Trade is mostly based on debt and credit in this monetary world. This has led to different frauds in business dealings. Time is important in all fields and life but it plays a vital role in business. A wise decision taken at right time can bring boom to the business and it can go the other way too. One has to recover the debt in time. Otherwise it can be a disaster leading to the bad debt.
Nowadays many legal firms and advocates are working in this field of recovering debt. They follow only legal and ethical actions against the debtors. They have experience of recovering the bad debt. They have devised many techniques to recover the debt without even requiring legal petitions in most cases. They take the in-depth knowledge and understanding of the matter as well as the laws, customs, cultures, habits and mindsets of the people, which can help them in dealing the matter with more ease.
People Oriented approaches with the technology driven approaches have helped the advocates in Dubai . When entering in to the debt collection proceedings in Dubai, good advocates in Dubai will always open a communication between debtor and creditor. It will bring smoothness in the settlement of the payment.
Different measures are taken at different stages in debt collection by the advocates. First step is to send a notice to the debtor about clearing the payment within 60 days of the notice date. Along with this, the debtor receives a call from the advocates to make a settlement without legal petition. During this notice period, different psychological pressures are applied without destroying the terms between the parties.Debt counseling, restructuring and settlement are done by them. If the payment goes unrecoverable, then the legal petition is sent to court for hearings.