If you’ve recently lost your job and can’t find another, getting out of debt gets more challenging. Because of the high-interest rates and penalty fees paid by credit cards, they are the hardest to manage when dealing with debt collection Dubai. If you miss a payment, the total balance rises as a result of the late penalties and interest rates that have been put on.
Once you’ve defaulted on your account, debt collectors will begin calling you at all hours of the day and night. They are extremely persuasive and, in many circumstances, rude and even harassing. The Fair Debt Collection Practices Act prohibits such behavior. You can either take legal action against the debt collectors yourself or engage an attorney to help you with your debt issues which you are facing in debt collection UAE.
By analyzing your existing financial circumstances, a debt relief attorney can assist you in identifying strategies to get out of debt. Debt negotiation is the greatest strategy to get out of debt if your balance is too high. This strategy aids you in reaching an agreement with your creditors to settle your account for a substantially lower amount than the existing debt. To begin, they write a letter to the collection agency stating that no further communication with the customer should be made by them. The UAE debt collection company will send a confirmation letter after receiving this letter and will only send a letter to the customer if they are suing him in court.
After the collection calls have been ceased, the attorney can begin negotiating with your creditor. A successful negotiation can result in a debtor receiving a debt waiver worth 40% to 60% of the original amount.