DEBT SETTLEMENT

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A debt collector, also known as a collection agency, is a firm or organization that recovers money owed on past-due accounts. Debt collectors are frequently hired by businesses to collect money owed to them by borrowers. These debt recovery services are typically provided for a flat fee or a percentage of the borrowed funds eventually collected.

• Find the whereabouts of defaulting debtors. 

• Verify and reconcile the amount owed. 

• Examine existing paperwork such as credit agreement, payment terms, and so on. 

• Assure that the identified scheduled amounts will be collected. 

• Acquire a written commitment from the borrower to pay the full amount owed or a fraction of it, such as a cheque or a written affirmation of debt, etc. 

• Negotiate and consent on payment terms with the debtor. Provide regular status reports. 

Even though banks favor reaching cordial settlement terms with deferring borrowers, there are several legal procedures that banks may undertake against their debtors if such courteous settlement efforts fail. If the debtor is unable to uphold his or her commitments to the bank, the bank sends the debtor a few non-payment or late payment alerts before taking legal action.

The bank can petition the courts to receive payment from the borrower by filing lawsuits, but many banks prefer to use the security tools at their disposal. In the case of real estate mortgage loans, for example, the bank may sell the mortgaged property to make the payments or present a security cheque for compensation, and if the cheque is returned as unpaid, both civil and criminal action could be taken against the debtor. The bank may also plead with the courts to proclaim an offending debtor insolvent.

Entering into legal proceedings is not ideal for debt collection. To retrieve their debt, the creditor looks for alternative methods or follows an out-of-court procedure. Most of the time, this is faster, more responsive in contexts of debt collection, and less expensive than a judicial process for the same.

To handle your debt collection, we have the finest debt collection services in Dubai, Sharjah, Abu Dhabi, and other parts of the UAE. Whether it is non-payment of loans or bounced cheque recovery, we can assist you in that. Our trained and dedicated team understands how to handle such cases successfully and responsibly.  

Our Debt Collection Service employs a number of consultant who work on all aspects of collections and assist in the recovery of funds through negotiations, resolution, intervention, or even criminal and civil lawsuits. Our team of debt recovery creates a recovery strategy that is tailored to your specific situation. Our team thoroughly investigates the guidelines and possibilities, allowing us to come up with the best solutions in all possible cases.  

In today’s economy, many truthful, honest, and decent users are experiencing tough financial situations. Insolvency is a workable solution for some people, but it is not the best solution for everyone who is trying to get out of debt. Paying off existing debts can take years, if not decades, of debt repayment and the continued high accrued interest.  

Debt collection is a difficult task that requires a great deal of experience for debt collection services to retrieve bad debts on behalf of lending institutions in a professional manner. It primarily includes cases involving late bills for businesses, personal liability for oneself, and amounts owed to bounced cheques.  

Get in touch with us to review your specific case. Our competent team of will analyze your financial situation and advise the best possible settlement approach.