When is the payday loan overdue?
By taking out a payday loan, we are obliged to repay them.
However, life writes really different scenarios, so it may happen that the debt will not be settled. In this situation, it most often goes to debt collection. It may, however, also be overdue, that is, the statute of limitations. When, then, we do not have to pay the debt anymore?
We should only decide on payday loans and bank payday loans when we know that we will be able to pay off the liability. Then we can reduce the risk of non-repayment. However, there are situations when repayment is not enough. It may be job loss, serious illness, sudden departure, personal problems.
When we do not pay the debt, in this case the institution that lent us money has the right to claim debt. Nevertheless, it does not always start efforts in this direction at the right time. If the debt collection starts too late, we do not have to pay back the debt, because it will be time-barred.
Limitation period for a payday loan
In principle, you can collect debts in Poland even in this situation when they have expired. This is one of the main problems, because not everyone in debt knows that after the statute of limitations, he does not have to pay an earlier commitment. This is what debt collection companies earn – they pull debts from many, many years, contact with debtors, and then try to force them to admit debt – it is enough for the case to go on. The debt collection company then begins to demand repayment with huge interest.
The law indicates that the liability resulting from the unpaid payday loan agreement or payday loan expires after 3 years. It is worth remembering that the limitation period is calculated from the date on which the obligation was to repay a payday loan or a payday loan. Therefore, older debts are subject to prescription.
How not to get involved in repayment of a payday loan that is out of date?
If the payday loan we took several years ago has expired in accordance with the law, in such a situation we can avoid repayment. Of course, this does not mean that the debt will be completely required, because the information on debt will still be available in the debtors’ databases.
The debt collector who calls us to inform us of such overdue debt will first of all try to persuade us to confirm the debt. Then the debt collector wants to see the so-called debt recognition. First of all, we should not confirm anything. We can also make a plea of limitation, for example in opposition to an order to pay or in response to a claim, if it has already been formulated. If we do nothing, then the proceedings will continue.
Therefore, overdue payday loans do not require repayment if the 3-year period expires. However, we can also unknowingly recognize the debt that is already overdue. We should therefore know our rights so as not to get caught up in this situation!