Debt Recovery Agencies and their Part in Recovering the Debts
Every business must maintain its cash flow to be competitive by maintaining its productivity otherwise, it will be difficult for the company to survive. Few debtors are the main reason for holding the debts because they are unwilling to pay the owed money back.
Recovering debts is a difficult task to do in the UAE. It is difficult for both the debtors and the creditors to resolve the issue. That is why; hiring a debt recovery Dubai agency will be beneficial for both to recover the debts without spoiling the terms of both parties.
Advantages of hiring a debt recovery agency
A debt collection agency aids its clients in recovering the bad debts in a short period of time. Sometimes, a call from a debt collection agency leaves a serious impact on the debtors that they will get ready to pay the entire amount in a single go.
- Letter of demand
Initially, the debt recovery Dubai agencies send a letter of demand mentioning the amount of the owed debts. In this letter, thee agencies also mentioned the previous and new due dates for the submission of outstanding dues. Letters will be sent via email or post to the debtors.
This letter will also mention something about initiating legal action if the debts are not paid on time. The agency will also contact the debtors to advise them about some ways via which he can pay the unpaid invoices to the creditors.
- Drafting terms and conditions for re-payment
Debt recovery Dubai agencies will draft the terms and agreement for the process of re-payment. Because this will save time, efforts, and cost of finding the debtors and recover the debts from him. This will be beneficial for all types of businesses, whether small or big.