Debt Collection in Dubai

Debt Collection in Dubai

One thing that stands common in a business is overdue payments. There are a number of firms that borrow more than what they can pay to the firms, and there are corporations that hit bumps on the road that make them incapable to pay what they owe. We have qualified team in UAE and competent for recovery, that has been around for more than 10 years. This debt collection team of a reputed Law Firms has delivered quality results to clients apart from how hard or easy the condition is. These Law Firms especially Law Firms in Dubai, also having good team of Lawyers(mostly Lawyers in Dubai) and Legal Consultants. It is a very good edge.

What is Debt Collection?

Debt Collection Dubai is not merely the recovery of overdue payments of either individuals or corporations either by the lender or a third-party firm that operates on behalf of the former. The third-party firm that collects debts is most usually known as a debt collection agency. Its a process which creates an ease for the businesses, business owners, creditors, debtors, lenders, banks and other common people who are engaged in debts and payable matters. Corporations or Businesses usually go with debt collection agency when they cannot expend more time chasing debts on their own. 

These agencies functions on a fee, depending on what is settled between the parties. Nowadays Private Banks and Lenders are also obtaining the services of these Debt Collection Agencies. Local Government Departments are also offering Recovery Services but only for the Banks. Law Firms especially the Emirati Law Firms are also working and offering Recovery Services, which is also quite amazing job. 

Debt Collection Types 

There are two types of debt collection that subsist in the world of collecting debts;

• ·         Commercial Debt Collection
• ·         Consumer Debt Collection

Consumer Debt Collection

This type of Debt collection deals with an entity who owns a business. This can be an individual credit card debt, loan balances, or an exceptional balance with a telecommunication service provider.

The customary way that debt collection agency use to switch this kind of matter is by getting in touch with the person in question all the way through emails and even through calling them on their phones. Even though these are their common methods, harassing consumers is not a moral way to handle collecting debts.

Commercial Debt Collection

Whereas, on the other hand, the other type of debt collection is commercial debt collection. This one is about debt collection agencies that are responsible for dealing with collecting debts from another company. This means that the debtor is a business who owes another business. These debts can be an accretion of products and/or services that the debtor prepared from another company (supplier) that seems to be elapsed by the one who ordered.

What can be recovered through Debt Collection Dubai services in UAE

Debt Collection Dubai means the services provided by Debt Collection Agency or a Law Firm from Dubai. This popular term is used because mostly the Collection Agencies and Law Firms are operating from Dubai. However you may find and hire Debt Collection Agencies or Law Firms in other Emirates too, which are also quality & professional service providers. It can help out you to recover as follows; 

• Unpaid Purchase Orders
• Unpaid Invoices 
• Unpaid Cheques 
• Unpaid Profits 
• Unpaid Shares 
• Unpaid Stocks 
• Unpaid Stocks 
• Unpaid Amounts 
• Unpaid Loans - Check How Unpaid Lons are possible through Debt Collection
• Unpaid Advance Amounts 
• Unpaid Securities 

Even the unpaid Salaries or Unpaid End of Service benefits can be tries in Collection Agencies. Here comes the point where a Full Service Legal Company can act better than a only Debt Recovery Agency. Law Firm works with lawyers and legal consultants as well.

Now lets say if the unpaid Salaries have to be recovered then we might need Labour Lawyers in Dubai, along with Debt Collectors or these lawyers called Labour & Employment Lawyers can also work as a Debt Collector as well as a Lawyer.

If you are not being paid by your Employer, or your are getting salaries with delay then Labour & Employment Lawyers can also help out you outside the Court. Usually a Legal Notice is served to Employer chased by the Lawyers or Debt Collectors. Once again if the Salaries or EOSB are recovered outside the Court then it is a very good deal indeed.

Strategy might be a little bit different here. Legal Notices are served for important matters. It is also an advantage in Court that creditor preferred to resolve the matter amicably but he was refused by the Debtor or Employer. Therefore the Legal Notices are served like we said before it depends upon the requirement, situation and efforts required. Employees have recovered millions of outstanding amount this way. Therefore the amicable settlement is always preferred by debtors, and the serious business man and the employer will also not consider valuable in refusing the offer made by Debt Collectors on behalf of the Clients.

Emirati Debt Collectors is not a popular term here, The collectors are from other countries. Its not like US or UK process, Emiratis are working as a Lawyers/Advocates but they are not as Debt Collectors. So better if a lawyer is hired who is also a debt collector.