Myth or fact?
If you lend money to someone and they don't pay you back, you have the right to take something they own as repayment.
Trying to collect from someone who owes you money can put you in an uncomfotable position. Especially if you made the loan in good faith, expecting you’d be repaid. Learn your options when collecting on a debt, and steps to work out problems.
What you should know
What is a debt
You have options to collect on a debt
You can’t take the debtor’s property
There’s a time limit to sue to collect a debt
Work out the problem
Step 1. Decide on a course of action
Step 2. Collect information on the debt
Step 4. Send a demand letter
Step 5. Consider legal action
What happens if I get a court judgment?
Who can help