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The weird thig is you dont get any warning. There should be a warning before.

Here is the source about the limit: http://support.apple.com/kb/TS1498?viewlocale=en_US

Last thing I would do is backup and restore or just plain restore and start anew.
 
Yes I have experienced this issue and it pisses me off. Apple needs to resolve this as soon as possible.
 
On iOS 7, in the conversation window, if you hold on a message balloon you get the context menu with two options: Copy and More.

When you tap More, you will get into the edit screen where you can select and delete individual messages.
How does this relate to this (years old) thread?
 
Yes, it just happened to me. It also happened once before about 1 month ago and it was the same person. All our text messages are gone! Although the last time it happened, for some reason they reappeared a couple of hours later. I don't get it!
 
I think the only limit would be the phone's memory. I have read in these forums where people have thousands and thousands of text messages. It should not delete them unless the phone is low on memory. If not it is for sure a glitch in the system.
 
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