Mississippi Statute of Limitations on Debt Collection

As a resident of Mississippi, it’s important to know your rights when it comes to debt collection. One key aspect of these rights is the statute of limitations on debt collection. This refers to the amount of time that a creditor or debt collector has to legally pursue payment of a debt.

In Mississippi, the statute of limitations on debt collection varies depending on the type of debt involved. Let’s take a closer look at each type and what you need to know.

Credit Card Debt

For credit card debt, the statute of limitations in Mississippi is three years. This means that if you have a credit card debt that’s more than three years old, the creditor or debt collector is no longer legally allowed to sue you in court in order to collect on that debt. It’s important to note, however, that this time limit applies to the date of your last payment or activity on the account. If you made a payment or other activity on the account more recently than three years ago, the statute of limitations may not have expired yet.

Written Contracts

For debts that arise from written contracts, such as personal loans or car loans, the statute of limitations in Mississippi is also three years. This includes any debts that you may have incurred through a loan or financing agreement where you signed a written contract. Once again, this time limit is counted from the date of your last payment or activity on the account.

Oral Contracts and Promissory Notes

For debts that arise from oral contracts or promissory notes, the statute of limitations in Mississippi is six years. This includes any debts that you may have incurred through a verbal agreement or a written promise to pay. Once again, the time limit is counted from the date of your last payment or activity on the account.

Judgments

Finally, it’s worth noting that if a creditor or debt collector has already obtained a judgment against you in court, there is no statute of limitations on the collection of that debt. In other words, even if the debt is many years old, a creditor or debt collector can still legally pursue collection through wage garnishment, bank account seizures, or other means allowed by law.

What to Do If You’re Contacted by a Debt Collector

If you’re contacted by a debt collector regarding an old debt, it’s important to know your rights under Mississippi law. You have the right to request that the debt collector provide validation of the debt, which means that they must provide proof that you actually owe the debt in question. You also have the right to request that the debt collector cease contact with you if you believe that they are harassing you or violating your rights.

Additionally, it’s important to keep in mind that making a payment or agreeing to a payment plan on an old debt can potentially restart the statute of limitations. This means that you may once again be liable for the full amount of the debt, even if it was previously considered time-barred.

Conclusion

Understanding the statute of limitations on debt collection in Mississippi is an important part of protecting your rights as a consumer. If you’re dealing with an old debt, it’s important to know what your options are and to seek legal advice if necessary. By knowing your rights and being proactive, you can avoid falling victim to aggressive debt collection practices and protect your financial future.

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