Limitation periods by debt type
| Type | Period |
|---|---|
| Commercial claims such as bank, card company and capital firm loans | 5 years |
| Money lent between individuals (ordinary civil claims) | Year 10 |
| Claims confirmed by a judgment or payment order | 10 years from the final date |
| Wage claims | 3 years |
When the clock restarts (interruption)
- The creditor files a lawsuit or payment order
- A seizure or provisional seizure is made
- The debtor acknowledges the debt (paying even part, or a written or text promise to pay)
A simple collection call or text counts only as a "demand" that delays the clock by 6 months; without a lawsuit within that time, it doesn't interrupt it.
When pursued for a time-barred debt
Paying even part after the period has ended may count as waiving the limitation and revive the debt. Get advice from the Korea Legal Aid Corporation or similar before paying. Financial companies are restricted from collecting time-barred claims.
This calculator gives estimates based on published laws and criteria and is not legal advice. Before acting, be sure to check with the official agencies below.