How to Recover Debts in Dubai?
Nowadays, dealing with a non-paying client is not an easy task. It requires you to abide by the rules and regulations of Dubai as well as the general code of conduct. To ensure that you are following the standards, lawyers offering debt recovery Dubai are helpful.
These debts include any kind of invoice which was due on a specific date but they did not clear it. It also incorporates the unpaid bills and bounced cheques. When a person purchases something on credit and does not pay off the money, it also calls for debt recovery.
Process of Recovering Debts in Dubai
There are many reasons behind the overdue debts. Sometimes, the loanee forgets paying off the debt or acts irresponsibly clearing the outstanding invoices. In order to carry out the collection process professionally, legal entities follow this step-wise procedure.
Start with Reminders
The first step is to send courtesy reminders to the debtors to remind them about the overdue payment. This could be carried out through a letter, email, fax, or phone call. Creditors can do it on their own or they can ask lawyers to do it on their behalf.
Send Legal Notices
If the clients do not respond after reminders, then lawyers prefer sending legal notices to carry out the process as per the law. They will guide the creditors the best route to take in the way of dealing with the non-paying clients. They will save you from any negligence in this process.
Draft Demand Letters
The debt recovery Dubai process also involved drafting demand letters for people who forget to pay off their debts. These letters are drafted as per the rules of the UAE so that the creditors are safe form any liabilities form court for not following the legislation.
Arrange Negotiation Meeting
Lawyers arrange a meeting in which creditors and debtors come up with the evidence to claim the money and why it has been delayed for a long time. If the negotiations are successful, most of the debts are cleared in this process.
Announce Legal Actions
To recover the loans, sometimes judicial procedures are followed if the debtors deny paying them even after negotiation. The matter is presented in court with the help of a legal representative. In this process, there are maximum chances of recovery unless or until you can claim it under the legal umbrella.
In the End
A person with least or zero legal knowledge is prone to mistakes. Therefore, lawyers offering debt recovery Dubai services ensure that you follow the legal procedures. They are experienced in dealing with such matters. You can also get their services in Ajman, Sharjah, and Abu Dhabi.