deny services due to lack of past payments.
How long does it take for the debt to expire?
In general, a debt takes 5 years after maturity to expire. However, the bonds will not cease to be charged after this period. This is because if a debt were simply forgiven due to the time it was overdue, many would use this to take advantage and would not honor their agreements.
Therefore, what happens is that the credit brokerage removes the debtor's name from its collection list. This practice is a legal determination, and the time for this to be done may vary according to each situation.
However, it is important to emphasize that, even if the collection calls ceased, the debts were not forgiven and the creditor is still entitled to the amount. As a result, when attempts at friendly negotiation do not work, the collection takes place in court.