For many who call the Land of Lincoln home, the cost of living has been on the rise. Unlike many states with lots of urban areas though, the majority of Illinois’ residents live in the shadow of the state’s largest metropolitan area, Chicago. Regardless of where you live within the state however, residents generally have high energy, food, and transportation costs. If you live in Illinois and find yourself under water financially, you need the help of financial experts who can provide the Illinois debt relief that you require.
Get the Illinois Debt Relief You Need
For families living in Illinois, the state offers protection and programs like Illinois debt consolidation programs, or other debt relief plans. Understanding the state’s statutes of limitations is important to knowing your rights under the consumer protection laws. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In the Land of Lincoln, the statutes of limitations on outstanding debts include:
- Oral Contracts—5 Years
- Written Contracts—10 Years
- Promissory—10 Years
Additionally, the state’s consumer protection laws ensures that collection efforts conform to established norms and procedures that limit the hours and places they can call to reach you for a payment.
Illinois follows the set of laws known as the Fair Debt Collection Practices Act.
As such, a debt collector cannot:
- Threaten to contact a debtor’s employer unless the debt is more than 30 days past due.
- Threaten to disseminate information regarding the debt to any third party other than a person who has a business need for the information.
- Attempt to collect a collection agency’s fee unless authorized to do so in the original agreement.
In addition, at least five days prior to contacting the debtor’s employer, the debt collector must notify the debtor in writing of their intended action.
Maximum Interest Rate a Collection Agency Can Charge in Illinois: 5%
Illinois Wage Protection: 85% of net weekly income or 45 times the federal minimum wage.
Illinois Debt Relief from Americor Financial
You don’t need to lose sleep over your debt, but you do need to get control of your finances if you ever want to move on with your life. You need to discuss the range of debt management options available to you, and our team of financial experts is standing by to help you with the Idaho debt relief plan that will help get you back on your financial feet. Get the night of good sleep you deserve with the help of Americor Financial.