What is Debt Collection?
A debt collection is an agency that recovers payment from the unpaid accounts and it is a process of pursuing payments of debts owned by individuals or businesses. Many debt collectors are hired by some reputed big companies for collecting money from debtors with a particular fee or a percentage of the total amount of collection.
About our company: –
Fran Gulf Legal and Business Consultants provide collection services to companies and individuals to recover their unpaid amount. FranGulf Legal Consultants acts as a middle man between both the parties we have a very good track record of recovering the debts. We have answers for all your queries
Our services include collection of: –
- Unpaid Invoices
- Delivery Notes
- Contacts
- Bounced Cheques
- Promissory Notes
- Credit Notes and etc.
How we approach for Debt Collection: –
We make settlement between both the parties to recover the due amount UAE government allows both the parties to give their opinion for the settlement.
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The procedure in UAE is divided in two parts
- Amicable Settlement
- Court Procedure for debt recovery
- Amicable Settlement
This is called out of court settlement process in which both the parties sit together and decide how to repay the debt with the help of lawyers with providing various possible ways including arbitration negotiations before knocking the doors of the court.
Our lawyers send them legal notice to settle the payment, if they fail to communicate or shut down all channels of communication reflects poorly on them, and shows that they don’t intend to pay back the money maintaining communication with the debt collectors will convince the agency about your commitment to settle the dues and may help you buy some time until you can work out a repayment plan.
Our debt collector’s advice with a recovery plan that can help both the parties.
B) Debt Recovery Procedure
If the dispute is not resolved by additional judicial recovery efforts, creditors may use this opportunity to secure the repayment of their debts in court. Our partner will sue the debtor on behalf of the bond recipient. Civil or commercial proceedings shall be instituted in the court and the competent council.
Pursuant to Act No.5 of 1985, the receivables were repaid after 15 years. Commercial Invoicing Processes are governed by Act No. 1993. 8. To file a civil dispute against creditors who pay creditors. Creditors may rely on Articles 246 and 710 of Federal law No.5 of 1985.
The Ministry of Justice appoints arbitration and decision- making committees in the United Arab Emirates to review claims and facilitate debt recovery. If the arbitration team does not resolve the issue, the dispute will be submitted in the court. An acceptable solution will be presented after hearing the concerns of the both parties, together with evidence of the circumstances.
Such decisions are often challenged by the court of appeal within 30 days, if any delay from for filling a financial complaint in the beneficiary’s court is 60 days. If both parties do not meet the deadline for claiming, the court of first instance will be allowed to choose its verdict.
FranGulf Legal and Business Consultants provide debt collection in Sharjah, Dubai, Abu Dhabi, Ajman, Ras Al Khaimah, Fujairah, and Umm al Quwain. Get the appointment of our expert lawyers for debt collection services in UAE.
Email: info@frangulf.ae
Call: +971 58 559 7700
Website: www.frangulf.ae