small payments impact on SOL

Date: Sat, 01/21/2006 - 11:37

Submitted by anonymous
on Sat, 01/21/2006 - 11:37

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Total Replies: 1

I need to find out specifically how to interpret the SOL on credit card accounts in Illinois. My account first became delinquent in November 2000, when I was unemployed, and charged off sometime after that. In 2002, I began making small payments ($50) to the agency that purchased the account, but never again made the required minimum payment. Did the small payments restart the SOL? I stopped making payments April 2005, due to unemployment, and although I have a temp job, I am not in the position to make payments yet. I have been repeatedly threatened with a lawsuit, and will never be able to find a permanent position in my field with a judgment on my credit. I need to understand whether the SOL has run out or not. I'm also not quite sure whether credit cards in Illinois are a 5 or 10 year SOL.

Thanks.

The statutes in Illinois expire after 5 years from the date of l

The statutes in Illinois expire after 5 years from the date of last activity in the credit card account. Since you made the last payment in April 2005, the SOL period is renewed from this month for the next 5 years.

Legally speaking, the credit card company can take legal actions against you if they intend to take. But they won't be doing it if you put some payments towards the credit card accounts.

You can take a consolidation program and have the legal formalities avoided. The consultant will negotiate with your lenders and send monthly payments to your credit card accounts. Looking at your present financial situation, the consultant will set a lower payoff and it will help you in making the regular payments. Lenders are ready to work with the debt counselors if you ensure regular payments to them. Slowly, all the legal procedures will go out of your way.

lrhall41

Submitted by john on Sat, 01/21/2006 - 12:32

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