Things you should know about Debt recovery Dubai
- March 6, 2021
- Comments Off on Things you should know about Debt recovery Dubai
Debt recovery is a legal but time-consuming process. If a debtor does not pay off the debt even after the due date then you have the authority to collect the debt through the legal procedure. For this purpose, you need a legal advisor.
Many law firms and debt recovery Dubai experts provide their efficient services for debt collection. They are experienced in making the debtor pay outstanding debts on time through legal procedures.
No Win No Fee Policy
For debt recovery, some collection agencies or law firms follow no win no fee policy or no cure no gain policy. According to this policy if a collection agency could not help you to recover the debt then you have the authority not to pay off their fee. Some collection agencies and debt recovery Dubai offer a fixed amount for administrative costs if they fail to recover the debt.
Rules for Debt Collection in Dubai
If a person hires a collection agency for debt recovery then it is a concern of agency how to collect a debt. But they cannot use any illegal way or recover debt forcefully. Debt recovery Dubai follows some rules which include:
- They should contact a debtor directly.
- If they could not trace the debtor then a family member or relative can be contacted, but the reason for contact should keep confidential.
- Collection agencies or a legal attorney hired for debt collection have no authority to check bank details or assets of the debtor by themselves.
- Bank details and assets collection is the last option for debt recovery and it is done by orders of the court.
In the End
If the debtor does not pay off debt then it is obvious that you need a third party for debt recovery. Debt recovery Dubai specialists provide efficient services in this regard. These law firms and debt collection agencies also provide their services to other cities of UAE including Abu Dhabi, Ajman, and Sharjah.