1. The legal prosecution period for arrears is 3 years. The limitation of action for recovering arrears is usually three years, and the specific starting time is different under different circumstances. The limitation of action to recover arrears will also apply to the suspension system, and the longest time stipulated by law can be 20 years. The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it.
2. Legal basis: Article 188 of the Civil Code of People's Republic of China (PRC).
The limitation period for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail.
The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.
Article 189
If the parties agree to perform the same debt by stages, the limitation period of action shall be counted from the date when the last performance period expires.
Second, what are the consequences of overdue arrears?
1, overdue for more than 90 days, if the circumstances are serious, it can be regarded as malicious overdue, and the collection may also cause life pressure on yourself and your family, affecting the normal life of individuals and families;
2. Overdue charges, there will be liquidated damages, penalty interest and other expenses, which need to be collected in accordance with the contract. Different institutions and different loan products charge different liquidated damages or penalty interests;
3. It has an impact on personal credit records, and bad credit records have become obstacles to loans such as mortgages and car loans and credit card processing in the future.