Oak Park Real Estate & Estate Planning Blog

In early March, Illinois and the rest of the country will find itself in National Consumer Protection Week . In “recognition” of this week, Illinois Attorney General Lisa Madigan issues a press release that summarizes an annual “top ten list of consumer complaints .” Last year, the Consumer Protection Division received more than 26,000 complaints from Illinois residents. We’ll have to wait a couple of weeks to have a clear idea about the number and type of complaints from 2013. In the meantime, if you have questions about consumer fraud or debt harassment, you shouldn’t hesitate to speak to an experienced Illinois consumer protection lawyer . Illinois Debt Top Ten For the past five years, consumer debt was the number one complaint among Illinois residents, and that didn’t change last year. According to Madigan, the many consumer debt complaints “reinforce the financial challenges that continue to plague Illinois residents amid economic uncertainty.” What kin

Can debt collectors use Facebook and other social media platforms to track down delinquent borrowers?  In short, as long as they’re not harassing consumers, debt collection agencies are permitted to make use of social media to “locate people or see if there are any assets that might be collectable,” according to the Federal Trade Commission (FTC). However, just because it’s permissible in some instances doesn’t mean that debt collectors are always abiding by the terms of the Fair Debt Collection Practices Act (FDCPA) when they decide to use social media.  A report in NBC News discusses intensifying debt collecting practices in our ever-expanding modes of technological communication.  In an article in the Pittsburgh Tribune-Review , Mark Schiffman, a spokesperson for ACA International, pointed out that “the world communicates a whole lot differently today.” Are you being harassed by debt collectors on LinkedIn, Facebook, or other social media platforms?  You may be

Do you have older debts for which collection agencies continue to contact you? Depending on the age of your debt, it may be illegal for a collector to force you to repay the debt or to file a lawsuit against you, according to the Federal Trade Commission. How does that work? In short, each state has a statute of limitations on debt collection , and after that time period has ended, your debts—even if they remain unpaid—are considered to be time-barred debts . Each state has its own statutes of limitations, and the time period for debt collection can vary depending on the state you’re in and the type of debt at issue. In Illinois, written contracts, or closed-end credit accounts, are subject to a 10-year statute of limitations. Other kinds of open-ended debt, also known as revolving credit, are subject to a 5-year statute of limitations.  Credit card agreements are an example of open-end credit. If you have a time-barred debt, it’s important to know your rights. However,