Standard Legal Complaint Form for Debt Collection 2024: How Much Interest Must the Borrower Pay When the Loan with Interest is Due and the Borrower Fails to Pay or Fails to Fully Pay the Interest?

Standard Legal Debt Collection Lawsuit Petition Form 2024?

You can refer to the standard legal debt collection lawsuit petition form here.

What is the statute of limitations for civil debt collection lawsuits?

Based on Clause 3, Article 150 of the Civil Code 2015, the types of statutes of limitations are defined as follows:

Types of Statutes of Limitations

1. The statute of limitations for enjoying civil rights is the period after which the entity is entitled to civil rights upon its expiration.

2. The statute of limitations for exemption from civil obligations is the period after which the obligor is exempt from fulfilling their obligations upon its expiration.

3. The statute of limitations for lawsuits is the period during which an entity has the right to initiate a lawsuit to request the Court to resolve a civil case to protect lawful rights and interests that have been infringed; if this period expires, the right to sue is forfeited.

4. The statute of limitations for requesting the resolution of civil matters is the period during which an entity has the right to request the Court to resolve civil matters to protect the lawful rights and interests of individuals, legal entities, national, ethnic, or public interests; if this period expires, the right to request is forfeited.

Article 429 of the Civil Code 2015 specifies the statute of limitations for filing lawsuits concerning contracts as follows:

Statute of Limitations for Filing Lawsuits Concerning Contracts

The statute of limitations for filing a lawsuit to request the court to resolve contract disputes is 03 years from the date the entitled party knows or should know that their lawful rights and interests have been infringed.

Additionally, Article 463 of the Civil Code 2015 outlines the form of property loan contracts as follows:

Property Loan Contracts

A property loan contract is an agreement between parties where the lender transfers property to the borrower; upon due date, the borrower must return to the lender property of the same type with the exact quantity and quality, and must pay interest if agreed upon or prescribed by law.

Thus, the statute of limitations for debt collection lawsuits is 03 years from the date the borrower fails to fulfill the repayment obligation as agreed with the lender.

Standard legal debt collection lawsuit petition form 2024? How much interest does the borrower have to pay when borrowing with interest but failing to repay on time or only partially repaying the interest? (Image from Internet)

How much interest does the borrower have to pay when borrowing with interest but failing to repay on time or only partially repaying the interest?

Article 466 of the Civil Code 2015 outlines the borrower's obligation to repay debt as follows:

Borrower's Obligation to Repay Debt

1. If the borrowed property is money, the borrower must repay the full amount upon due date; if the borrowed property is an object, the borrower must return an object of the same type with the correct quantity and quality, unless otherwise agreed.

2. If the borrower cannot return the object, they can repay its value in money at the location and time of repayment, if agreed upon by the lender.

3. The repayment location is the residence or office of the lender, unless otherwise agreed.

4. If the loan is interest-free and the borrower fails to repay or only partially repays upon due date, the lender has the right to demand interest on the overdue amount at the rate prescribed in Clause 2, Article 468 of this Code for the overdue period, unless otherwise agreed or prescribed by law.

5. If the loan bears interest and the borrower fails to repay or only partially repays upon due date, the borrower must pay interest as follows:

a) Interest on the principal at the agreed rate for the loan term that is overdue; in case of late repayment, additional interest must be paid at the rate specified in Clause 2, Article 468 of this Code;

b) Interest on the overdue principal at 150% of the loan interest rate for the overdue period, unless otherwise agreed.

Thus, when borrowing with interest but failing to repay or only partially repaying the interest upon due date, the borrower must pay interest as follows:

- Interest on the principal at the agreed rate in the contract for the loan term that is overdue;

In case of late repayment, additional interest must be paid at the agreed rate; if there is an agreement on interest payment, but the interest rate is not clearly specified or is disputed, the interest rate is determined at 50% of the prescribed cap rate at the time of repayment.

- Interest on the overdue principal at 150% of the loan interest rate for the overdue period, unless otherwise agreed.

Sincerely!