⚖ Civil Law | Civil Law Blog
Loan Statute of Limitations — How to Have a Loan Recognized as Time-Barred by the Creditor Without Going to Court
| Many people carry the burden of debt for years, unaware that legally it may no longer exist.
Statute of limitations means that the creditor’s right to file a claim in court has expired. The Civil Code of Georgia sets a general period of 10 years, and in certain cases against financial institutions — 3 years.
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Civil Law Attorney Pkhaladzé et Associés |
Without Court — 4 Steps
| 1 | Check the Debt History
Gather all documents — contract, payment statement. Determine the exact date of the last payment. |
| 2 | Calculate the Statute of Limitations
With a legal consultant, determine whether the period has expired — this is the basis for everything. |
| 3 | Written Claim to the Creditor
An official letter indicating the fact of the statute of limitations and requesting removal of the loan from the credit information database. |
| 4 | Deletion of the Record from Credit Info
Credit Info is obliged to remove a time-barred debt. A creditor who refuses is legally liable. |
Real Case
A client of our firm had a 2014 loan listed as “negative” in Credit Info. We established the fact of the statute of limitations, drafted a legal letter — without going to court, the record was deleted in 3 weeks.
| Do you have a time-barred loan? — Call us 597117795 |
