Legal Question in Credit and Debt Law in Illinois

Settlement on debt

I was recently summoned to appear in small claims for an outstanding credit card debt. I understand that the SOL in Illinois is ten years for a written contract. The amount that they are attempting to get is much larger than what I actually owed b/c of late charges and interest. Is there any way that I can settle for the amount owed? It has been almost five years since the debt went to collections and I was a Sophmore in college. Would it help if I showed them a statement of my income vs. monthly expenses?


Asked on 10/09/03, 9:23 am

1 Answer from Attorneys
Mary McDonagh McDonagh-Faherty Law Offices

Re: Settlement on debt

They are entitled to what you did not pay them plus any fees or charges - you can attempt to make payment arrangements but that is all that a court will do also - you will not be let off. My advice is start paying. The only time they usually take you to court is when you don't bother as you haven't for five years.

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Answered on 10/09/03, 11:17 pm


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