When a person is dealing with significant financial challenges, he or she may be threatened with seizure of personal property. One of the more common scenarios is when a person is overwhelmed by debt, has fallen behind on their car payments, and is eventually threatened with repossession. While the threat of repossession is very real for all too many local drivers, repo agents must follow the law when taking back a car, truck, recreational vehicle or the like.
While there is not a specific state repossession license requirement, repo agents do need to abide by any licensing requirements at the city or county level. Actual repossession of a vehicle is permitted so long as repo agents do not commit a breach of the peace. In Mississippi, prior to the disposition of the debtor's collateral, the debtor has the chance to redeem that collateral via making a full payment of the debt in addition to all of the creditor's reasonable incurred expenses.