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Collections Law/Credit union 14 year old debt.
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Question
Just received court documents in u.s. mail that our very old credit union is requesting money on a truck that we returned to them 14 years ago. We are shocked! We feel that we don't owe them anything as it has been sooo long ago. What is the statute of limitations in Il? This hasn't shown on our credit reports and we are very very shocked that they are coming after us. What do we do? Do we show up without an attorney to the court date? HELP!
The statute of limitations for this type of debt in IL. is 10 years from the date of last activity such as a payment or the sale of the vehicle. Double check the dates but if it is beyond 10 years fight the case and ask the judge to dismiss the case on those grounds. I am curious whether the account was sold to a collection agency or if the account is still with the credit union. Either way, it is beyond the statute.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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