Do bank debt expire? And the other debts have a due date or “Live” forever? The debts with the creditors, especially those private (such as credit and financial institutions), they go to meet the forfeiture like those towards the Tax or of public administrations?
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Let’s see it together in this short vademecum on the “due date”.
Do bank debt expire? What the Civil Code says
On the prescription of debts on Civil Code speak clearly: the deadline for those contracts with banks is ten years.
But beware, it’s not always the case. There are debts that have a much longer term by contract. Like mortgages, for example. But if the deadline has not been fixed, they expire in ten years.
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Do bank debt expire? Presumptive prescription
Other types of debts also expire earlier. For still others, the presumptive prescription.
What is it about? They are those debts that the law deems to be paid over a certain period of time. It can range from six months to a year. Once that term has expired, it will be the creditor’s responsibility to prove that the debtor has not paid the amount due.
A few examples, they are prescribed in 3 years:
- the right of employees for wages paid for periods longer than one month;
- the remuneration of professionals and the reimbursement of related expenses;
- the notary’s fee;
- the cost of teachers for lessons taught for more than one month.
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Do bank debt expire? 10 and 5 years
There are two rules that apply in general:
- the prescription is 10 years for debts deriving from the stipulation of a contract or arising from lawful acts;
- the prescription is 5 years for debts deriving from unlawful acts.
Do bank debt expire? Debts and individual due dates
We were asked at the beginning of this article, do bank debt expire?
We get there. Let’s see some practical examples of debt prescription.
They are prescribed in 10 years:
- debts with banks;
- debts with financial companies.
They are prescribed in 5 years:
- condominium expenses;
- the rent for housing;
- the payment of salary for an employee;
- the payment of the severance pay
They are prescribed in 3 years:
- the payment of private lessons;
- the remuneration of professionals;
- the notary’s fee.
They are prescribed in 2 years:
- debts for unpaid electricity, water and gas bills (for all the others, 5 years);
- for damage caused in a car accident.
They are prescribed in one year:
- the rights for a transport and shipment contract;
- the payment of a policy premium;
- the payment of drugs.
They are prescribed in 6 months:
- the payment of hotels, guest houses and b & bs.
Do bank debt expire? When you break the deadline
Care must be taken though. In some cases we have seen the prescription arrives in a very short time, it stops when a creditor sends a formal request for payment (warning or injunction).
In this case the prescription time it resets and starts again.
If the deadline expires, the creditor may sue the debtor to obtain payment. It will be the latter who will have to prove that the statute of limitations has taken place.
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Do bank debt expire? After 10 years, but …
Yes, ok, but do bank debt expire? Here we go.
Let’s take care of the debts contracted with a banking institution.
As mentioned, the debts with a bank go prescription after 10 years.
But, even in this case, if in the meantime the bank sends a payment order, the limitation period is zeroed. And another 10 years must pass.
Do bank debt expire? And for mortgages?
For a mortgage, the statute of limitations is also 10 years. And it is calculated from the date of the last unpaid installment. In short: if you have a 30-year mortgage, the deadline is calculated starting from the age of 30, that is, when the last installment should have been paid.
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