Legal Question in Credit and Debt Law in Illinois

collections/payday loan

Need to know if there is a staute of limitations on a payday loan. Back in 2003 I took out a pdl and gave the required post dated check. In 2007, I received collection notice for this debt, I sent letter saying I disputed the claim. My situation has changed, the bank is no longer in business they closed in 2005, and I do not work. I know it is up to them to prove the debt, but Is there a satute of Limitations on this. They continue to call and say it is for me to prove, but I have no money to do the serch for records since the bank closed. Attorney cost are out of the question also, Do I have any rights they are trying to get me to settle on a debt I dont think I owe, and will not show proof or stop calling.


Asked on 10/06/08, 3:05 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: collections/payday loan

The statute of limitations for a written instrument is generally ten years. If this is a collection agency which is trying to collect this debt, there may be some Fair Debt Collection Practices Act violations here.

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Answered on 10/07/08, 4:53 pm


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