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I opened a personal line of credit account in 2005. In 2006 I lost my job and wasn't able to keep making payments. I am trying to understand what the statute of limitations are for this type of account and whether or not I can still be sued for the outstanding balance 7+ years and several collections agencies later?
http://credit.about.com/od/statuteoflimitations/g/illinoissol.htm
Hope this helps!
I am still confused if the SOL is 5 years or 10 years. Based on the various articles I've read, the SOL for credit cards which are considered Open-end accounts is 5 years. But here is what's confusing to me, there appears to be other accounts that are considered Open-end accounts and have a SOL of 10 years. I am not sure if the SOL for this personal line of credit account that I have 5 years like with a credit card or if it fits the 10 year SOL. Or maybe I'm misunderstanding the 5-year vs. 10-year difference for Open-end accounts in Illinois. I need some direction before I start writing letters requesting removal and I'm concerned about being sued for this account and want to understand if the Collection Agency still has the right to do so.
I am a resident of IL and in your case it will be 10 yrs on the personal loan.
Thanks that's what I was afraid of.