Posted on: 30th Jan, 2013 12:19 am
Hi… I'm reading that, in Illinois, the SOL for written contracts is 10 years and 5 years for oral and credit card agreements. Is this true? If it's 5 years for CC's, then I'm pretty close on most of these. Should I not mess with them since they're seemingly close to the SOL?
Hi Ian,
The SOL period that you have mentioned is absolutely correct. To know more you it, check out:
"http://credit.about.com/od/statuteoflimitations/g/illinoissol.htm"
Now that you're pretty close to get passed the SOL, it will be better if don't mess with them. Wait till the SOL period gets passed as after that the creditor won't be able to take any legal actions against you.
Take care.
The SOL period that you have mentioned is absolutely correct. To know more you it, check out:
"http://credit.about.com/od/statuteoflimitations/g/illinoissol.htm"
Now that you're pretty close to get passed the SOL, it will be better if don't mess with them. Wait till the SOL period gets passed as after that the creditor won't be able to take any legal actions against you.
Take care.
The statute of limitations (SOL) in Illinois for oral contract and written contract are 5 and 10 years respectively. Once that period is over, then the creditor won't be able to file any lawsuit against you to recover the debts.