Debt Collection is a process to recover the unpaid debts from the market. These debts can be receivables from businesses as well as individuals.
It means if there is a borrowing from the individual and he is not returning the money then he will be considered eligible to pay it back and debt collection process can be applied to him.
“Debt Collection” becomes Debt Recovery Dubai or Debt Collection Dubai, when it has to be done for a debt in Dubai. There are several debt recovery agencies in the United Arab Emirates offering Recovery Services. The modern concept is the Law Firms where these recovery services are also offered by Law Firms.
The Emirati Law Firms in UAE like Law Firms in Abu Dhabi, Law Firms in Dubai and the other Law Firms throughout the world are working as debt collection agencies as well. A Law Firm is a better option in multiple factors. We can define like this;
- Law Firms have a big team.
- Law Firms have dedicated lawyers and legal consultants.
- Law Firms have better resources.
- Have the debt collectors who are advocates and debt collectors altogether.
- Law Firms have the capacity to plan better than an agency.
- Law Firms have the capacity to take up serious matters and provide them support
from multiple sides.
- Law Firms have the potential of working and serving better than agencies.
There has been a time when Debt Recovery Agencies work well in the market. But now the modern Law Firm concept is working better everywhere in world.
It also shows that the new concept and the modern trend has replaced the agency need with a full-service law firm.
The procedure of Debt Recovery starts with amicable format and outside the court which might lead to court if it is not resolved.
It is good if it is performed by the Lawyers in Dubai plus debt collection experts. The Law Firm might serve a demand for legal notice in an amicable way, in order to recover the outstanding amount and not to take this matter to court.
It can save time, it can save resources. Debt Recovery is the best way to get your investments or profits back.
It does not spoil your relations. It is a matter of serious discussion where people want the money back but they also do not want to spoil the relations. Therefore, they contact the Debt Collection Experts rather than a direct court case.
If the future interests can’t be put aside then
the creditor must avoid a court case as much as he could. We also suggest that if the past history of debtors has been quite good then, he must be given more time than others as he can be in serious trouble.
But if the creditor finds out that the debtor is not willing to pay intentionally or putting him on hold which is not needed, then a debt recovery process is the best option in this regard.
Debt Collection or Debt Recovery team, serve the notices to debtors and follow them to recover the amount. The recovered amount can be in one installment, few installments, post-dated cheque, or number of post-dated cheques. The mediums and mode of payments, can be and should be decided between creditor and debtor.
Debt Collectors or the Law Firms can only propose the solution. Let it be decided by the creditor but based on the nature of debtor and debt, a good Law Firm will definitely advise the client on what needs to be done and how needs to be done. A debt collection can be helpful in several ways including the recovery of;
- Unpaid Salaries
- Unpaid Cheques
- Unpaid Profits
- Unpaid Investments in the same company employee is having job
- Unpaid Investments in different companies by investors.
- Unpaid Investments and Dividends
- Unpaid End of Service Benefits
- Many other Receivables
Debt Collection is the actual need of companies and the actual need of big business companies, where they have hundreds or sometimes thousands of debtors. These debtors are mostly the companies. Obviously, the companies can only be doing business with another companies.
Therefore, the creditors to debtors all will be companies. Such a scenario is handled as a one big account. Dedicated team can also be allotted or appointed for one big account. This big account can have to collect millions and billions.
This Big Account has to be managed by one big Law Firm through its team. This is called dedicated professional behavior. This service is provided to those who are having big accounts.
Whether this is a dedicated service or an individual service. It all belongs to the situation and the services agreed between the service seeker and service provider. The good selection will let you have the best services. The best services will save you from the wastage of time.
While doing Debt Collection, when a creditor comes to know that nothing has been done so far except the wastage of time then it is like adding another time loss for him and time is an asset.
Therefore, good selection is the first and foremost job of the creditor. When the Debt Collection Process is not found successful or working due to many reasons then the Debt Collector should advise the creditor not to waste the time more and go to Court.
Civil Cases are filled in such scenarios which can be criminal or labour as well, in a case where a cheque bounce matter is involved or unpaid salaries matter is involved.
Civil Case fee needs to be paid, lawyer will also charge you for the Civil Case litigation, but it will let you have your legal expense, claim amount as well as legal interest provided by court.
The legal expense and the legal benefit are provided for the patience of the creditor, as he was not supposed to wait or spend money on a court case.
If he has to then the court makes sure that client could get the justice, legal expense back and a compensation which is a penalty on the losing party. Once again local UAE law does its best to protect the interest of common people.