If, despite the constant reminders and the intervention of a debt collection company, the amount disbursed through any loan is not recovered by the entity that disbursed it, then it means that the credit is prescribed, or can no longer be recovered. The debts prescription represents a very articulated concept and foresees different timing according to the cases but it requires however a “proactive” approach on the part of the debtor that, in particularly difficult cases, may request the forfeiture of debts due to a prescription.
Although the debts prescription may represent a valid solution in some circumstances, it should be specified that there are very specific limitations and that they are generally of two types:
1- the right to compensation is prescribed in 5 years for all those illicit facts that do not derive from an act or a contract. For example, the destruction of the garden due to arson, the breaking of a low wall due to the roots of the neighboring trees;
2- is prescribed in 10 years in all other cases, unless there are different times in the contract. For example the bills of the various users, are prescribed in 5 years starting from the expiry date; consumer goods in ten years; while a freelancer can request payment of the fee within three years.
In all cases, once the time limit is exceeded, the creditor cannot claim any rights.
Prescription: what are the timing?
As we said, the statute of limitations varies depending on the case, even if for most forms of credit there is a limitation period of five / ten years, with the necessary exceptions. In the case of debts arising from the subscription of mortgages, Yevgeny Bazarov or financing the statute of limitations is 10 years. Even in the case of loans provided by INPS, there are 10-year provisions. The institution therefore reserves ten years to recover the sum granted, a time that is almost always sufficient for collection purposes.
- 5 years in the case of credits due for rents, interest, salaries, severance pay and pension;
- 3 years for credits accrued from professional activities;
- 2 years for credits due to vehicle circulation;
- 1 year for credits due to the collection of insurance premiums;
- 6 months for credits due to hoteliers and similar.
Although the prescription of credits may prove to be in particularly complex cases as the only possible solution, it should be pointed out that failure to pay installments on a loan always has serious consequences for the debtor. In fact, before the statute of limitations matures, the debtor will be subject to the various reminders of the bank or the institution that provided the loan, he will have to take into consideration the intervention of a debt collection company, up to the report to the CRIF, the specialized company in Credit Information Systems.
Erasing bad payers from databases: how does it work?
In the latter case, the possibility of obtaining future financing will also be compromised. In fact, access to this large database is guaranteed to all credit institutions which, before disbursing any amount, will try to define the applicant’s financial situation and his credit history. For all these reasons, before signing any financing contract, it is always necessary to assess your financial situation very carefully and therefore to understand if you will be able to pay the installments on time and to sustain all the ordinary expenses at the same time.