Know when a debt in Argentina expires
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
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
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.
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.