Statute of Limitation for Debts in Illinois
This guide sets out many of the time periods that creditors can pursue an individual (or company) for debts like contracts, medical bills, repossessions, credit cards, purchases, etc.
Creditors can pursue individuals for a limited period of time. Some of the more common time limitsIn general, written contracts: 10 years
Oral contracts: 5 years
Sale of goods (automobiles, furniture, natural gas): 4 years
Store Credit: 4 years
Credit cards in Illinois: 5 years
Bad check penalties: 2 years
Checks other than bad debt penalties: 3 years
Money judgments: 7 years but can be renewed to up to 20 years.
Parking tickets and red light tickets: does not seem to have any time limit.
The Time When The Statute Starts And When It EndsThe time to start the clock is the later of the date of last payment or from the date of default.
The statute of limitation is NOT restarted: if responding to a collection letter and disputing the debt.
The statute of limitation is NOT restarted when a Debt Buyer attempts to collect.
Attempting to collect a time-barred debt MAY violate the Fair Debt Collection Practices Act, if:a settlement or payment plan is offered, or
if the attempt is misleading,
Contact a consumer attorney and have them review the letters you received. This should not cost you anything.
Credit ReportsA debt may be reported on your credit report for 7.5 years after the default that led to charge off or 7 years from charge off, whichever is less. Check your credit reports to see if the debt is being reported and if so whether the information about it (dates) is accurate.
CautionThe Statute of Limitation is a defense. If you are sued you it must be asserted the defense. If not asserted the creditor could well prevail.
Other time periodsThere are other time periods not discussed in this article: such as Injury to a person, property damage, libel/slander, fraud, malpractice, trespass, and some others.
Collection LettersCollection Agency Disputes and Sample Letter: http://www.robertadamslaw.com/collection-agency-disputes-sample-letter/
Illinois definition of written contractthe odd Illinois definition of *written contract* (all material terms are in writing and not subject to change except by another signed writing)