Consumer Law, Warranties in default

[tuxor]

I defaulted on a capital cash advance loan contract in jan-2004-just received letter demanding payment- what can happen now--what is the statue of limitations on this kind of loan in Illinois.

 

[army judge]

I defaulted on a capital cash advance loan contract in jan-2004-just received letter demanding payment- what can happen now--what is the statue of limitations on this kind of loan in Illinois.

The SOL in Illinois is either 4 or 5 years, depending upon the kind of debt.

Regardless, my advice is the same.

For you, the SOL has expired.

Let sleeping dogs lie.

You don't want to reawaken this debt, collection zombie!

This is the old "tar baby" trap.

Do not respond to the letter.

You communicate with them in any way, it is possible to lose the protection of the statute of limitations.

Do not communicate with them, even to dispute the debt.

These are debt, collector, con-artists!

Even IF you owed this debt, you don't owe these bottom feeder, scavengers!

Here is the SOL for debts in Illinois.
Illinois Statutes of Limitation

Breach of contract for sale under the UCC: 4 years.

Open account or unwritten contract: 5 years. NOTE: Except, as provided in 810 ILCS 5/2- 725 (UCC), actions based on a written contract must be filed within 10 years, but if a payment or new written promise to pay is in made during the 10 year period, then the action may be commenced within 10 years after the date of the payment or promise to pay

 

[tuxor]

Thank you so mush for answering but Im a little confused--wouldnt a payday cash advance loan be a written contract agreement---i signed a contract.

 

[army judge]

Thank you so mush for answering but Im a little confused--wouldnt a payday cash advance loan be a written contract agreement---i signed a contract.

Sure, but the answer is the same.

The only other factor is what would be termed a contract coming under the purview of the UCC (Uniform Commercial Code).

Even if it did, then it is either 4 or 5 years.

Wither way you cut it, the SOL has run.

Thie options to collect on this puppy have ended, UNLESS YOU STUPIDLY open this can of worms!

Bottom line, I wouldn't do it!!!!!!!!!!!!!

 

[jharris352]

He is saying that the statute of Limitations has passed. SOL. After that they can not collect it. It is very unlikely that they waited six years to legitimately collect. Ignore it; it will go away.

 

[tuxor]

Got ya --THANK U SOOOOO MUCH. Im not replying to them.