stat of limit illinois credit card

[steveurb]

What is the name of your state? illinois
i've read on the web that the statute of limitations for credit card debt in illinois is five years (because it is an "open account"!?). where is this coming from? in 735 ilcs 5/13-206 the stat of limits is 10 yrs on written contracts. is not credit card debt considered a written contract, and if not, what case or statute/code section will show this. this is important to me as i've just past the 5 year point but can't seem to find proof (ie a code referral or a case to cite) that shows credit card debt is considered an open account and hence does not have a 10 year stat of limits.
i'm looking for a code section or court case that will show credit card debt to have a five year stat of limits (if this is the case), and i cant afford a expensive/competent attorney.

please help and thanks,
steve

 

[JETX]

This issue has been discussed ad nauseum just recently on this forum....

A 'credit card debt' IS an 'open account'. The definition is set in the FEDERAL "Truth-in-Lending" Act.
It is NOT a 'written contract'.

The SOL in Illinois is:
Open Acct.: 5 years
Written Contract: 10 years

 

[krispenstpeter]

and i cant afford a expensive/competent attorney.

Then hire a cheap/incompetent one.

 

[bigun]

Here ya go.

https://forum.freeadvice.com/showthread.php?t=180642

Also, do a search for the screen name ttoby. She's an Il resident that was sued and won using the SOL defense.

 

[JETX]

Actually, the two relevant posts by ttoby are at:
https://forum.freeadvice.com/showthread.php?t=167840
and
https://forum.freeadvice.com/showthread.php?t=159491

 

[bigun]

As an Il. resident, you may well have a usury counterclaim.


One of our complaints alleging that a bad debt buyer is not entitled to charge more than 9% interest (with an agreement so providing) or 5% (without an agreement) in Illinois was upheld on February 26, 2004 by Judge Darrah in federal district court in Chicago. Shanahan v. Porick, 03 C 7211 (N.D.Ill.). This involved an Asset Acceptance debt. Bad debt buyers routinely attempt to charge the same amount as the original creditor, even though the original creditor had a charter or license entitling it to charge "supervised" rates and the bad debt buyer does not. The effect is that a lot of what is claimed is not owed, and Interest Act or FDCPA penalties may offset some or all of the alleged debt.

The theory is also good in Indiana but there the rate is 21%.

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