Debt collectors are the professionals working in the field of debt collection. The debt collectors in Dubai cannot work till they get the license to work as a debt collector. The debt collectors should get registered by the regulating body of Dubai government. The debt collectors can take only ethical measures to recover the debt.
Time plays important role in the financial process. Any company which continues to give credit without recovering it back timely, the company will face financial crisis. It would be better to receive the amount back from debtor as soon as possible. If the recovery time is delayed for longer time period, the recovery percentage will decrease more.
Debt collectors Dubai work on this phenomenon of life as ‘no win, no fee’. It means if the debt collectors recover the amount on creditor’s behalf, the debt collectors will be asking for the fee. Otherwise, no fee will be charged to the client.
High standard of professional service is expected from the debt collectors. As if any wrong step is taken by the debt collectors, the repute of the client (creditor) may get a bad impact. The business image of the client should be cared by the debt collection agencies and debt collectors as it takes years to get the right image in the business sector.
When any client contacts the debt collectors, they analyze the situation and get relevant information from a creditor. If the debtor has changed his location, then the tracing steps will be taken. Once the debtor is traced, a formal demand letter notice is sent to the debtor. This letter demands the debtor about the debt payment within next few days. All necessary steps can be taken to convince him for recovery without the legal case. But if required, legal action against debtor becomes necessary.
Debt recovery in Dubai is the process of collecting the debt either from individuals or companies. Nowadays it is very common that debts are not returned or sometimes not returned timely. Financial crises or decline in the business and sometimes fraud problems lead to the bad debts. In Dubai, thousands of cases are reported where the debt was not returned. It becomes very difficult to recover those debts.
Debt recovery has become a very serious issue not only in Dubai but throughout the world. People try to betray others. Over the time, different methods were devised to decrease the debts from the society but the success rate was not much in early years. Sometimes the property was mortgaged but even then the problem remained unsolved.
Now people get the help of debt collection agencies to recover the debts. These agencies pursue the debtors on behalf of their clients. These agencies have different experts who are debt collectors. They devise different methods to recover the debt depending on the debtor’s mindset. The collection agencies collectors send a notice of payment to the debtors. Then the telephonic call is made to inform them about clearance of the debt. Settlements are tried; negotiations are also given a try. Usually, the time period of 60 days is given to the debtor. During this time, the agency sends different reminders through letters, emails, faxes and calls. If the debtor fails to clear his payment within given time, then a legal notice is prepared by the legal team of debt recovery agency and a case is filed against the debtor in civil court. The court decides the case after analyzing the situation. Court orders to pay within 15 days along with the compensations. A tedious task becomes easy for the creditors due to debt collection agencies.