What to do when a loan expires?

Questioner

I entered into an agreement (loan part) in 2006, at first I paid but then I didn't anymore... the other party hasn't really heard anything since until today Is this agreement still legally valid or is this article 3:307 BW and therefore expires?

Lawyer

Article 3:307 BW also applies to loan agreements, so the limitation period is 5 years.

Lawyer

Dear questioner, the agreement itself is still legally valid. Only legal actions can expire. You say that you paid in the beginning, but not after that. What is stated in the agreement regarding the repayment? and when did you stop paying? This is important for an assessment of whether legal claims have expired or not. yours sincerely, Mr. J. Wassink

Lawyer

I agree with Mr. Wassink. And the limitation period can also be interrupted by reminders. The limitation period of 5 years then starts running again. Furthermore, it is important whether the other party could still reach you or not (for example, did you report a possible move?).