Just another WordPress site Tue, 17 Sep 2019 12:14:30 +0000 en hourly 1 Do you know how to claim the ground clauses? Tue, 17 Sep 2019 12:14:30 +0000

Despite being considered legal at the time, the Court of Justice of the European Union has decided to annul those considered abusive (due to the lack of transparency of financial institutions). This, in figures, translates into a return to those affected of more than 4000 million euros by the bank.

If you don’t know how to claim the ground clauses, be sure to read the following article.

To claim the clauses I usually check your mortgage and check if it includes them

To claim the clauses I usually check your mortgage and check if it includes them

The ground clauses are associated with variable rate mortgages. This clause was responsible for setting a ceiling below which interest could not be reduced at any time. This meant that millions of Spaniards saw how their letters became more expensive when the Euribor rose but they practically registered no drops when it began to decrease.

Some of the formulas in which the ground clauses within the mortgages are reflected are the following.

  • “Limitation clause to the variability of the interest rate”
  • “In any case the interest rate will never be less than …”

There is no deadline for your claim
According to the provision of the CJEU, the return of the ground clauses can be claimed since the mortgage contract begins to be applied. However, the usual thing is that the ground clauses begin to apply a little later. This is the case because mortgages usually include fixed interest rates during the first 6 and 12 months.

Should we claim the ground clauses in all cases?

Should we claim the ground clauses in all cases?

The most convenient is to always claim them. Although as dictated by the CJEU, only those that are abusive or lack transparency will be returned, according to experts, most of the clauses of this type that were written in our country meet these requirements. What is clear is that the bank, motu proprio, will not decide to return any amount. That is why it is always important to claim them.

The first step is to file an extrajudicial claim

The first step is to file an extrajudicial claim

So is. The first thing we must do to claim the floor clauses of our mortgage is to present an extrajudicial claim to our financial institution. It is a document in which it is claimed that said clause be considered void within our mortgage and that the amounts charged in this concept be returned.

If the bank has not responded to your request within ten days, it is time to file a lawsuit. To file both claims you only need to have the following documents.

  • Photocopy of the deeds
  • Copies of the last mortgage receipts

You can also claim the interests that have led to this clause. In practice, the truth is that they are usually returned only when brought to trial and the bank is ordered to pay.

How much money can I recover by claiming the ground clauses?

How much money can I recover by claiming the ground clauses?

The amount you can recover will depend on many different factors in the wording of your mortgage. According to the lawyer of the law firm , the average so far used to range between € 10,000 – € 15,000 in an average mortgage. The amounts will be greater from now on thanks to the CJEU ruling to eliminate retroactivity.

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Is buying on account bad? | Pay-off debts | Loan consolidation Mon, 16 Sep 2019 11:38:46 +0000


Nowadays there are more and more options for buying on account or buying on installment. Buy now, pay later. But can it hurt to make debts?

What is buying on account?

What is buying on account?

Buying on account means that you purchase a product now, but pay the bill later (in installments). That way you can make a purchase, while the money for this product is not immediately available. That is of course an advantage, but what are the disadvantages of buying on account? Are we encouraged too much to buy on account and what are the risks of making purchases on account. In this article we will discuss the advantages and disadvantages of making debts and which debts (can) be problematic.

The disadvantages of buying on account

The disadvantages of buying on account

Although it is fairly easy nowadays to buy on account and it is even encouraged to do so, account purchases are actually a loan. A payment obligation is entered into and it is important that this obligation can be met to prevent debts and payment arrears. In 2015, the Ministry of Social Affairs conducted a study that showed that one in five Dutch people had problematic debts. That is a shocking amount. Buying on account can facilitate this, so be extra careful and only buy what you can actually pay. Also note that buying on account can be expensive, interest rates of 12 to 15 percent are not exceptional, so buying on account can cost a lot more than you think.

When are debts (from buying on account) problematic?

When are debts (from buying on account) problematic?

