Information about debt recovery – things to knowOn October 21, 2020 by admin
Debt is an amount of money you take from someone when you need financial help and you pay them back after sometime. The debt is usually returned with an interest. Debt recovery UAE means that you have to return the money you owe to people or a company at a certain period of time but you have not paid back, so a collection service is hired to collect the owed money.
Debt Recovery – How Is It Done?
Debt recovery can be a hectic process sometimes. Here are some tips to recover your debt easily.
- Send a friendly reminder to your customer
When your client’s payment becomes overdue for the first time. Contact them in a friendly manner either by calling, messaging them or simply send them an email. Maybe they got caught in to something important and forgot to pay the money back. A quick reminder would be enough.
When you remind them to pay the money back, send them your account details, contact number and other relevant information, so they can easily pay you quickly.
- Remind them about the overdue payment
If you client forgets further payment on a certain date as agreed, and you have had no contact with them. Try contacting them again either by messaging or calling them or just send an email. Ask them to return your money as soon as they can. Tell them to be punctual as to avoid inconvenience.
- Final notice
If your customer has still missed any further payments and has not paid on time, try contacting them again. This will be the last time you will be contacting your customer through call, message or email.
- Meet your client in person
When the customer has still not responded to your texts or emails, the best way is to meet them directly and talk face to face. This will be helpful in building a relationship between the client and owner. Talking face to face would clear things up.
- A formal letter should be sent
This is your last attempt to contact your customer yourself. After trying all the above mentioned procedures and still failing, this would be your last hope. Send them a letter of demand. Although it could affect your relationship with the customer but there is no other option.
- Hire a debt collecting service
This is the only way to get your money back. You’ve done all you could. So, hire a debt collecting service and they will do the rest of the work.
See page for further information about debt recovery.