Call us: +971-569223370
contact@dubaiadvocate.ae
Opening Time Mon-Thr 9:00am To 6:00Pm
Dubai AdvocatesDubai AdvocatesDubai AdvocatesDubai Advocates
  • HOME
  • ABOUT US
  • SERVICES
    • DEBT COLLECTION
      • Debt Collection in Australia
      • Debt Collection in UK
      • Debt Collection in USA
      • Debt Collection in U.A.E And Overseas
    • Labor and Employment
      • Civil Cases
      • CRIMINAL LAW
      • FAMILY LAW
      • Property And Real Estate
    • Arbitration And Dispute Resolution
      • Banking And Finance
      • Business Setup
      • Legislative Drafting
      • TAX LAWYERS
  • HOW WE WORK
  • LEGAL SERVICES IN U.A.E
    • legal services in Abu Dhabi
    • legal services in ajman
    • Legal Services in Dubai
    • legal Services in Ras Al Khaimah
    • Legal Services in Sharjah
    • legal services in Fujairah
    • legal services in Umm Al Quwain
  • BLOG
  • CONTACT

Debt Purchase by Collection Companies

    Home Uncategorized Debt Purchase by Collection Companies

    Debt Purchase by Collection Companies

    By Dubai_advocates2023 | Uncategorized | Comments are Closed | 31 May, 2022 | 0

    Debt Collection in Dubai may sound to be a threatening term for some debtors who purposefully fail to honour their debt responsibilities on time. They try every trick to evade professional Debt Collectors or credible collection companies. They have a clear aim to inflict the credit-issuing individual, company, or financial institution, maximum financial damage. However, with the changing times, laws, and an upsurge of credible companies doing successful debt collection dubai, such foul play on the part of the debtor is not technically possible nowadays.

    Falter on Debt Payments

    When debtors falter on their debt payments or refuse to pay back the debt amount on maturity, the credit-issuing companies, or institutions first resort to making in-house efforts for debt procurement. However, when such efforts prove to be unproductive, they opt for plan B. This plan focuses on hiring a third party, who is professionally trained to do the fussy job of procuring back the outstanding amounts from the debtor. Apart from this, some creditors also explore the option of selling off their debts to the collection companies in an attempt to save themselves from harrowing consequences.

    Entitled to Receive Debt Payments

    The collection agencies then become entitled to receive the debt payments in their name instead of the original issuer of the debt. In this process of debt selling, and subsequent purchase, the collection companies are given pertinent details regarding the debtor client by the credit-issuing company. This relays important information related to their personal profiles, account details, debt standing, credit profiles, and contact details. The debt collector also adds this debtor account by the creditor to his personally collected data during the process of debt procurement. Thus, it gives a clearer picture of the debtor party to the collection company and helps it in formulating winning procurement strategies and contributing to its success formula.

    However, after debt purchase, some collection agencies opt for a hostile procurement approach since they become the debt owners, and want to try every hook, and crook to achieve their goal. This is an unethical, and unlawful procurement strategy. It not only defies professional practices but also mocks the ethical code of conduct. Hence, operating within the injunctions of the law proves to be commercially rewarding, non-fussy, and socially honourable instead of building an immoral, and humanly-defying public image.

    Third Party Debt Collection

    When the debts are purchased or handed over to a third party then this is called a Third Party Debt Collection Agency. These are the experts and specialised agencies in recovering the debts. Therefore the chances are increased when it is handed over to a third-party collection agency.

    No tags.

    DISCLAIMER

    Dubai Advocate is for Law Firm ASK THE LAW – Al Shaiba Advocates. One of the Best Law Firms in Dubai. We connect you to this Law Firm where the clients get quality and valuable services. Affiliated with ASK THE LAW only. No responsibility for site content, blog posts, service pages are taken. For final services and legal solutions please contact the legal experts. 

    PRACTICE AREAS

    • Civil Cases
    • CRIMINAL LAW
    • DEBT COLLECTION
    • FAMILY LAW
    • GRATUITY CALCULATION
    • LABOUR & EMPLOYMENT
    • WILLS AND ESTATE

    RECENT POSTS

    • Domestic Helpers Law in UAE
    • Debt Management with Banks
    • Financial Disputes in Dubai and Solutions
    • Debt Collection Secrets: Strategies for Effective Debt Recovery in Dubai
    • Arbitration Lawyers in UAE
    • New Regulations for Corporate Tax in the UAE

    ADDRESS

    Business Bay, Dubai, UAE

    PHONE

    +971-569223370

    EMAIL

    contact@dubaiadvocate.ae

    Most Experienced Debt Collectors in Dubai | Since 1990’s
    • HOME
    • ABOUT US
    • SERVICES
      • DEBT COLLECTION
        • Debt Collection in Australia
        • Debt Collection in UK
        • Debt Collection in USA
        • Debt Collection in U.A.E And Overseas
      • Labor and Employment
        • Civil Cases
        • CRIMINAL LAW
        • FAMILY LAW
        • Property And Real Estate
      • Arbitration And Dispute Resolution
        • Banking And Finance
        • Business Setup
        • Legislative Drafting
        • TAX LAWYERS
    • HOW WE WORK
    • LEGAL SERVICES IN U.A.E
      • legal services in Abu Dhabi
      • legal services in ajman
      • Legal Services in Dubai
      • legal Services in Ras Al Khaimah
      • Legal Services in Sharjah
      • legal services in Fujairah
      • legal services in Umm Al Quwain
    • BLOG
    • CONTACT
    Dubai Advocates