Do I have to pay for overdue debts from a loan?
When the debt expires, there is no obligation to regulate it. However, there are situations where it may happen that the so-called interruption or stop of the limitation period occurs.
As we mentioned in one of our earlier entries about what is the statute of limitations, it is the ability to evade the satisfaction of a claim after a specified period. So if the debt expires, the debtor does not have to regulate it anymore.
Debt limitation itself, however, may take a long time and additional factors must appear. Many questions about the statute of limitations apply to loans. What should we remember then?
Limitation of debt due to a loan – due date
In accordance with the law, debts arising from loans taken out, loans, as well as debts on the credit card expire after 3 years.
However, it is worth pointing out that in this case the period is calculated not from the moment of incurring the obligation, i.e. the loan, but from the date on which the repayment obligation arose and was not met. For example, if we have to pay the loan installment by March 20 and we do not pay it, this period is counted from March 21, the next day.
If, in this period, i.e. 3 years, the lender will not apply for the loan and the borrower will not contact him for repayment, then the debt will expire.
You no longer have to pay such debt, but it does not mean that the debt disappears. Further, there may be related consequences such as entering the list of debtors and other black lists, including the borrower who will not want to give us a loan anymore.
Aborting the period of limitation
The debt will not expire when the limitation period is interrupted. In this case, there is a situation where one of the parties – a lender or a borrower – will be interested in debt again. Below we present situations that cause the limitation period to stop.
- activities before a court or other body appointed to hear cases and enforce claims, for example, filing a lawsuit for repayment, filing an application for granting an enforcement clause, submitting an application for the initiation of enforcement to a bailiff
- initiating mediation between the parties
- acknowledgment of the claim by the debtor by his declaration that the debt exists in a given amount or indirectly through a request for installment repayment, extension of the repayment date – an example may be the recognition of debt in dealing with a debt collection company
When the limitation period is interrupted, its course starts again – the current limitation period is considered as non-existent.
Repayment of the overdue debt – possible but not obligatory
Thus, the repayment of an overdue debt is no longer the responsibility of the debtor, but he can still do so. It is worth pointing out that if a creditor or a debt collection company demands repayment of a debt which is already overdue, it is worth relying on the provisions of the Civil Code, which speak about the statute of limitations – the law then stands on the side of the debtor.