The financial crisis means prosperity for those who work in the debt collecting domain. It can be said that now the largest amounts of money should be recovered and their portfolios of clients have increased considerably. The debtors' customers are both individuals and companies, and the debts are made mostly when it comes to utilities, telephones or internet. Regarding to banks, the biggest problem is represented by the interest rate for a loan granted. This interest rate is very high and the debt is proving to be difficult to cover.
And for a better understanding, this is how things work. If people do not pay their rates on time, the company from where they took the loan will sell the bad taxpayers portfolio to companies specialized in debt collecting. And it is also very important to know that those who are now in the debt collectors' portfolio are not able to obtain any new loan, until they pay the outstanding amount.
There can be two kinds of debt collecting procedure: the mutual agreement procedure that consists of unlimited notifications sent by mail / fax, mobile messages or emails, discussions, negotiations, meetings and proposals in order to find the best solutions for payment methods. The other kind of debt collection procedure is by judicial procedure. When the debt collectors find out that their clients do not want to accept any of the solutions proposed on the mutual agreement and they do not want to solve the financial dispute amicably, the debt collectors appeal to court.
There are a lot of debt collecting companies in Dubai. Dubai is well known as a business center and sometimes for making business people should appeal to a loan. When they are not able to pay their loan back, including the rate of the interest, the debt collectors should resolve this problem in order to help the loan companies to recover their investment.