5 Easy Legitimate Steps for Debt Collection in the UAE
We have been dealing with numerous cases of outstanding debt in the UAE for over a decade.
Debt Collection Dubai is the process of pursuing an individual to recover payments owed to him or the company. It is always a great idea to consider the available options for recovering your debt of borrowers outside of court. Appointing a Debt Recovery Dubai agency, making repeated phone calls and emails, and serving a legal notice are examples of how debtors may be persuaded to recover outstanding amounts. Nonetheless, the article is concerned with the steps a debtor can take before going to court, as they may include an initial investment that turns out to be losing good money behind bad.
1. Establish credibility
The first and most effective strategy is to verify the creditor's veracity and market credibility. To secure your debt, you must also investigate his previous business relationships in the market. You can also obtain a police clearance certificate to see if he has any pending cases in the country.
2. Maintain proper documentation
We have seen numerous cases of outstanding debt where the clients lack proper documentation to prove the debt, such as payment receipts, written contracts, or acknowledgement of the debt. It is always advisable to keep proper documentation to be prepared for unforeseeable events.
3. Get a Security Check
Any outstanding debt must be secured by a security cheque, which increases security. When the debt matures, you can encash the security cheque to recover the outstanding balance. Furthermore, if the cheque is not cashed, filing a criminal and civil complaint within the UAE is relatively simple.
4. Pleasant resolution
The debtor can contact several collection agencies or hire a lawyer to serve a legal notice or a warning to resolve the matter outside of court, which will result in criminal or civil proceedings.
5. Determine Your Legal Options
Finally, failure to reach an amicable settlement leads to the next step of understanding the available legal options of filing a civil or criminal complaint while keeping the legal costs in mind.