Debts don’t have to be problematic. When it comes to a one-time forgotten account, there is much less going on than when you are structurally unable to meet your payment obligations. Dave Ramsey, an American economist and debt expert, states that all debts are bad. It does not matter whether it concerns small or large debts. However, this is often slightly more nuanced, it often depends on whether debts are serious or even problematic. It is also important in the Netherlands to look at the nature of the debt: credit card debts are of a different caliber than a rent arrears, for example. It is therefore also important to know which debts have priority over repayments.

Purchase on account and pay off debts

Purchase on account and pay off debts

Although it is often suggested that you can best pay off debts from small to large, in practice this is somewhat more complicated. For example, it is very important to look at which debts have priority: the rent, bills with the energy supplier and the health insurance company take precedence over issues such as the telephone bill or credit card debts. This is because the consequences of not paying the rent will be a lot more serious than being excluded from a telephone subscription. After all, there is always the option for a prepaid telephone. It is also smart to look at the interest costs associated with each debt, the costs often accrue monthly and through smart repayment you avoid high costs and get deeper into debt. Do you have serious debts? It is then not advisable to make purchases on account. For help with debts you can always contact Nibud, the AFM and the Municipal Credit Bank. They can help you on your way to a debt-free future for free and without obligation!

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Credit lines for the acquisition of equipment and inventory Thu, 12 Sep 2019 12:17:10 +0000

When a consumer comes to a business to find a product and does not find it, he sees it as a more or less acceptable setback; when he arrives a second time and fails, he gets upset; and if the situation repeats, it may not come back.

Credit line

Credit line

A sale falls, a customer is lost and the reputation of the company is eroded, with consequences that can be devastating.

Inventory is essential, for the existence and progress of a business, so it is so important to keep it under control, monitored and orderly.

It is also an indicator of the financial health of the company, which cannot be overstated, because it absorbs the capital that can be used in other departments that must be reinforced, and scarcity can become a trigger for failure.

In principle, it can be thought that inventory-related deficiencies are caused by poor business administration; but it may also be that they originate in unforeseen situations. It may be that sales of certain products skyrocketed and that the pace of production equipment became insufficient to meet the emerging need, so timely financial support is required.

It is not always easy to find a friend or family member with resources to invest in the company and a bank asks for records and guarantees that are not available or, in the best case, takes time for analysis and paperwork that They take forever.

A timely line of credit

A timely line of credit

For situations like these, in FUNDS we have an easy and immediate solution. We work with the objective of providing financial support to entrepreneurs who need to strengthen their companies, through credits accessible online.

We grant loans and lines of credit for the acquisition of equipment and improve inventory availability. Also for the development of a new project, consolidation of debts, hiring seasonal staff and attending, in general, any other need of your business.

Just fill out the form available on our website, send us the application during business hours and within half an hour, one of our financing specialists will be contacting you, via email.

Applying, online, it costs nothing, it’s simple, it only takes you for a few minutes, and it opens the opportunity to find the solution you are looking for, so that your business grows and the family progresses.

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Bankate offers bonds to affected shareholders. Mon, 26 Aug 2019 11:44:45 +0000

Bankate conditions for issuing bonds to shareholders affected by the fall of the Popular

Bankate conditions for issuing bonds to shareholders affected by the fall of the Popular

  • These perpetual bonds are only intended to help recover part of their money from minority shareholders.
  • Only minority shareholders who attended the capital increase between May 26 and June 21, 2016 may benefit from this offer.
  • All members of the Board of Directors of Banco Popular until their resolution, shareholders who have participated significantly within the entity and all those who are linked to these members are excluded from this compensatory action.
  • Perpetual bonds that will be issued by Bankate cannot be sold at any time by the customer.
  • These will be perpetual obligations of Bankate whose nominal value will amount to 100 euros. From the age of seven, the Bankate, with the authorization of the ECB, may be amortized. Upon amortization, the holder will receive one hundred percent of its nominal value. The maximum value for which Banco Bankate will issue these bonds will amount to 980 million euros.
  • In order to access these bonds, shareholders affected by the fall of the Popular must renounce legal action.

