The Colloquy is a prayer in the form of a free-flowing heart filled conversation by speaking exactly as one friend speaks to another, Saint Ignatius wrote. It is pouring out our thoughts and hearts giving thanks to God. There we speak and listen as the spirit moves expressing ourselves as we would with a friend in meaningful conversation when we leave time for silent listening.
(Jim Manney Ignatian Spirituality AtoZ)
"Often in the Spiritual Exercises, Ignatius recommends concluding a time of prayer with a colloquy, a brief conversation with God or Jesus or a saint "as one friend speaks to another." The suggestion implies that the prayer, though all through addressed, say, to God, can at the end become less formal, more natural and more familiar, friendly"