Debt Recovery is an Intimidating Task
Debt Recovery is an intimidating task, it may appear simple but that is not the case. Today, in this article we will take you through the whole process of debt recovery. We will discuss the various stages through which debt collection is made possible. Let’s begin: The debt recovery in UAE begins when there is a missed payment on the loan, credit card, or elsewhere. For instance, the debtor may have 30 days from the bill due date (a different date from the billing date) to clear the payments. They might make phone calls, text messages, emails, or dispatch letters as a notice of the non-payment. Once the debt comes to the debt collection agency, the creditors need to send the details about the claim information and many other supporting documents. These documents are proof that no payments are made to date despite the follow-ups. They are unable to honour the terms of the contract which were agreed initially. Once the claim is reviewed by the debt collection agency, they will deci...
