Loans overdue, what if the other party doesn't pay back the money?

If the other party fails to repay the loan within the time limit recorded in the receipt, the creditor may apply to the people's court for a payment order based on the receipt. You can also collect relevant evidence and bring a suit in a people's court within the statutory limitation of action. After the people's court accepts the case and makes a judgment according to law, if the parties still fail to repay the loan, they may apply for compulsory execution.

Legal analysis

If the IOU has expired and the other party has not paid back the money, if it can be negotiated, try to negotiate. If negotiation fails, a lawsuit can be brought to the people's court in time within the limitation of action. If there are clues about the other party's property, you can apply to the court for preservation. There are many ways to solve disputes, such as negotiation, mediation, arbitration and litigation. However, in debt disputes, in order not to hurt feelings, some people often drag on for too long in the negotiation stage, thus missing many opportunities to recover debts. Applying for a payment order is one of the effective ways to recover the arrears. If the creditor requests the debtor to pay money or negotiable securities and meets the following conditions, it may apply to the grassroots people's court with jurisdiction for a payment order: 1. There are no other debt disputes between creditors and debtors. 2. The payment order can be served on the debtor. 3. The application shall specify the required amount of currency or negotiable securities and the facts and evidence on which it is based. The creditor orders the debtor to pay off the debt within 05 days from the date of receiving the payment order, or raises a written objection to the people's court. If the debtor fails to raise any objection and fulfill the payment order within 15 days, the people's court may enforce it according to the creditor's application. It can be seen that the biggest advantage of applying to the people's court for a payment order to recover the arrears is that the time is short and the effect is quick. Of course, if the debtor raises a written objection to the people's court within the statutory time, it must be handled through litigation. This can well protect the creditor's rights in debt disputes.

legal ground

People's Republic of China (PRC) Civil Code

Article 675 The borrower shall repay the loan within the agreed time limit. If the term of the loan is not agreed or clearly agreed, and cannot be determined according to the provisions of Article 510 of this Law, the borrower may return it at any time; The lender may urge the borrower to return it within a reasonable period of time.

Article 676 If the borrower fails to repay the loan within the agreed time limit, it shall pay the overdue interest in accordance with the agreement or the relevant provisions of the state.

Article 677 Where the borrower repays the loan in advance, unless otherwise agreed by the parties, the interest shall be calculated according to the actual loan period.

Article 678 The borrower may apply to the lender for extension before the repayment period expires. If the lender agrees, it can be extended.

Article 679 A loan contract between natural persons is established when the lender provides the loan.