Debt Recovery Methodology in UAE

Debt Recovery Methodology in UAE

Debt Recovery means collecting the Debt from the market. It means to collect unpaid debts from the market or from the people. Every Debt Collection Agency or Law Firm work with a team of Lawyers and Legal Consultants, in order to recover the debt as soon as possible. Debt Collection Dubai is not a joke. This is a very serious business by serious professionals. We know very well that, the market is also based on debt and the debt is always paid but not easily. Therefore these experts are required known as Debt Collectors. These Debt Collectors are from Law Firms and Debt Collection Agencies together. The general methodology will be as follows:

• First of all the Legal Notice is served. 
• As per the OLD formula, the Demand Notices are also sent. Demand Notice is not on Company Letter Head while Legal Notice is kid of legal instrument. It's better to send the legal notice as soon as possible. 
• Once the notice is served then, debtors are chased by the debt collectors. 
• They chase them in a very professional manner, and it is not taken to dispute.
• Emails are sent, Visits are paid, Phone Calls, Fax, Messages, Whats App Messages.
• Reminders, Emails, Follow Ups, Visits, Meetings, Final Meetings, 
• When the debt is recovered then an agreement is signed between both parties. 
• Cheques or Invoices are torn into pieces or not returned. We must not forget that documentation must be done on quite an organised basis. 
• We should not forget about the fact that if the debtor is not willing to pay then please take the matter to Court. Please Do not waste the matter. The best part is to prepare the Court Case work, so if the collection does not work then Civil cases could be quickly filled.