Debts and statute of limitations
Preskriptionstid för skulder - Engelska
When you purchase something from a company, the company can demand payment for three years. After three years, the debt is considered prescribed. The company can no longer demand that you pay the debt. However, sometimes the company may get more time. Therefore, do not assume that your debt will be prescribed.
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Prescription for debts – keep this in mind
More about prescription and debts
Prescription period for debts means the time during which the creditor has the right to demand payment.
The general rule is that a debt is prescribed after 10 years.
However, if you as a private person have purchased something from a company, the prescription period is 3 years. The company you bought from can therefore demand payment for three years. The time is counted from the last payment date.
When the prescription period has passed, it is called that the debt is prescribed.
How long is the prescription period for a debt? The prescription period varies depending on who has a claim against you.
Examples of prescription periods:
- Goods and services you buy from companies – 3 years
- Bank loans – 10 years
- Fines – 5 years
- Taxes – 5 years
- Bills and credit card debts – 3 years
- Debts to the municipality – 3 or 10 years depending on the type of debt
The prescription period can be extended in some cases. A new prescription period begins if there is an interruption during the prescription period, a so-called interruption of prescription. The company then gets more time, and you are obliged to pay. An interruption of prescription can, for example, be:
- The company sends reminders during the prescription period
- You request an installment plan
- You inform the company that you will pay
Has a company informed you that you need to pay a debt you believe is prescribed? Write to the company and explain this.
You can always dispute a claim you believe is incorrect.
About disputing an incorrect claim
Keep in mind that if the company can prove that they sent reminders during the prescription period, the prescription period for the debt is extended. You are then still obliged to pay.
Contact the budget and debt counseling service in your municipality if you need advice regarding your finances. The counseling is free of charge.
A budget and debt counselor can help you get an overview of your finances and provide practical advice if you are in debt. You can also get help applying for debt restructuring.
Get help with finances, budget, and debts
