Since last 10 years more than 85% of big businesses and around 15 % of SME hire professional agencies for debt recovery & collection services
Collection of claims or Bad Debt Recovery services is being offered by many agencies and Law Firms in Abu Dhabi, Dubai, Sharjah or in United Arab Emirates.
According to a report it has been calculated that more than thousands of debt collection cases are reported to debt collection agencies & law firms and globally.
Trade & Commercial debt collections have increased all around the world as many Big as well as small companies were unable to pay back the debt against the capital or service used by them.
The Role of a Debt Collection Agency
Recovery of debt claims is a major issue globally. New methods and tactics have been applied to for debt collection from defaulters.
It is now more difficult to recover debt in fraud cases as well as identity theft is becoming common as well. So the need of professional agency with qualified people and attorneys with specific jurisdiction was important
Collection agencies came into being just to fulfill the demands. These debt recoveries are made by debt Collectors who are experts in recoveries outside of court using mediation services. However legal actions can be opted according to the situation.
For legal cases, clients are represented by Debt collection agencies or Law Firms against the debtors. Debts are recovered in such a way that clients are conducive as well as making the debt collection hassle free.
Trade & Commercial Disputes:
There are many different type of disputes which are resolved through Debt collection agencies however the few of them are mention as below.
Advertisement disputes, IT Software & App disputes, Air Charter Services disputes, Bounced Cheque disputes, Car rental disputes, Hire Rental disputes, Commercial disputes, Consultancy Services disputes, Contracting disputes, Dredging Services disputes, Engineering disputes, Management Services disputes, Fire Protection disputes, Freight forwarding disputes, Insurance disputes, Investment disputes,
Since last 10 years more than 85% of big businesses and around 15 % of SME hire professional agencies for debt collection services, which shows that the demand and requirement of these services are increasing.
Debt Recovery industry statistics reflects that majority of delinquent accounts could have been recovered if debt collection was request within a month. As per the economic downfall which has been experienced this year time is one of the major factors to recover the increasing bad debt which can be recovered with the help of professional Debt Collection Agencies.
The debt collection agencies work on NO WIN NO FEE basis which mean they only charge once the collection is made. Also different collection agencies have global network for collection making it possible to trace and recover amount from Debtor anywhere globally in majority of cases.