There is one in a million chances that most people don’t know about the debt collectors or what the process is. The introduction of plastic money or credit cards makes up the huge market. Even for those people who don’t have actual money. Over the night the consumers become the king and every commercial company, as well as bank, are issuing credit cards to those who give some kind of income proof. After that, sometimes those consumers find themselves in a huge debt beyond their limited incomes. Debt Collection Dubai or Debt Recovery Dubai is a serious business where the chances are very much higher to recover the amount not being paid for a long time. What else does a creditor want when;
- Relation ship is not broken and money is returned.
- Court Expesne is not paid and money is recoered.
- A Short period of time is spent only.
Therefore the Debt Collection Process is familiar to everyone. Here the duty of debt collection agencies starts. “Debt collector” is the term used for that person or that agency that regularly collects debts owed by the consumers. This is the practice lent out by money lenders and creditors who secure the payments from the business and individual. Which they are bound to pay back. But, before all of the collections or any further step, these agencies or companies should know the laws which are applied to them. They should be aware of all regulations and acts. Because debt collection in Dubai is very fair, ethical, and systematic.
It covers unpaid amounts accumulated by personal payments like mortgages, loans for a vehicle, credit card account, any household debt, etc. If the single individual is involved then it’s called the collector but if the whole agency is involved then it is called a debt collection agency. The business of that agency is to collect money from the person who owes it to the creditor. They collect these debts against some fee or some of the percentage according to the amount owed by the individual.
There are many types of debt collection agencies, which are as follows:
- First Party Debt Collection Agency: sometimes they are the direct agents, like paid employees of the creditor.
- Third Party Debt Collection Agency: they are hired on a contract basis by the creditor. Once they collect the debt amount then their work is done. They are like freelance individuals or companies.
Every country has its own rules and regulations about this debt collection process. Some go the hard way and some do not. But, in Dubai this all process has been done through the proper channel under ethical boundaries.