How many years before a debt is written off?

How many years before a debt is written off?



The statute of limitations may also be affected by the terms of your contract with your creditors and, if you have moved, by the laws of the state where you are sued.  You may want to consult with an attorney to find out how this period is calculated and when the period may have begun with respect to your debt.

In some states, making a partial payment on an old account may restart the time period in which you can be sued. Likewise, in some states, sending a written statement acknowledging that an old debt is owed may restart the time period during which you can be sued.

If a debt collector initiates a lawsuit for a debt that has gone beyond the statute of limitations period, you have a defense against the lawsuit. If you are sued, and you believe that the statute of limitations has expired, you may wish to consult an attorney. It is a violation of the Fair Debt Collection Practices Act for a debt collector to file a lawsuit against you or threaten to sue you when he knows that the statute of limitations has expired.


The Central de Riesgos (Credit Information Center) is the system administered by the National Banking and Insurance Commission, through which the information provided by the supervised institutions of all natural and legal persons that acquire commitments or credit obligations with them, in their capacity as debtors, co-debtors, guarantors or guarantors, is consolidated.

This system allows supervised financial institutions to obtain credit information on each person, which authorizes the financial institution to consult it for credit analysis purposes.

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The CR provides detailed information on the balances, situation or status of the debt (current, delinquent, overdue, in judicial execution and punished), reflecting the history of payment behavior of the obligations, which allows financial institutions to evaluate the credit risk of debtors for their credit granting decisions.

If the principal debtor does not pay the totality of the credit obligations, the guarantor or surety will be responsible for the payment of the balance of the loan and other charges derived from the recovery of the loan.


To stop paying a loan, credit card, etc., can generate serious problems, the punctual payment of your debts has to have priority over other expenses. Never make the decision to stop paying a loan as a solution to an economic problem, because far from being a solution, it will be the beginning of much worse problems and you will start making wrong decisions.

If it is a personal loan, don’t think you are off the hook. When you have a personal loan (consumer loan) you put in guarantee the totality of your present and future goods. In a situation of prolonged non-payment, the entity could get a judge to seize these assets, which include your home, your car, your bank accounts, etc. – everything necessary to pay off the debt.

If you are going through a difficult economic situation that makes it impossible for you to make your loan payment or your minimum credit card payment, the best thing to do is to go to your bank to let them know what your problem is before you go into default. Don’t be shy to go to the bank and expose your problem and ask for help.

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One of the main questions has to do with how long a person’s history in the Credit Bureau lasts before it is eliminated, which we will answer below so that you can identify how long it will take for your history to “be clean” once you have paid off what you owe.

The answer is NO, it is not a bad thing to be in the Credit Bureau. Everyone, from the moment they get a loan “is in Buró” and that is not bad, the bad thing is to have a negative history, because it means that we owe or we are late with the payments.

Many people have an erroneous perception of what Buró de Crédito really is, which is why it has earned the “bad reputation” of being the one who approves or rejects the credits that people apply for in banks.

Imagine you apply for a vacancy. At the interview you hand in your CV and tell them what you have done and what you know how to do. But before giving you the job, they talk to your previous employer to ask for your references.

If this is your case, the solution is obvious: you must pay off your outstanding loans. If you do, your credit history will be updated in 5 days and your status in Buró will indicate that you are current. This does not mean that your negative behavior will disappear, only that you no longer owe.

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