Debt collection in Dubai

Being a business owner, it is quite stressful when you have unpaid invoices from your clients or customers. It may hide your ability to pay your vendors and create a bad reputation in your industry with suppliers. By approaching debt collection attorneys, you can easily collect those bills that are owed to you now.

Debt Collection Agencies

These agencies are independent businesses that focus on the debt collection process. They can be hired by businesses in order to collect outstanding debt from your existing customers. Most of these agencies use automated phone systems as well as an advanced computer system in order to collect a debt. In case if the borrower pays off the debt, the agency will charge a fee out of the payment.

Debt Collection Lawyers

They are board-certified attorneys that specialize in collecting the debt. They generally use the power of legal action in order to communicate with debtors to collect what’s owed to your business. These lawyers have the ability to file suit against the offending party and have knowledge in the debt collection process. These lawyers usually charge a fee per case they take on.

Different Between Debt Collection Lawyers and Agencies

Now, you might have a little idea about debt collection attorneys and agencies. Let’s know the major difference between them. The main difference is that the debt collection agencies cannot sue the borrower, but the lawyers can. Agencies can work on filing negative credit information on the borrower’s credit report. They can make calls, send letters, and prompt the borrower to pay their debts. But, they are unable to sue the borrower in the future upon failed payment.

On the other hand, attorneys can include the threat of legal action against the borrower besides their traditional debt collection practices. If traditional debt collection practice does not work, these lawyers can file suit for the collection of the funds. These lawyers are knowledgeable in the process of debt collection so that your practices are legally performed. Here are the top reasons to hire a reliable Debt collection in Dubai:

They can file a lawsuit: These lawyers can immediately file a lawsuit when a debtor doesn’t respond to letters and calls. This step will help in evoking a response from the debtor to manage the debt that is owed.

They increase the chance to get a response from the debtor: It’s quite obvious that several borrowers ignore the phone calls and letters from agencies. However, when they get a lawsuit from lawyers, they responded quickly. Most will pay off the debt.

Fast settlement: Debt collector agencies only make phone calls and send out the letters, but cannot force a debtor to pay. On the other hand, lawyers can file suit against the debtor for the money owed. This step helps in getting a response from the debtor, and they are able to settle the debt much quicker than agencies.

They have experience and knowledge: Debt collection agencies are not trained in the legal field. On the other hand, lawyers are highly trained and qualified in the legal field. They know what your business can and cannot do to collect the debt from them. This is highly beneficial as it ensures that your business is legal to collect the debt so future settlements can be resolved.

Now, you must understand the basic difference between the debt collection agencies and debt collection lawyers and make the right hiring decision to collect your debt quickly.