A debt collection agency offers company and individual professionals in collecting outstanding debts. Debt collection Dubai agencies advise debtors on debt collection settlement. They do it by making deliberate attempts to obtain the amount past due.
These agencies try to recover the debt without the involvement of legal action and court orders. However, if required an attorney may also take legal action to recover the debt. It is always a good option to seek legal assistance to save both your time and money by hiring these agencies.
Efficient Ways to Extract the Amount
Below are some effective and efficient ways for debt collection agencies to extract the amount for you in the UAE.
· Property as Security
In case the debtor has property, it can be used as a security until the debt is fully paid. However, there are stricter regulations for selling personal assets to repay debt. This is one of the most commonly used strategies by the debt collectors in the UAE to get back the debts for you.
· Freezing accounts
Sometimes, the debtor has a savings account in any financial institution. A debt collection agency can serve the bank with a notice to freeze the account of the debtor. Once the account is frozen, the debtor is given limited time to justify the debt.
If a proper justification is not received by the debtor who has savings. Then the money starts to get deducted from the account until the debts are not paid. Debt collection Dubai agencies make sure that your debtor cannot use their savings anywhere other than paying back your debt.
· Wage garnishment
The most common method to recover a debt can be applied when the debtor has a job. Collection directly contacts the employer and the money is deducted from the paycheck of the debtor. This can help you because if the debtor is working somewhere.
It is quite obvious that they will receive a salary. You can have a credible source to look up to when your debtor is determined not to pay you back.
Final Remarks
Therefore, if you want to save your time and money, it is advised to seek legal help. The debt collection Dubai agencies are there to help you vigilantly and skillfully. Moreover, they have not confined themselves to one state.
They offer their services in Ajman, Fujairah, Sharjah, and other emirates as well.