This form is an Assignment of Money Due. The assignor agrees to grant to the assignee all title and interest in a certain debt or money due as described in the agreement. The form also provides that it is the responsibility of the assignor to collect the debt.
Illinois Assignment of Money Due
Category:
State:
Multi-State
Control #:
US-00422
Format:
Word;
Rich Text
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How to fill out Assignment Of Money Due?
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FAQ
This development is important for multistate employers because Illinois is the only state with a statute that clearly and unequivocally provides that employers must honor contracts employees make with third parties to assign wages. Under the Illinois Wage Assignment Act, 740 ILCS §§170/.
Dear Sir/Madam, I am writing to request that you stop the wage garnishment that is currently being imposed on me. I am unable to make the payments at this time due to [insert reason, such as financial hardship]. I have attached documentation that supports my claim.
A wage assignment is a voluntary agreement between the employee and creditor where an amount is withheld from the employee's paycheck to satisfy a debt owed to a third-party recipient, whereas under a wage garnishment, the amount withheld from the employee's check is typically obtained through a court order initiated ...
This development is important for multistate employers because Illinois is the only state with a statute that clearly and unequivocally provides that employers must honor contracts employees make with third parties to assign wages. Under the Illinois Wage Assignment Act, 740 ILCS §§170/.
If you choose to write a letter, it should be addressed to the creditor, and should include: (i) your name; (ii) the account number; and (iii) a statement that you are revoking the wage assignment, such as, "I am revoking the wage assignment."
If you choose to write a letter, it should be addressed to the creditor, and should include: (i) your name; (ii) the account number; and (iii) a statement that you are revoking the wage assignment, such as, "I am revoking the wage assignment."
Starting a Wage Assignment. You must be at least 40 days behind on your loan before the creditor can have your employer start taking money out of your paycheck. First, the creditor must mail you and your employer a Notice of Intent to Assign Wages 20 days before they can make the demand.
You can object to the garnishment if your wages are protected by exemptions that your employer didn't include with its answer to the creditor. Employment income is usually not exempt under Illinois law, but other kinds of income are exempt from wage deductions.
