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How to write off penalties, fines?

Not every debtor thinks about the fact that sometimes it is possible to apply the Statute of limitations when writing off penalties, fines, even if such a creditor is a Bank.

Thus, article 256 of the civil code of Ukraine indicates that the Statute of limitations is the period within which a person can apply to the court with a requirement to protect their civil rights or interests.

The civil code of Ukraine provides for two types:

  • the General Statute of limitations, a period of 3 years,
  • special limitation period – 1 year with the requirements for the recovery of a penalty (fine, penalty).

So, as we can see, to the situation described above, the General limitation period of 3 years is applied.

From this it follows that if, within three years after the debtor’s obligation to the Bank to pay the loan amount, and the recovery of a fine, the penalty of one year, the Bank has not addressed this requirement in court, we can safely refer to the normal expiration of the Statute of limitations, while not forgetting about part 3 of article 267 of the civil code of Ukraine, according to which Statute of limitations applied by the court only at the request of the parties to the dispute, made pending a decision.

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