Collection Agency Dubai
There are circumstances where companies are required to validate payments made by their clients or partners, and debt collection is important for Dubai companies in some cases. Our team is experienced in debt collection and is able to provide you with full debt collection facilities for businesses and individuals.
1. The notion of debt
1.1. A borrowed sum of money that is not repaid in time as stipulated in a contract in that case, signed by a corporation (the creditor) and the debtor, is considered debt.
This is the situation where our team in Dubai will offer full assistance and support when the debt collection process is started.
2. Debt collection process in Dubai
2.1. Before entering debt collection action in Dubai, the claimant needs to know that they can communicate effectively to address the existing problem and discuss the methods of payment.
2.2. The steps below are part of the recovery process in Dubai:
- debt collection begins with a friendly approach in which the debtor receives a notice of payment;
- the next step is a phone call from our debt collection agents;
- open communication between the creditor and the debtor will be maintained throughout the proper recovery procedure;
- our team of advisors will act in accordance with the law to ensure that companies receive their money.
2.3. To make a complete and accurate assessment of the situation in which the debt occurred, we will need complete information about the debtor.
2.4. We will try to persuade the claimant to make the payment but we will launch legal actions for debt recovery should they fail to respond, usually within the 60-day time limit.
3. Debt collection mechanism in Dubai
3.1. In most situations, debt collection can be an easy process if both sides support an arrangement in this sense: the creditor and the debtor.
3.2. If the terms are not met then the following steps will be settled by a court in recovering the money or assets.
4. Types of debts in Dubai
4.1. Loans, rent payments, or cheques in Dubai may be liable to debt collection.
We remind you that any financial obligation made to a Dubai company must be respected in accordance with that requirement.
5. Judicial action of debt collection in Dubai
5.1. You can also file a petition with a Dubai court for restitution of any outstanding debt if an amicable arrangement can not be found. It must be borne in mind that Dubai does not have commercial litigation courts so you will have to file your petition with the local court concerned.
5.2. The first phase of the process is for the debtor to be informed by the Dubai court through a registered letter of demand which allows them to pay the amount and the late payment fees within 15 days.
5.3. If the defendant fails to pay, a jury will commence at which point the prosecution will be held in writing, as it is not possible to hold oral hearings in civil cases trialed in Dubai. By fact, court-issued remedies consist of compensatory damages.
6. Pre-judicial debt collection
6.1. In case of unpaid bills or contracts it is certainly difficult to contend with the debt collection procedures.
6.2. Our debt collection agents in Dubai are here to deliver the ability to pay the debts in a simple and convenient manner to bypass the execution formalities in court.
6.3. Every case is unique and companies or individuals involved in a debt collection process will seek immediate legal aid and support.
7. What you need to know about debt transactions
7.1. Particular debt collection situations may include selling a different share of the debt to another company called debt buyer or component.
7.2. Such a corporation may purchase loans and pay for a certain proportion of the loan value and then compensate the debtor for full balance, in compliance with the initial contract or deal.
7.3. It is a known fact that the creditor collects direct revenue in the case of loan transactions, although they are decreased in proportion to the debt valuation. In this case the debt collector or factor takes the debt collection risks or collects them.
8. Dubai Debt collection agencies
8.1. Settlement services are open to foreign and local businesses involved in collecting similar payments. The law states that, where necessary, organizations may find debtors by calling other entities or businesses, holding debt information in full secrecy.
8.2. The debt collection may include the selling of property or assets in the case of deceased persons, without having to consider that the heirs are the next in line to make those payments. There are also foreign debt conditions that need to be restored in Dubai.
8.3. It is important to know that our debt collection experts in Dubai will meet external parties and organizations without any specific formalities and decide on the methods of financial recovery.
