A business partner who stopped paying. A tenant who left owing six months of rent. A friend, or an ex, who borrowed a large sum and stopped answering messages. Foreigners lend and invest in Colombia all the time, often informally, and a fair number eventually find themselves asking the same question. How do I actually get this money back?
There is no single answer, because Colombian law offers several routes and they suit very different situations. The right one depends mostly on one thing, which is what kind of paperwork you have. Below, the four main options are compared side by side.
Option 1: A formal demand letter
What it is. A written demand, usually sent by a lawyer, setting out what is owed, the legal basis, a deadline to pay and what happens next if they do not. In Colombia this stage is often called cobro prejurídico.
Best for. Debtors who can pay but are testing whether you will push. A surprising number of debts are settled at this point, especially when the letter is in Spanish, cites the right documents and makes clear that court is the next step.
Watch out for. It has no legal force on its own. If the debtor ignores it, you have lost a little time but nothing else. Do not let this stage drag on, because limitation periods keep running.
Option 2: Conciliation
What it is. A structured meeting before a neutral conciliator, often at a chamber of commerce, a law school clinic or a notary. Larger chambers, such as the Bogota Chamber of Commerce’s conciliation center, handle thousands of these cases. If the parties agree, the conciliator records the deal in a certificate.
Best for. Disputes where the amount or the terms are arguable, and where the relationship may still matter. Crucially, a signed conciliation agreement can be enforced in court like a judgment if the debtor later breaks it.
Watch out for. In many ordinary civil claims, attempting conciliation is a legal prerequisite before you can sue, so it is often not optional. The rule has been reworked over the years, most recently by Law 2220 of 2022, and the Universidad Externado’s annotated procedural code tracks that history. There are exceptions, such as when you ask the court to freeze assets at the start of a case.
Option 3: The executive process
What it is. The proceso ejecutivo is Colombia’s fast track for collecting debts that are already clearly documented. If you hold a promissory note (pagaré), a bill of exchange (letra de cambio), a signed contract with a clear, due and payable amount, or a conciliation agreement, you may be able to skip arguing about whether the debt exists and go straight to collection.
Best for. Anyone with solid paperwork. The judge issues a payment order at the outset, and the creditor can ask for the debtor’s bank accounts, salary, vehicles or property to be frozen right away. For many creditors, turning an IOU into a court order this way is the single biggest reason to insist on a signed pagaré before lending money in Colombia.
Watch out for. Deadlines. Actions on a promissory note or bill of exchange generally prescribe three years after the due date, and courts apply that strictly. The debtor can also raise defenses, such as claiming the note was altered or already paid, which can slow things down.
Option 4: An ordinary lawsuit
What it is. A full declarative lawsuit in which the court first decides whether the debt exists and how much it is, before anything can be collected.
Best for. Informal loans with no note, verbal agreements, disputed business deals and partnership fallouts. Evidence like bank transfers, WhatsApp messages, emails and witness statements all count here.
Watch out for. Time and cost. Ordinary lawsuits take considerably longer than executive processes, and once you win, you still need to enforce the judgment. Factor that into whether the amount justifies the fight.
A word on interest
Colombia caps interest. Charging above the usury rate, which is certified every month by the financial regulator, can cost a lender the interest altogether and in serious cases is a crime. For October 2026, the Superintendencia Financiera’s certification puts the usury ceiling for ordinary consumer credit at 28.59% a year. If your loan agreement charges more, expect the debtor’s lawyer to notice.
Which option fits your situation?
If you have a pagaré, letra de cambio or clear written contract, the executive process is almost always the strongest path, and a demand letter beforehand costs little. If you have only messages and transfers, conciliation followed by an ordinary lawsuit is the realistic route. And whichever path you choose, find out early whether the debtor actually has assets in Colombia. A judgment against someone with nothing in their name is a very expensive piece of paper.
The best collection strategy, though, starts before the money leaves your account. If you are about to lend, invest or extend credit in Colombia, get the debt documented in a form the courts recognize. It is the difference between a three-month collection and a three-year argument.
This article is general information and not legal or financial advice. Limitation periods and procedural rules depend on the facts, so get advice before you act on a specific debt.