The scariest thing about lending money is the fact that what if the borrower doesn’t pay back. Collecting bad debts and outstanding receivables, or dealing with bounced cheques can cause distress. Unlike banks with their well established recovery machinery, the common man can hardly boast such resources. However, if one is ready to battle it out, there are multiple provisions in the law to help you out. The first step to be taken in this direction is sending a Legal Notice to the opposite party.