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Hi! My question is about & 6 yrs ago someone stole my

Hi! My question is about & 6 yrs ago someone stole my

Submitted by JSimone on Sat, 02/15/2020 - 09:24

Hi! My question is about & 6 yrs ago someone stole my debit card. Used it and my bank card was $5600 over drawn. I called my bank and went to police but person couldn’t be found. The bank however blamed me and this is on my record (credit report). I clearly can’t pay this money back. I want to know if Collection Company will come after me in a law suit next year when its & yrs. I don’t know who many years the Statute of Limitation works in Illinois. Also, what could I do to resolve this major issue? Do I contact them or just wait? If I contact them I’m thinking SOL starts again… or if I wait will this be removed from my record because of SOL.

Read your query. Now I have a few questions for you. What did the police do after you have lodged a complaint? The SOL period in Illinois for the open-ended accounts is 5 years. This implies that the SOL period on your debt is over. So a collection agency can't sue you anymore. Even if they file a lawsuit against you, defend yourself by saying that it's a time-barred debt. But yes, the debt will be there on your credit report for 7 years. Don't contact them any more.

Submitted by Nick Jonas on Mon, 02/17/2020 - 23:44

Nick Jonas

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Hi, my dear friend,

I am feeling sorry for your poor situation. The rule says in Illinois, the SOL limit is 5 years on credit card debts (as the bank has made you the accused). So, the collection company cannot harass you anymore in the legal way as the debt is more than 5 years old.

However, the debt collectors can still pursue you even in the 6th year to collect their undue amount. The trick you should apply is never to admit before the judge that it was your fault. If you admit that it is your fault under their pressure, the credit card company and collectors will try to reset the Statute of Limitation clock again. So, never admit before the debt collectors and creditors that $5600 was overdrawn due to your fault.

Now, I am going to answer your second question. What to do with your credit bureau negative report?

The Illinois legal aid desk says the black spot on your credit report will stay for 7 years. It will automatically be removed after 7 years. But you have to take care of one important matter. The 7 years will start after 180 days when the credit balance remains unpaid.
So, you have to wait a few more days before your credit report becomes clear again.

Submitted by Ryan Miller on Tue, 02/18/2020 - 02:43

Ryan Miller

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I would say that make yourself knowledgeable so that you can avoid such situations in the future.
And, if you think the card issuer is not paying heed, you can contact your state's Attorney General.

Submitted by Mabelle Page on Tue, 02/18/2020 - 03:26

Mabelle Page

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