Certain things are very disappointing and frustrating like asking for the debt recovery to someone who doesn’t pay you back. Regardless of the financial loss, you will be going through emotionally stressed as the debtor has taken advantage of your trust and forced you to take mandatory actions that you might not prefer to do so.
If debt or bad debt is not handled in time then, it can lead toward a disaster. Bad debt recovery is assumed as a very difficult task for an inexperience individual.
However sometimes experience also get failed when it comes to recovery from Upper class or influential personalities. Debt collection services generally hire a panel of extremely talented and well-experienced lawyers who are fully aware of the consequences of bad debt and how it can be recovered. They better know how to resolve such disputes without causing any harm to the reputation of the business man in the business world. Keeping secrecy is the main theme f this whole process administered by the debt collection agency in UAE.
Steps of Bad debt recovery
- The initial phase includes the sending of the notice to the debtor from the creditor to make payment. The notice usually sent to the residential address or any other mentioned at time of applying for debt. Commonly people start shivering right after receiving the notice, but the fact is whether he has adequate resources to pay back or not.
- The second step includes making a phone call from the debt collection agency to the debtor on the behalf of the creditor to demonstrate the terms and conditions according to the notice that was sent earlier. Generally, people try to avoid to have a conversation with the agent of debt collection services to buy some time to make necessary arrangements however some debtor try to play sharp and they even declined the receiving of any notice and try to play time delaying tactics to frustrate the creditor.
- The debt collection agency will keenly observe the debtor and will try their best to find a solution which can lead them toward the successful debt recovery.
- All the terms and conditions related to the debt recovery can be discussed with the debtor on the behalf of the creditor without the interference of judicial proceeding.
- Despite of all settlements and favorable terms and conditions, in case both the collection agency and debtor failed to reach to a point of consensus, then only option remaining is to take the legal action against the debtor.
- After failing to reach up to a point of the agreement a petition will be filed against the debtor for the recovery of debt via court.
- Following the case, the court will immediately send a notice to the debtor regarding the payment of the debt in next fifteen days along with late fees.
- If the debtor failed to return amount then in that case trial will be conducted and the court might issue orders containing the compensation.