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 decide upon its acceptance. Once it gets accepted the real process begins here. The debt recovery in UAE commences with a demand letter which is sent to the debtor. It is an acknowledgement letter that is sent to the client.
Now the communication begins, telephone calls, emails, messages, or other things are done in an attempt to arrange payment for the outstanding balance. The purpose is to ensure that the payments are realized. If the debt doesn’t respond appropriately to the resolution of the outstanding balance, the debt recovery service will update the client immediately. It is done by forwarding them the claims with all the details.
All the forwarded documents are signed by the client and then sent back to the attorneys. Under this, the attorneys may suggest legal action as the way out. It is sent with the suitable specifications and along with necessary details.
If the client authorizes the legal action upon the agreed requirements the attorneys will prepare for the next major yet most crucial step toward the recovery. Under the process, legal action is termed the final step toward debt recovery in the UAE.
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