With this initiative, Bankate intends to avoid some of the thousands of legal actions that shareholders have begun to take.

How do these perpetual bonuses work?

How do these perpetual bonuses work?

The idea of ​​the Bankate is that these bonds be delivered to customers who meet the requirements indicated by the entity. These bonuses will not have any cost for customers.

However, as we explained a few lines above, customers may not sell them at any time on their own initiative. Likewise, they must renounce to carry out any legal action against Bankate or Popular Bank.

The idea is that these bonds produce a nominal interest of 1 percent. The entity will be responsible for paying interest every quarter.

Bankate will offer minority clients in the form of bonds the total amount invested by each client during the period indicated.

  • Those shareholders who made investments of up to 100,000 euros will get the full amount in the form of perpetual bonds.
  • On the other hand, those investors whose investment was between 100,000 and 500,000 euros will get bonuses to which a 25 percent discount will be applied.
  • Investors whose investment exceeded 500,000 euros and reached up to one million will be subtracted 50 percent of the total.

According to Bankate’s calculations, most of the retail clients and employees of the popular that made a capital increase on the dates indicated did not make investments in excess of 100,000 euros. For this reason almost 99 percent of those affected will get perpetual bonds whose value will be identical to the amount they invested in the Popular.

This action will involve Bankate an investment of 680 million euros that were already included in the first consolidation adjustments.

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Rest to live minimum: calculation for a credit Wed, 21 Aug 2019 11:25:14 +0000

Risks of over-crediting yourself

Risks of over-crediting yourself

The rest to live is what remains to a person after paying all his expenses. This amount of money is the first criterion banks take into account in determining the credit their client can obtain.

The rest to live is fundamental when making a credit


  1. Stay to live
  2. Debt ratio
  3. How to make a good credit report?

You have to understand the risks of over-crediting yourself and know your personal financial situation before you apply for credit. In this article, we will discuss several points that help to better understand his financial situation:

The knowledge of one’s financial situation is essential to build a good credit file, which will not have any problem to be accepted. This reasoning is valid for any type of credit, from real estate credit to revolving credit. A person in debt distress should be familiar with these definitions. Let’s clear this up, to prepare a credit report make an over-indebtedness file and personal recovery procedure

Calculation of the rest to live

Calculation of the rest to live

The calculation of the rest to live is quite complex, if we take purely banking criteria. It varies according to where you live, the composition of the home and the bank. It is admitted that the rest to live minimum for a single person and without children is 700 euros, 800 euros if it is in couple (400 euros per person). There is interest in being in a couple, at two we save money. The amounts are increased by 300 euros per dependent. A couple with three children will have a rest to live of 1700 euros. If this family lives in the Paris region, the rest to live is increased by 100 euros per person, which makes us 2200 euros for our family in Paris.

These figures serve only as a basis for calculation, and may vary from bank to bank, from family to family. It is the study of your bank movements, your savings, which allows a bank to determine what is your left to live. A bank can for example consider that the rest to live minimum for a single person is 1300 euros! The credit institution may or may not take into account family benefits or taxes to calculate the rest to live.

Enterable amount and elusive quota

The over-indebtedness commission is managed by the Bank of France

Over-indebtedness is one of the greatest evils of our modern society. It is a difficult situation to live in, which requires a lot of sacrifices to get by. When you are an employee, one of those sacrifices is to give up a portion of your salary to the various creditors.

Each month, the boss pays directly to the creditors with a portion of the salary. The employee does not even see his money, which is used to repay his debts: this is called the assignment of salary. This assignment can be voluntary, it is the employee who asks that automatically the seizure of salary is carried out, or compulsive. Here, it is an order of the court or the commission of overindebtedness, which obliges the employer to pay part of the salary for refund of credit.

