Debt Collection Problems

Debt Collection Laws

Mississippi Statute of Limitations on Debt Collection

A consumer does not have to pay a debt that is considered too old according to the state in which he or she incurred the debt.  This time period, known as the statute of limitations, forces a collector to forfeit its right to file suit against a debtor after this time has passed. 

In Mississippi, Contracts, oral or written, and Promissory Notes have a statute of limitations of 3 years (MCA 75-3-118, 75-2-725, and 15-1-49).

Open Accounts or credit card agreements have a statute of limitations of 3 years from the date at which time the items on the account became due and payable (MCA 15-1-29 & MCA 15-1-31).

Judgment liens on real estate, orders by a court of law allowing a creditor the right to take possession of a debtor's property after he or she failed to meet duties under an agreed up contract, have a 7 year period of limitation, but may be renewed by filing suit to renew the judgment prior to the expiration of the 7th year (MCA 15-1-47).

Deficiency claims, or the balance left on a foreclosed mortgage, has a limitation period of 1 year from the sale of collateral (MCA 15-1-23) as do enforcement of construction liens,  claims against property by a contractor, from the date the lien is filed (MCA 85- 7-141).