Illinois Debt Settlement
Rising credit card balances and other unsecured debts can make it difficult to stay current on monthly payments. For individuals researching Illinois debt settlement, understanding available debt relief options is often an important first step. Debt settlement is one approach that involves negotiating with creditors to potentially resolve eligible unsecured debts for less than the full balance owed.
United Settlement helps individuals evaluate debt settlement in Illinois and determine whether it aligns with their financial circumstances. During a consultation, other debt relief strategies may also be discussed based on debt type, repayment challenges and financial goals.
Why Choose United Settlement in Illinois
When exploring Illinois debt relief options, it’s important to understand how the process works, what types of debt may qualify and whether debt settlement aligns with your financial circumstances. United Settlement provides information about debt relief programs and eligibility requirements.
Because every financial situation is different, debt relief should be evaluated on an individual basis. United Settlement can help you review potential strategies for addressing unsecured debt and make informed financial decisions.
Illinois Economic and Debt Statistics
Illinois Residents and Debt Settlement
Credit Card companies and other creditors are permitted to contact Illinois residents directly regarding debts, particularly in a situation involving delinquent payments. However, debt collection agencies are required to comply with the the Federal Fair Debt Collection Practices Act (FDCPA), as well as the Illinois Collection Agency Act (ICAA), and are therefore prohibited from taking certain actions.
The FDCPA, collection agencies are prohibited from informing employers about a debt or attempting to collect a fee in excess of any debt owed. Debt collection agencies are also prohibited from communicating in a manner that simulates a judicial process or gives the appearance of a governmental action. Additionally, debt collection agencies are prohibited from contacting debtors or debtor family members at unusual hours or with a frequency that may be reasonably construed under the law as harassment or abuse.
Meantime, the ICAA requires debt collectors to obtain a license and comply with provisions similar to, but broader than, those included in the FDCPA that limit the manner in which collection agencies are allowed to communicate with debtors. Under the ICAA, debt collectors who maintain offices within Illinois can be fined up to $5,000 for each violation related to pursuing debt collection without a license.
Illinois Statute of Limitations on Debt Collection
When sufficient time passes in a situation in which consumer debts have gone unpaid, a debt collector can lose the legal right to sue for non-payment. In the state of Illinois, the statute of limitations on debt collection varies according to the type of debt involved. For written contracts, the statute of limitations is ten years. For credit card accounts and oral agreements, the statute of limitations is five years. For either time period, the clock begins ticking from the “date of default,” which is typically thirty days after the last payment was actually made.
When debts remain unpaid prior to the statute time period elapsing in full, creditors maintain legal right to sue for non-payment and are permitted to engage debt collection agencies who can make persistent attempts at collection – as long as they remain within the boundaries mandated by the FDCPA and the ICAA.
Get Help if You Need It
Getting out of debt is never an easy process. If debt settlement is the proper avenue for you, be honest with yourself. Decide whether you possess the background, strength and fortitude to negotiate directly with creditors yourself – or whether engaging the services of an experienced and reputable debt settlement company will serve your needs best. Remember, the goal is to save the greatest amount of money and time while minimizing any ensuing damage to your credit score and profile.
A reputable debt settlement company will provide a realistic estimate and time frame for making offers to your creditors that can ultimately result in settlements that save you significant amounts of money, time, and aggravation.
*Please note: We currently do NOT offer debt settlement, debt management, or any services in the state of Illinois. The information above is for informative purposes only.
Debt Resources & Additional Reading
Illinois Debt Settlement FAQ
Credit Card companies and other creditors are permitted to contact Illinois residents directly regarding debts, particularly in a situation involving delinquent payments. However, when sufficient time passes in a situation in which consumer debts have gone unpaid, a debt collector can lose the legal right to sue for non-payment. In the state of Illinois, the statute of limitations on debt collection varies according to the type of debt involved. For credit card accounts, the statute of limitations is five years.
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