I live in Illinois where the statute of limitation is 10 years for written accounts and 5 years for open-ended accounts. Which one do credit card debts fall under?
2007-03-09 09:27:08 · 4 answers · asked by Ti 7 in Business & Finance ➔ Credit
No matter what state you live in, credit cards are always open accounts.
ILLINOIS SOL & CODE FOR CREDIT CARD EXCLUSION AS WRITTEN CONTRACT
(735 ILCS 5/13-205)
Sec. 13-205.
Five year limitation.....................
http://whychat.5u.com/States/state-ill.html
2007-03-09 09:42:33 · answer #1 · answered by echo 7 · 1⤊ 0⤋
a written account is an account secured with some sort of lien, such as a car, a house, land, or some other large asset where the lienholder has filed a lien with your secretary of state (aka UCC Filing or Uniform Commercial Code filing).
open accounts are accounts not secured by collateral, such as credit cards, student loans, charge accounts, etc...
KEEP IN MIND - this doesn't mean when these items are deleted from credit reports, and many states will "reset the clock" if you acknowledge or affirm a debt that has been dormant for several years.
2007-03-09 09:32:56 · answer #2 · answered by Michael W 3 · 0⤊ 0⤋
Credit cards are open ended since you can continue adding to the end.
2007-03-09 09:32:26 · answer #3 · answered by Barkley Hound 7 · 2⤊ 0⤋
credit cards are always open ended
2007-03-09 21:56:59 · answer #4 · answered by mey t 2 · 0⤊ 0⤋