Names of debt collection companies in UAE
Debt collection companies in UAE seek to assist individual and corporate clients, to help them collect their debts and recover their owed money.
Business owners often encounter a variety of different clients. And some of them avoid paying money for certain services or specific products. This is what necessitated the emergence of specialized legal companies, providing debt collection services, such as the services we provide in Legal Group, legally and smoothly.
Therefore, in this article, we will talk about the steps for debt collection, and the most prominent steps that we offer to our clients in this field.
What are debt collection companies in UAE?
Debt collection companies include a group of legal experts, who act as an intermediary to recover funds and collect overdue clients’ debts, often over sixty days. And then return it to the original creditor by legal ways.
How do debt collection companies work in UAE ?
Collection agencies tend to specialize in the types of debt they collect. So The agency can limit its work to debt collection within the statute of limitations, which varies according to the laws in each region.
As for the conditions to be within the statute of limitations, the debt is not too old, and the creditor can still legally pursue it. So that the creditor pays a percentage, usually between 25% and 50% of the amount collected.
On the other hand, debt collection agencies collect various overdue debts, such as credit cards, medical loans, auto loans, and personal loans. Along with business, student loans, utility bills, and unpaid cell phones.
For hard-to-collect debt, some collection agencies negotiate settlements with consumers for less than the amount owed. They may resort to the judiciary and file lawsuits to collect debts.
Debt collection steps in UAE
In Legal Group, we follow a set of steps to collect debts, and recover the money owed to its owners, whether companies or individuals. The steps for debt collection are as follows, and according to the case we are dealing with:
– friendly settlement
Through this step, we follow diplomatic or soft methods in the matter of debt collection. We remind the debtor of the due dates of payment, and the consequences thereof in the event of a delay or default
– Difficult collection case
This step includes resorting to filing legal cases, to collect debts and recover the money owed based on the specific laws of the United Arab Emirates. If the previous step fails to resolve the dispute and refund the money.
– Locating the defaulters
This is an important step in the process of debt collection and recovery of funds owed by companies or individuals. As we work in Legal Group, through our specialized team, to locate and neutralize the defaulters, whether they are inside or outside the territory of the United Arab Emirates.
– litigation procedures
This step comes at the end of the debt collection steps. Through it, litigation procedures are used to recover the owed funds and collect debts.
Names of debt collection companies in UAE
How do we work in the Legal Group to collect debts?
In the Legal Group office, we provide services dedicated to debt collection and money recovery in legal ways, through a specialized team of lawyers. As we deal with two main types of cases, we will take a closer look at them below:
- If you are a debtor: We offer our services to any debtor who is under pressure or threat from the creditor. As if you are going through difficult circumstances that prevent you from paying your debt.
You can also use our team to negotiate with the creditor, and reach a joint solution that satisfies both parties. Such as reducing expenses or money in general.
- If you are a creditor: Debt collection services are there primarily, to help you get your money back. Whether it is the result of buying and selling or trading in general, or as a result of personal or public loans.
At Legal Group, we help you find the best ways to communicate with the debtor and get your money back in a smooth, comfortable and legal way.
Names of debt collection companies in UAE
We talked about debt collection companies in the UAE, and the services of Legal Group office in this field. Therefore, contact us at Legal Group to establish your company or factory in the UAE, within 48 hours only. We do all collection services and represent your organization in a responsible and professional manner.