There is a part of the salary that can not be seized, there is always a minimum that is left to the employee: it is the elusive quota. The fraction of the salary that can be seized is it logically named the seizable portion. On some salary sheets, you can see these mentions. The elusive quota is calculated based on the remainder to be lived, and is added to the various elusive benefits that the person over-indebted could have.

In benefits such as the allowance for the young child, the parental allowance, the family allowances, the family supplement or the back-to-school allowance, can be seized within a limit of 20% of their total for the child. payment of debts. The housing allowance and the special education allowance can be seized to pay for health costs, education or for the payment of rents or mortgages. Other benefits are elusive and without a cap at 20%: health benefits death insurance, housing benefits, allowances for disabled adults.

Calculation of the seizable quota

Calculation of the seizable quota

To calculate the seizable fraction, we take the 12 months of wages preceding the notification of seizure. The remainder to live, minimum subsistence, must be at least equal to the RSA, increased in case of dependents. The scale for calculating is updated once a year, on January 1 st. It will be understood, the elusive quota often corresponds to the rest to live.

Takeover of credit to improve his rest to live

Takeover of credit to improve his rest to live

To carry out a refinancing file, a credit redemption, the banks look first and foremost at the rest to live, much more than the debt ratio. Here, the over-indebted person is forced to buy back his credits because he can no longer cope with his monthly payments. The only calculation that the person does at that time, and the banker too (or at least he should), is how much money will he stay a month after the payment of his debts. In other words, what will be his remainder to live. The repurchase of credit thus makes it possible to recover a reasonable rest to live, by spreading the debts over a longer period, there is less to pay each month. This solution should only be used if you really need more money to live each month, because each time you extend the payment period, you pay more interest.

In France, a credit file is simply the file prepared by a bank to give you credit, and which will be processed by the banker. Inside we put all the necessary documentation, like the pay slip, the last bank statements, etc. It is the treatment of this file which causes the expenses of file, even if as commercial argument, more and more banks propose the file of free credit.

If the rest to live is correct, a credit can be granted, even if the debt ratio is 35% or more. Each bank will have its own criteria. To develop a credit report, banks scoring: they “score” customers according to different criteria. This is the note that will determine the credit agreement, as explained on this related article.

The more complete and well-informed the credit file is, the shorter the file processing time will be, and the response will be more likely to be positive. This file is to be done once, and it is presented to different banks that we approach. In this file, it will be necessary to have the original elements, as well as the copies that can be left to the lender, the bank. If we are two to build a mortgage file for example, it will be necessary to put the documents of both, the borrower, and the co-borrower. A mortgage file is probably the most complete credit file, so we establish here the list of documents necessary to apply for a mortgage: with these elements, any other type of credit accepts your credit. folder. The more reassuring the lender is about creditworthiness, the more the lender can offer a competitive and advantageous interest rate.

Elements needed to establish a mortgage file

Elements needed to establish a mortgage file

The first thing to do, before establishing a mortgage file, is to know what you can buy (by making a calculation of its debt ratio, its rest to live, by evaluating its possibilities of borrowing with a comparator), to find the desired real estate, and to have signed a promise of sale. It must therefore have in its file elements relating to the property that we want to buy, whether an apartment or a house.

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When it prescribes a debt and until when it can be published Sat, 17 Aug 2019 12:18:16 +0000

When you prescribe a debt?

When you prescribe a debt?

Any professional or entrepreneur who is dedicated to the world of claiming defaults, will recognize that one of the most important and recurring issues in this area, and among those that most concern debtors and creditors, is the one related to when it prescribes a debt and what consequences have.

The question that many people ask themselves is.  Do they really prescribe debts? How much time do you have to spend? What can I do to avoid it, if I am the creditor? How can I enforce the prescription, if I am the debtor?

Keep reading, we’ll explain everything

I. When it prescribes a debt regarding your legal claim.

What has to happen for the legal action for claiming a debt to prescribe?

What has to happen for the legal action for claiming a debt to prescribe?

