Protecting the Rights of Consumers
For Over 25 Years
Edelman Combs Latturner & Goodwin LLC
Question: How long after the date of loan or debt does a company have to pursue collection?
Answer: Common Illinois statutes of limitation are: 4 years for the purchase or lease of goods on time; 10 years for breach of a contract that is wholly in writing, such as a note; 5 years for breach of a contract that is not wholly in writing, such as a bank credit card. The statute generally runs from breach or last payment, whichever is later.