For most people, maintaining an unpaid debt in the financial system is a constant headache and a big emotional problem.
Although the best solution to avoid this situation is to pay them on time, the lack of payment is generated, often, as a consequence of financial problems that escape immediate resolution by the debtor.
What solution can be given to this situation? When does a loan debt expire?
In the following lines, we tell you when it prescribes a debt of a personal loan and what other legal alternatives exist to solve the problem of an unpaid debt, without needing to wait for its prescription.
Worried about the prescription of a debt?
When a debt in Argentina expires
In our country, the obligation to pay debts contracted between private parties is a maximum of two years. This is established in article 2562 of the Nation’s Civil and Commercial Code, the last modification of which dates from the year 2015. In said article, the deadlines for the expiration of monetary obligations between consumers and users are established. Thus, if a creditor does not act against the debtor in the face of a debt contracted by the latter, the payment obligation expires after two years. Upon expiration of that period, the legal actions for the payment requirement cease to have effect, with no option for the creditor to claim it judicially.
Although the Consumer Defense Law states that a debt expires after three years, the same Law determines that if there are other general laws that establish different terms, the one that is most favorable to the consumer will be used. These regulations are applicable to both contracts and invoices, debts with credit cards , installments and installments, in annual or monthly payments.
Other alternatives to solve a debt problem
When acquiring a credit, a loan or any other payment commitment and it enters the condition of default, the creditors inform the Central Bank of the Argentine Republic – BCRA about this situation. In the same way, they also send the information to , entity that is in charge of managing a database of credit records, both of people and companies. It is necessary that the debtor find out in these institutions if he / she is in a defaulter condition , from there, analyze different alternatives in order to solve the problem in the shortest time, without having to wait for the prescription of personal loan debt.
One of the most recommended options to start the solution is to contact the creditor and express your willingness to pay. The idea is to reach an agreement to cancel the debt and clean up the credit history. The creditor will be able to agree on an agreement that is convenient for both parties, taking into account your monthly payment possibilities.
Apply for a loan even when you have a negative credit
A viable option to solve the problem of having a negative credit history without having to wait for it to prescribe the debt of a personal loan is through obtaining a new loan to cancel the pending payment. In that way, the debt would be paid off with the consequent clearing of the record. The new debt would not generate negative history since it would be in force. The loans with are designed to provide liquidity to people who, for some reason or another, were unable to pay their debt on time and affect your credit history.
This type of loans is the most flexible in terms of requirements and processing them only takes a few minutes. The process, unlike personal loans processed in traditional banks, can be managed via the Internet and only need to have the current National Identity Document, the CBU and a reference email account.
Knowing when to prescribe a debt of a personal loan is fundamental when establishing a strategy to solve this uncomfortable financial problem. Requesting an online loan with is a good alternative to cancel the unpaid commitment without having to wait for the prescription of the debt; The solution is in your hands.