Please tell me about outstanding receivables collection methods.

Hello.

If you have lent more than 100 million won to an acquaintance in installments and have not been refunded, it is important to start the outstanding receivables collection procedures quickly.

This is because debt issues become difficult to recover with the passage of time.

In particular, if the debtor disposes of assets or the statute of limitations expires, recovery itself may become impossible.

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

Claims arising from monetary transactions between individuals fall under "civil claims" with a statute of limitations of 10 years.

On the other hand, if the claim arose from a transaction with a counterparty who has business registration, it is classified as a "commercial claim" with a statute of limitations of 5 years.

For outstanding receivables collection, you must first officially demand repayment from the other party through content-certified mail, and if there is still no repayment, you must file a loan repayment claim lawsuit.

If there is concern that the other party may hide their assets in advance, freezing the assets through claim provisional attachment is very effective.

Since this process requires legal knowledge and strategy, it is important to request assistance from a debt collection specialized attorney.