Please tell me how to collect outstanding receivables.

Hello.

If the amount you lent to an acquaintance in installments exceeds 100 million won and you have still not been repaid, it is important to begin the collection of outstanding receivables procedure promptly.

This is because, with the passage of time, recovery of debt problems can become more difficult.

In particular, if the debtor disposes of their property or the extinctive prescription is completed, recovery itself may become impossible.

First, it is important to identify the nature of the claim.

A claim arising from a monetary transaction between individuals constitutes a 'civil claim,' and its extinctive prescription is 10 years.

On the other hand, if it is a claim arising from a transaction while the other party holds a business registration, it is classified as a 'commercial claim,' and its extinctive prescription is 5 years.

For the collection of outstanding receivables, you must first formally demand repayment from the other party through certified mail, and if there is still no repayment thereafter, you must file a lawsuit claiming the return of a loan.

If, there is a concern that the other party may conceal their property in advance, freezing the property through a provisional attachment of the claim is very effective,

Because such a process requires legal knowledge and strategy, it is important to request assistance from an attorney specializing in debt collection.