1. DEMAND LETTER

If you wish to recover the debt without taking your business partner to court dispute, DEMAND LETTER will be a appropriate answer.

The purpose of DEMAND LETTER is to secure concrete evidence to prove that creditor has demanded for repayment against debtor in public transcript form.

If you send a DEMAND LETTER to debtor, the post office will make 3 copies of letter, send one to debtor, return one to creditor, and keep one at the post office. The creditor can track the delivery status afterwards, of course.

DEMAND LETTER can be a powerful evidence since the government (post office) keeps one of the original copies and the creditor can check if debtor has received the letter, which means, the debtor has been asked to pay for the unpaid balance.

By sending DEMAND LETTER, creditor can also stop the progress of statute of prescription. However, creditor should file a lawsuit within a certain period, in Korean Law, 6 months.

Howon Lee (이호원 변호사)

Written by

Attorney at Law, Korea | Provides International Debt Collection Services in South Korea | www.dcklegal.com | howon.lee@dcklegal.com

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade