The statute of limitations on debt collection in Illinois varies depending on the type of contract entered into on the debt. For written contracts, such as car loans, the statute of limitations is 10 years. For oral contracts or open accounts, which often includes credit card debt, the statute of limitations is 5 years.
Debt Collection Rights
Consumer Rights Law Firm Serving Clients in Chicago, Illinois, and Nationwide
Recently, our attorney Paul Markoff was chosen to lead a class action suit against Midland Credit Management on behalf of consumers who were misled by a form letter sent by Midland. The lead plaintiff, Renetrice Pierre, argued that the letter did not warn debtors that by agreeing to pay any amount to Midland Credit Management, it would re-open a time-barred debt. Debtors cannot be sued for money owed on a debt that has passed the statute of limitations.
Many Americans are in debt, but unfortunately not everyone knows that they have rights as a debtor. The Fair Debt Collection Practices Act and the Fair Credit Reporting Act both provide protections for debtors against being taken advantage of by third party debt collection agencies and from credit reporting agencies. We've put together this slideshow to help you understand your rights and when to contact a debtor rights attorney.
Many Americans are in debt, but may not realize that even though they owe money, they are still protected by the Fair Debt Collection Practices Act. Under this act, you do not have to put up with harassment or abuse by debt collection agencies. In addition, debt collectors cannot provide you with false or misleading information.
Paul Markoff and Karl Leinberger are representing lead plaintiff Renetrice Pierre in Pierre v. Midland Credit Management, a class action suit with 68,754 members.