Debt Recovery is the process of collecting debts owed by individuals or businesses in Dubai, Abu Dhabi, or anywhere in the UAE. In today’s time with a fluctuating economy, several cases are reported of unpaid debts and it becomes a headache to extract them. Debt Recovery in UAE is a major issue like the rest of the world. From time to time new methods have been applied to solve this problem. Debt Recovery Collecting Debts, it’s a serious profession, little time-consuming procedure but result-driven strategy.
A lot of times the debtors fled or did not have any property that could be mortgaged. It has become more and more difficult for debt recovery agents in the UAE with cases of fraud, identity theft, and delinquency becoming common. This has led to the need for professional agencies with qualified lawyers and people with area-specific jurisdiction to tackle this problem. These agencies pursue debts on behalf of their clients by employing experts to extract and recover debts.
Initially, these agencies use several methods to recover the debt without much involvement of the authorities but if no way headway is made the authorities are involved and further legal action is taken. In this case, the debt collecting agencies represent their clients in court against the debtors. They try to recover the debt in a manner that is conducive to both the parties, making debt recovery hassle-free.
Debt collectors in Dubai are generally brought into the scene to help at a very late stage when no amount of court summons or warnings make the debtor repay his or her loans. In the beginning, a first-party agency is contacted and the lending company relies on it for about 6 months. They issue warnings, make frequent calls or visit the residence or office of the debtor. With the passing of time and no settlement, the frequency increases. After this, a third-party agency is contacted and this is when things can get very messy. They use stringent methods to extract the money from debtors.
Debt recovery dubai is a hard, technical process which needs expertise and skills. Debt collection agencies, even if they are operating separately are supposed to be the licensed agency and having a good team of the lawyer. If your debtor denies continued requests, it is time to utilize the services of one of the debt recovery Dubai agencies and save yourself from future hassle.
When Law Firms offer these services, which is also very common because nowadays many Law Firms having separate department and expert staff, then it generates one advantage which is the backup and a push by the team of Lawyers. Lawyers and Legal Consultants, are the team of Law Firm. These Law experts have to perform their duties and they are best in their jobs as well. It’s like a quick availability, of legal support if a debt collection case needs to be taken to Court Level.
It’s another process where the matter or debt collection case is taken to Court as Civil Case or Commercial Case. The situation gets changed fully where people are not willing to pay then legal action needs to take immediately. The Law Firms or Debt Recovery Agencies, having the support of legal infrastructure, can take the matter to court quickly. It saves them the time and helps to get a quick judgement. It is also necessary because the debtor can also flee from the UAE. Law Firms can also facilitate you to put travel bans on the debtors.
As discussed before that other than the debt recovery process, when the matter goes to Legal Level, then a professional Law Firm tells you about every possible action, which helps the Creditor to recover the amount. When you go through Court then you are also provided with the legal expense you have had incurred on the court case.
Anybody who defaults is taking a big risk and can severely ruin their reputation and chances to stay in the UAE. One should always know what your options and if you default then get ready to face the consequences. Trade License can be cancelled, you can be sent behind the bars, you have to pay to the creditor, you can have travel bans, you can have other sentences, assets can be seized etc. Love your self and reputation, do not create a mess if you can manage it by paying.