Terms to Know When in Debt
The current economy has hit a lot of businesses hard due to which some of the businesses are in debt. However, once you find yourself in debt, it is highly recommended to educate yourself about your options. The debt recovery Dubai agencies have the expertise and extensive knowledge in this area and are available all over the UAE for your assistance.
Common Terms Regarding Debt
Below are some common terms regarding a debt that you need to know once you are in debt or fear being in one.
- Interest and Collection Costs
One of the clauses in a contract might be about interest and collection costs. These provisions mean that you may owe interest on unpaid debts. You may also be responsible for paying the costs of the creditor hiring a collection agency or legal costs.
- Credit Counselor
A credit counselor is certified and trained in consumer credit, money and debt management, and budgeting. Counselors can discuss your entire financial situation with you, and help you develop a plan to solve your money problems. It is important to make sure you only see a licensed and reputable counselor such as debt recovery Dubai agencies.
They can refer you to counselors in your area that provide financial reviews and help you determine a plan for dealing with your debt.
Garnishment is when a creditor takes part of your paycheck or money from your bank account to collect the money you owe on a judgment. Garnishments generally require a court order in most cases. However, certain debts owed to the government may also result in garnishment, even without a judgment.
Therefore, whenever you find yourself in debt or fear being in one, you need to seek legal help. The debt recovery Dubai agencies are there to help you understand all the terms and laws regarding debt. Moreover, they are available all over the UAE, including Sharjah, Abu Dhabi, Fujairah, and Ajman.