The vital necessity or cherished desires lead people, and send them to go to the bank for a loan — this is not so important. Credit is available, payments are made monthly, but an unexpected situation happened, and nothing more to pay.
But what will happen if this does not happen? — If you have overdue payments, and a long time ago. The bank in this case has the right to submit for you to court.
Is there any definite limitation period, and what it means — this will be devoted to our article.
It is believed that this period, during which the Bank has to sue the debtor in order to return the funds issued earlier. If you are a conscientious payer, and pay all your payments within the prescribed period, then you will not be able to apply the rules of limitation. If the terms of the concluded contract are fully met, then the bank is not entitled to pay your debt. Also, unilaterally, the lender is not entitled to make changes to the loan agreement.
In the event that you deliberately shy away from the execution of your credit obligations, or for unforeseen reasons you allowed overdue payments, or penalties were imposed on you. In this case, the limitation period begins to operate.
It starts to be counted since the latter payment. It is 3 years. This period is defined under Art. 196 of the Civil Code of the Russian Federation. And it acts not only on consumer loans, but also on credit cards. If after the occurrence of an overdue payment, you made the desired amount after time, the limitation period is reset until the next overdue payment.
If, after 3 years, the bank did not sue the debtor, its credit obligations will be considered closed. But, the bank can sue and after 3 years. In this case, you need to know that with the appearance of the court, it is necessary to provide documents confirming that your limitation period has expired. Not all citizens know about this, which indicates the financial illiteracy of the population.
Accordingly, if you have such an unpleasant situation, you need to clarify all possible options for developing events, and consult about your possible actions with legally savvy people. But despite the fact that after the expiration of the limitation period, you are essentially free from a loan by a person, banks will most likely continue to notify you with requests to return the money taken from him. And your credit history will be spoiled, which will continue to negatively affect if you try to contact the bank for taking a new loan product.
Now you know everything about the timing of the limitation. Do not be overwhelmed, then not to be in court with a bad credit history.