During tough economic times, when spending exceeds budget, consumers may not always be able to pay off all their debts. However, many people still do not know what will happen if such debts are not paid. So, see below what happens to debts. After all, do they really expire? Check out!
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What happens if debts are not paid?
As many of us already know, the accumulation of debts can lead the citizen to have his name in Serasa. In other words, it can get his name dirty. Thus, when a certain company does not receive a payment, it contacts the body responsible for credit protection to inform the client about the situation, that is, that he is a debtor and that his name will be placed on the list of defaulters, if it is not get paid.
However, given this procedure, there are still many people who believe that these debts expire after a certain period, that is, that they no longer need to be paid off. However, in reality this is not the case as they have to be paid at some point.
After all, what does expired debt mean?
The so-called expired debt is one that already has more than five years of existence. Thus, when this period passes, the market will no longer see such debit through credit agencies, such as Serasa. In this way, this debt that has not yet been paid, even after 5 years, will no longer be able to appear in the credit protection agency and becomes “invisible” to other companies.
However, creditors will still have access to the information and can continue to collect on the unpaid debt. That is, even if 5 years pass, the debtor can still negotiate the payment of that debt.
Does the debt that is prescribed cease to exist?
Many people make the mistake of believing that prescribed debt ceases to exist. That's because other companies no longer see the maturity of debts, but creditors still have unresolved issues and can seek an alternative.
Also, there is one more thing to consider. Debts with banks meet the same criteria, with one important difference: even after 5 years, when they leave the credit agency, these Debts are recorded in the Central Bank's Credit information service, and are available for all companies in the field to consult.