First of all, we have to underline a fact that many people who wonder when they prescribe a debt escapes it and that, even, usually seems unbelievable: the obligations (to pay, to do or not to do) really do not prescribe What you can prescribe is the possibility of claiming compliance by judicial means, that is, it does prescribe what is called the legal action in law .

This means that if the debtor complies with his payment obligation , even if the period legally stipulated to exercise the creditor before the courts has already passed the judicial action and, therefore, the prescription of the same has already taken place , he may not later claim the return claiming that it no longer existed since, strictly speaking, it did exist, although the creditor had already lost the possibility of claiming it judicially.

In order to provide legal certainty to the exercise of legal actions and not to leave uncertainty when it prescribes a debt , our legislation tells us that, if they owe you money and do not claim it, after a while your neglect causes you to lose the opportunity to go to court

That said, although it is true that the obligations survive over time, obviously if the creditor lets it pass and the legal action to claim them prescribes, the latter will have lost the strength and legal means to be able to demand compliance from the debtor which, a colloquial effects, can be compared almost with considering that the obligation has been extinguished, although this is not really so.

Therefore, once it is clarified that when, when we ask when a debt is prescribed , what we are really talking about is the prescription of the legal action to claim it, we will go to our Civil Code to know what has to happen for this prescription to take place:

From the observation of article 1.973 of the Civil Code, we conclude that the prescription of actions takes place when these requirements are met:

– That the creditor of the debt has allowed to pass the legally foreseen time without acting to obtain the payment of the debt.

– That this inaction of the creditor has consisted in not claiming judicially or extrajudicially to the debtor the fulfillment of his obligation.

– That, during all this period, the debtor has not made any statement or act of recognition of the debt .

It is true that the Commercial Code, regarding commercial acts, gives a somewhat different answer to the question of when it prescribes a debt , not picking up the possibility of interrupting the limitation period due to extrajudicial claim, but another new possibility for it , as is the renewal of the contract from which the debt emanated. However, the jurisprudence of the Supreme Court has also considered the causes of interruption of the prescription provided for in the Civil Code to be extended to commercial acts .

Therefore, the truth is that, in order to provide legal certainty the exercise of legal actions and not leave uncertainty when prescribing a debt , our legislation tells us that, if they owe you money and do not claim it, after a while your negligence causes you to miss the opportunity to go to court to force the debtor to pay. That diligent action of the creditor, to claim what is owed, can be done by submitting the corresponding claim or sending a payment request to the debtor, which, so that it really has value and no problems arise, must be in writing and sent by any reliable means that also proves its content. Normally, the most appropriate options will be the burofax with acknowledgment of receipt and text certification, and the notarial requirement .

Interrupted the term of the prescription with the requirement, the timer not only stops, but returns to the point of departure .  

What are the statute of limitations for the action to claim a debt?

What are the statute of limitations for the action to claim a debt?

Once we know why and how it prescribes a payment obligation, we will now respond to when it prescribes a debt , that is, the deadlines to understand that the possibility of filing a claim to demand payment has been extinguished.

Regarding this issue, we find, on the one hand, a general term that applies to any personal obligation that does not have a different term indicated by the legislation and, on the other hand, we have the special deadlines for the prescription of certain specific debts . 

As for the general term , prior to the entry into force on October 7, 2015 of Law 42/2015, of October 5, on the reform of Law 1/2000 of January 7, on Civil Procedure, it was fifteen years , as established in article 1.964 of the Civil Code. However, the aforementioned Law amended this article regarding when it prescribes a debt and, at present , this general term is only five years . In the event that we are facing an obligation whose expiration took place before October 7, 2015, but whose calculation for the prescription had not yet been fulfilled at that time, this period is continued after this date but up to a maximum five years from it. To clarify this point, let’s give a couple of examples of when it prescribes a debt that was born before the legal modification :

– If a debt expired on November 1, 2014, the creditor, according to the legislation in force at that time, would have until November 1, 2029 (fifteen years later), to claim payment and thus prevent the prescription from operating . However, on October 7, 2015, the modification entered into force, reducing the term to five years and, according to the forecast contained in said modification, being a debt with a limitation period not yet consumed, it will continue to have a maximum of five years from the date of the modification. Therefore, the limitation period will expire on October 7, 2020.

