Debt Recovery Issues and their Solution
The need for effective debt collection services has become necessary in UAE due to increasing disputes among creditors and debtors. Therefore, notable agencies debt recovery Dubai has been seen across Sharjah, Ajman, Abu Dhabi, and other states of UAE.
Our debt recovery Dubai agencies file your claims against the debtors in a professional way to maintain the esteem of your clients and business. Lawyers and debt collectors have an explicit understanding of ethics and laws of collecting debts.
Why Cheques get Bounce?
Most often, debtors give cheques to the creditors to repay the money they had lent from them. However, in some cases, the creditors face bounced cheques. The following are the major reasons for such circumstances:
- Invalid Signatures
The person signing the cheque should make sure that he has used a valid sign for that cheque. Otherwise, the cheque will get bounced and you will not get your payment. This is because of a security issue and if mismatch cheques were accepted then people will start playing with the signatures. Therefore it is necessary to match the sign before submitting it.
- Unacceptable Date
Sometimes the cheque is submitted to the bank after many days of writing it. Thus when the cashing date is passed then you will not get the money. This attempt for debt recovery Dubai should be revised. In this case, you need to write a new check.
- Ambiguity in Amount
Amount written in numbers and words should be the same otherwise the check will get bounced and will not be assisted.
- Insufficient funds
When the heir does not have enough money in its account than the person will not be given the money. The cheque will be returned to the person. The reason for the bounced cheque will be written on it and the person who wrote the cheque will be charged.
Legal Process for Collecting Debts
Taking the case to court is the last and easy way of debt recovery Dubai. It is the shortened way of collecting debt that involves judicial bodies. Later on, decisions can be used in opposition to the debtor in the execution procedure. In the case of appealing disapproval, conciliation among the parties is ordered by the court of law.
In the End
Legal services providers will help you in filing in resolving the matter under the legal umbrella. You should contact the best lawyers near you for debt recovery Dubai to ensure that you get maximum money.