What is the statute of limitations for filing a civil debt claim?

Pursuant to Clause 3, Article 150 of the 2015 Civil Code, the following types of statute of limitations are stipulated:

“The statute of limitations is the period of time within which a subject has the right to initiate a lawsuit to request the Court to resolve a civil case to protect infringed legitimate rights and interests; if that period expires, the right to initiate a lawsuit is lost.”

In case the loan or debt is established in a contract, the statute of limitations for filing a lawsuit according to Article 429 of the 2015 Civil Code is as follows:

“The statute of limitations for filing a lawsuit to request the Court to resolve a contract dispute is 03 years from the date the person entitled to make the request knows or should know that his/her legitimate rights and interests have been violated.”

In addition, Article 463 of the 2015 Civil Code also stipulates the form of a property loan contract as follows:

“A property loan contract is an agreement between the parties, according to which the lender delivers property to the borrower; when the payment is due, the borrower must return to the lender property of the same type in the correct quantity and quality and must only pay interest if there is an agreement or if the law so provides.”

Thus, the statute of limitations for filing a lawsuit for a property loan contract dispute is 03 years from the date the borrower fails to fulfill the debt repayment obligation as agreed with the lender.

This limitation period does not distinguish whether the loan is established in a written contract or not. Even if the loan is established by agreement of the parties, it is still a form of property loan contract.

Note: If you want to file a lawsuit to collect debt, you must file a lawsuit within the time limit allowed to protect your legal rights and interests. If that time limit expires, you will lose the right to file a lawsuit.