Abstract: An overshot for engaging and retrieving a collapsed coiled tubing in a wellbore, has been invented. In one aspect the overshot has a body member with a top, a bottom, and a body channel therethrough from top to bottom, the body member having a slip chamber, at least one slip movably disposed in the slip chamber of the body member, and movable on at least one inclined rail in the slip chamber so that, upon contacting the collapsed coiled tubing, upward movement of the body member results in downward movement of the at least one slip which also moves the at least one slip inwardly in the body member thereby increasing gripping force of the at least one slip on the collapsed coiled tubing. Methods have also been invented for using such overshots.