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Can I recover my money with only a loan certificate?

An acquaintance said he urgently needed money, so I once lent him a few million won. At the time, just in case, I prepared a simple loan certificate and obtained his signature and the date. At first he said he would repay soon, but now he is avoiding contact and rarely answers calls or text messages. I would like to know whether I can actually recover the money with only a loan certificate, and how I should proceed with the process.

loan certificate

Answer to Related Inquiry

Author: 정찬우

A loan certificate is the most basic yet powerful piece of evidence proving the fact that money was lent and the obligation to repay it.

If the signature, amount, date, and due date are clearly stated, it serves as a sufficient basis for legally exercising the claim.

However, compulsory execution is not possible on the basis of a loan certificate alone, and it is advisable to follow the legal procedures in order.

If the debtor avoids contact, it is advisable first to send an official notice known as certified content mail, demanding repayment by a set deadline.

Together with the loan certificate, this certified content mail serves as important evidence in any subsequent legal dispute.

Thereafter, by using an application for a payment order, you can readily secure a title of execution that allows compulsory execution without a lawsuit.

At this point, if the debtor raises an objection to the payment order, the matter proceeds to a civil lawsuit.

If the loan certificate is clear, the burden of proof in litigation is not high, so a relatively prompt judgment can be obtained, and securing additional evidence is also a sure method.

Once you have a judgment or a finalized payment order, you will be able to obtain actual repayment through attachment of wages, deposits, and real estate.