The limitation period for accounts payable is the time period during which the lender has the right to collect funds from the borrower in accordance with the law, including by going to court.
The term “limitation of actions” means the period during which a person (or organization) whose right has been violated can, in accordance with the law, within the framework of a loan agreement, apply to a court to collect a debt from a borrower. This right is determined by Articles 195 and 196 of the Civil Code of the Russian Federation. But the creditor can do this only within the time period strictly established by law. Article 196 of the Civil Code of the Russian Federation defines its duration as three years. Its establishment is carried out from the moment of violation of the rights of the lender, that is, from the moment when the borrower ceases to fulfill its obligations to the lender. This requirement is determined by part 1 of article 200 of the Civil Code of the Russian Federation.
There can be many reasons why the borrower is unable to fulfill the loan agreement. Among them, the objective is the loss of the main source of income, illness. And some people simply believe that it is not necessary to pay back the borrowed funds, which means that it is not necessary to pay the debt to the bank. And they are waiting for the statute of limitations to come to an end. And he, according to paragraph 1 of Article 200 of the Civil Code of the Russian Federation, begins from the moment when the creditor learned that his rights in terms of fulfilling obligations were violated, as well as from the moment of the last official contact with the bank. This can be the last payment on a loan or receiving a notification from the bank demanding to pay off the debt.
If, within the time allotted by law, that is, after the expiration of a three-year period, the creditor has not filed a lawsuit, he can renew the limitation period, but only in exceptional cases, which are established by Article 205 of the Civil Code of the Russian Federation. The court recognizes as valid grounds for missing the statute of limitations circumstances related to the person of the plaintiff: helpless condition, serious illness, illiteracy, etc. The reasons for missing the limitation period are recognized as valid if they took place in the last six months of the limitation period, if this period is less than six months or is equal to them, then during the entire limitation period.
The limitation period is determined separately for each obligation. If an organization has a debt to counterparties under different contracts, then the limitation period for each of these contractual obligations is determined separately.
In accordance with paragraph 2 of Article 196 of the Civil Code of the Russian Federation, the limitation period can be interrupted and re-calculated, but in total it cannot be more than 10 years.
The limitation period may be interrupted:
- if during this period a partial payment of the debt is made,
- if you receive a letter from the debtor asking for a deferred payment,
- in the event that the parties sign a reconciliation act or offset mutual claims,
- if the debtor recognizes the claim in writing,
- in the event of amendments to the agreement confirming the recognition of the debt by the debtor
The question of the limitation period is of interest to many. After all, after its termination, the lender is no longer entitled to demand the return of the debt from the borrower. But many banks do not want to lose their own funds and turn to specialized organizations - collection offices to "knock out" the debt from the borrower. In this case, the bank forms a portfolio of illiquid assets and sells them for 5-10 percent of their value. At the same time, an important point is that with the assignment of rights, the owner of the debt changes, but the statute of limitations remains the same.
However, collectors do not always act within the law. The borrower, when communicating with collectors, needs to be prepared for their use of illegal and unlawful methods of debt collection. Collectors often intimidate the debtor, terrorize him and his family members. In such cases, when the collectors seriously complicate the life of the borrower, he can seek help from law enforcement agencies - the police and the prosecutor's office.