The Law amended this article regarding when it prescribes a debt and, at present , this general term is only five years

– On the other hand, with respect to a debt that expires on November 1, 2003, the statute of limitations will continue to be met fifteen years later, on November 1, 2018, since it is within five years after the entry into force of the modification.

When this reduction of the general limitation period occurs, it is equal to one of the special terms provided for in the Civil Code, of five years, to pay debts with deferred payments, leases and food allowances, so that these cases They are no longer exceptions to the general rule of when it prescribes a debt .

On the other hand, we do find many other exceptions to the general term of five years , among others:

  • Thirty years : real actions on real estate.
  • Twenty years : mortgage shares.
  • Four years : actions to demand responsibility from the administrators of a company.
  • Three years : actions to demand payment due to liberal professionals, pharmacists, servants and day laborers, innkeepers or merchants (when the buyer is an individual for their own use). Also in the case of foreign exchange shares (bill of exchange and promissory note).
  • One year : actions to recover or retain possession, civil liability for insult or slander and extra-contractual liability.
  • Six months : exchange action (check).

II. When it prescribes a debt for delinquent files.

When do you prescribe a debt regarding publication in a delinquent file?

When do you prescribe a debt regarding publication in a delinquent file?

Many of our clients, especially those who have legal training or who, directly, are legal professionals, sometimes raise questions about the period they may have to publish the data of a debtor in our delinquency file , identifying, in Sometimes, the rules on when to prescribe a debt , which we have explained above, with the expected time for a person’s data to remain included in a delinquent file. Even, in many cases, there is some confusion between one case and another, regarding the possibilities of interruption of the limitation period, which we have also seen.

In the first place, we must be blunt when it comes to affirming that we are faced with different situations: the statute of limitations established in our system for the exercise of legal actions in claim of unfulfilled obligations is not the same, and that it can be interrupted , that the time also established in our laws for, in this case, the inclusion of a debtor in a delinquency file that, in addition, has no fixed interruption mode.

Indeed, Royal Decree 1720/2007, of December 21, which approves the Regulations for the development of Organic Law 15/1999, of December 13, on the protection of personal data, established in Article 38.1. b) the term of six years to be able to include a debt in a delinquency file , counting from the moment of its expiration, a term that, in addition, is foreseen to the mode of expiration , that is, that there is no way to interrupt it for more than claims or actions of any kind are made. This calculation, as it is to be assumed, does not have any relation to the issues related to when it prescribes a debt , as regards the exercise of legal actions, so that both terms run in parallel , and it may happen that a debt whose legal action has already prescribed, can continue to be recorded in the file, demonstrating once again the explanation we made at the beginning that the debts, in themselves, are not extinguished by the course of time, but the option to claim them judicially.

six-year term to be able to include a debt in a delinquent file , counting from the moment of expiration of this, term that, in addition, is foreseen to the mode of expiration , that is, that there is no way to interrupt it

It can also happen that a debt whose statute of limitations has not been met or has been interrupted, can no longer be included in a delinquent file because the six years have elapsed since expiration.

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What is a mortgage? Sun, 28 Jul 2019 18:51:07 +0000

Generally there comes a time when we many think about buying our very first home but we have an issue: how to finance it? A home loan may be your best choice.

You might have already been paying rent and now you need to start investing the money of this rent in the payment of your house. It could also be which you have decided to leave your parents’ house and are seeing exactly what options you have to make your own home.

Whether you have decided to purchase land, a house or a flat, it will help you to know that your options to finance the next dream is to apply for a home loan.

What is a home loan?

A mortgage loan is really a type of credit granted simply by financial institutions so that people can get, expand, repair or develop a home. It can also be granted to ensure that people can buy land.

