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About the extinction prescription of debt

The extinction of a right that occurs when one condition lasts for a long time and the situation does not change for a long period of time is called statute of limitations. In civil affairs, there are acquisition statutes and extinction statutes, and in criminal cases, there are prosecution statutes and punishment statutes. Of these, what is called extinction statute of limitations makes repayment of debt statute of limitations. The statute of limitations is applied to various other situations, and the statute of limitations for murder is also based on this system. When does the aging cause the debt borrowed by the cashing loan to disappear? Borrowing statutes start from the date on which you promised to repay your debt or the date on which you made the repayment, and the conditions will be met when five years or more have passed from that date. If the debt disappears due to the statute of limitations, the financial company will not be able to claim repayment. Only after five years have passed without a request for repayment from the creditor and no repayment by the debtor will the conditions for extinguishing the debt by statute of limitations be met. However, if you leave it without doing anything, the extinction prescription of the debt will not be established. The extinction statute for the debt statute is effective only by clearly telling the other party that the extinction statute is used. In addition, the statute of limitations for extinguishing a debt is considered to be suspended if certain conditions are met, and the calculation of the number of days returns to the drawing. If you intend to take advantage of the extinguishment statute of debt, be aware that it will not be statutory if you take action to admit that you have debt (respond to a repayment request) or if you file a proceeding.


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