What is debt collection?
In simple words debit collection is the process of retrieval of overdue payments owed by individuals or companies either by the lender or any third party that acts on the behalf of a lender. A third party or organization that specializes in the collection of debt is known as Debt Collection Agency (DCA) or Debt Collector.
Overdue payment issues are very common in the business world. Sometimes businesses and individuals borrow more than what they can pay back, and multiple reasons make them unable to pay back what they owe. It is suggested for individuals and companies to get the legal facilitation of Debt Collection Agency to make sure the successful recovery of the debt.
Why Choose a Debt Collector Agency in UAE?
As an individual or business it is somehow difficult to recover the money from someone especially in the case of a large amount. Before taking any step on your own or dragging the case to court you should consider consulting and availing the services of Debt Collection Agency in UAE. There are many trustworthy Debt Collection Agencies in Dubai and other Emirates of UAE with a high success rate. Choosing Debt Collection Agency in UAE can give the lender whether it is an individual or any business entity the following benefits:
- Cheaper: It is the most suitable option for companies as it is very difficult for them to spend their energy, time and other limited resources in chasing the borrower. Hiring the Debt Collection Agency is an inexpensive and reasonable option for them to avail for the recovery of debt.
- Quicker Recovery: Due to their professionalism and experience the Debt Collection Agency makes sure to recover the debt as soon as possible and saves the time of the client as well.
- No Collection-No Fee: Many services don’t take fee in the case of if they are unsuccessful to recover the debt.
- Experience: The expert team working in the Debt Collection Agency is experienced and due to their wide experience and knowledge they know all the legalities of the case.
Differences between Commercial and Consumer Collections
The two types of debt collection that exist in the financial world are:
- Consumer Debt Collection
- Commercial Debt Collection
Consumer Debt Collection: This type of debt collection deals and consists of personal debts owned by an individual. This may include personal credit card debt, personal loans, student loans, auto loans, mortgage, installments, or any other outstanding payment in any form owned by an individual. The DCA usually contacts the borrower directly through emails or phone calls and professionally deal with them instead of harassing them which is against the ethics too.
Commercial Debt Collection: The commercial debt collection deals with a business collecting the debt from another business. This is one of the common issues in the business world when one company owes to the other company. The debt can be an accumulation of products and/or services availed and ordered from another company or supplier that is never paid for. Regardless of the size of the company and business DCA specializes in the recovery of debts for every company. The DCA usually contacts the financial staff of the debtor’s company through emails and phone calls. DCA makes sure to collect all the relevant and required information and then contact the company to pay the debt.
How Do Debt Collectors Help Lenders?
The professionals and experts serving in Debt Collection Agency are always experienced and they have all the required and expertise to deal and handle the matter successfully. They have different tailored methodologies and strategies for every situation, and they know exactly what and when to do. They invest their time and energy and go beyond helping the lender to recover the debt by not crossing the line against ethics. As DCA is experienced and professional they always make sure to satisfy the lender and do not harass or threaten the debtor and deal with them in a friendly and polite manner.
Debt Collection Agency in UAE
We have experienced and seasoned team of experts in Dubai and around the Emirates who have been providing the successful recovery of debts for more than a decade in the region. We have our clients around the globe with thousands of success stories. Don’t hesitate to contact our team in Dubai and all over the UAE for any type of debt recovery. We are always here to legally facilitate you.