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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 ...
The key difference is that a garnishment is used to allow creditors to contact your employer and take part of your wages from your paycheck, while a levy permits a creditor to withdraw funds from your bank account directly. What Is the Difference Between a Garnishment and a Levy? polstontax.com ? garnishment-vs-levy polstontax.com ? garnishment-vs-levy
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."
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/. Illinois Garnishments News: Wage Assignments No Longer Expire in ... ogletree.com ? insights-resources ? blog-posts ? ill... ogletree.com ? insights-resources ? blog-posts ? ill...
A lawsuit might result in you owing legal fees and other costs. You can stop the wage assignment by filling out the enclosed Revocation Notice Form, or by writing a letter stating that you are revoking the wage assignment. Section 740 ILCS 170/2.2 - Forms; notice of intent to assign wages casetext.com ? act-170-illinois-wage-assignment-act casetext.com ? act-170-illinois-wage-assignment-act
Definition and Example of Wage Assignment Borrowers may agree to allow a lender to use wage assignments, for example, when they take out payday loans. The wage assignment can begin without a court order, although the laws about how much they can take from your paycheck vary by state.