The financial institution grants the particular loan for the amount you require and receives your property because collateral. In this way the bank guarantees compliance with the payment from the credit through the mortgage of the property.

Each time you need money you can eliminate the amount that the financial enterprise decided to provide you, as long as the quantity you are using does not go beyond the credit limit they given you.

Features of a mortgage loan:

  1. The term of transaction of the debt is usually moderate and long term. In Colombia, the terms of this kind of credit can be up to fifteen years.
  2. Depending on your credit profile, your earnings, the amount of money you need and other aspects, you define the interest price that will be charged for the credit score.
  3. The property you will definitely buy or any other residence you have is taken as security.

Exactly why is it better to use a home loan and not a personal loan?

These types of credits are usually less expensive than personal loans. For example , the eye rate on your credit card may differ between 26% and 56% per year, but mortgage loan prices can vary between 6% plus 15% per year.

Why is a mortgage loan less expensive?

A mortgage loan is usually cheaper because the home you wish to buy is given since collateral. The acquired real estate is mortgaged in favor of the financial institution until the 100% of the mortgage is finished. Then in case the particular payment of the mortgage payments can not be fulfilled, the bank can suitable the property.

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Know when a debt in Argentina expires Wed, 17 Jul 2019 11:30:40 +0000

Having debts is a very uncomfortable situation for those who experience it. It is that beyond goodwill, it may happen that non-payment is generated, many times, as a result of serious financial problems .

It is important to know that the best way to have no debt is to be tidy with maturities; But as we said, it is sometimes impossible to sustain payment behavior , and it depends on factors that exceed the limits of the possibilities.

Therefore, and if you are one of those who are at that crossroads, we tell you when a debt expires in Argentina and what other legal alternatives exist to solve the problem of an unpaid debt, without waiting for its prescription.



When a debt expires in Argentina

When a debt expires in Argentina

In our country, the obligation to pay debts incurred between private parties is a maximum of two years.

Thus it is established in art. 2562 of the Civil and Commercial Code of the Nation, whose last modification dates from 2015.

In said article, the expiration deadlines for compliance with monetary obligations between consumers and users are established.

Thus, if a creditor does not act against the debtor against a debt incurred by the latter, said payment obligation expires after two years. After that period, the legal actions for the payment requirement cease to have effect, with no option for the creditor to claim it judicially.

However, the debt will continue to appear as unpaid, forming part of the list of delinquents for up to five years. After five years, the debtor has the possibility of requesting the Veraz to exclude said information from his database.


How to solve a debt problem

How to solve a debt problem

When acquiring a credit, a loan or any other payment commitment, and the same goes into default, the creditors inform the Sunflower Bank of the Argentine Republic about this situation, and the Veraz , entity that is responsible for administering a credit history database, both of people and companies.

That is why it is important as a debtor to find out in these institutions if he is in a condition of delinquent to, from there, analyze different alternatives in order to solve the problem without having to wait for the prescription of the debt.

One of the most recommended options to initiate the solution is to contact the creditor and express his willingness to pay, with the idea of ​​reaching an agreement to cancel the debt and clear the credit history.

In these cases, with few exceptions, it is not recommended to apply for another loan to cancel the outstanding payment.

Although it is tempting because in that way, the debt would be settled with the consequent cleaning of the record , and the new debt would not generate negative history since it would be in force, the latter is still a debt, so the wheel would begin to Turn back, in endless economic trouble.


In conclusion

debt problem

Then, once the debt is known , you have the option to pay it, or wait for it to prescribe. In case you don’t have the possibility to cancel it, you will stay in the Veraz for 2 years. But remember that you can only ask to have your data deleted after 5 years.

On the contrary, if what you want is to keep your record clean, it is best to agree with the creditor the best alternative to cancel the payment obligation as soon as possible.

Being aware of the prescription of debts is extremely important in planning the financial stability of the future. Clearing the credit history is the way to obtain the long-awaited economic tranquility.

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