With rapidly-shifting technology, regulations, and demographics, the debt recovery Dubai agencies are also facing a wide range of challenges. In today’s highly-mobile society, debtors are more challenging to locate than ever before. Even though there is an overflow of data available on individual debtors, it can be nearly impossible to effectively sort through it all. Following are some challenges that recovery agencies confronted these days:
The first one is the Lack of current contact information of debtors. A company can lack current contact data on a debtor for various reasons. The debtor regularly migrates; perhaps the contact information used for the original credit is out of date; maybe the debtor lives with a third party who is the primary owner or tenant of the property, or maybe there’s just a wrong entry for the debtor in one or more of the available databases.
The list can go on, however, the technology will only be making more individual information available in the future, rather than limiting it. The second one is the difficulty in identifying and contacting debtors. Most of the time companies run into difficulties with identification and communication because the information isn’t where one would expect it to be. This can happen for various reasons, and getting around the problem often requires a broader, more comprehensive look at public records. Companies are also not paying enough to Collection Agency. There is a Cost to initiate the process and to start the recovery service. Many Clients want to work on No Win No Fee basis nowadays. Though becasue of competition, recovery agencies are accepting this, however, it is not a good deal.
Clients should communicate, correspondence and help out recovery agency in a complete and good manner. Many times companies only provide contact details and a brief summary to a collection agency. They are supposed to provide complete supporting documents to the recovery agency or the Law Firm. Another factor is that it takes too long to locate debtors when sorting through all the data. This is caused by too much information without enough planning. All the data about a particular debtor should be evaluated to assure the most effective recovery effort possible. On the other hand, there is so much data available on individuals today that it is frequently not feasible to manually search through every record. In fact, considering that entering and manipulating data are at the root of these problems, the key to solving all of them may simply be to leverage a platform that specializes in those specific features. Nowadays Law Firms in Dubai and other Emirates also offering Recovery Services by having separate staff and department for market recovery operations outside the Court.