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Few Best Strategies for Debt Collection

In the UAE, debt recovery sharjah companies have been working for many years. There are very few companies that have a good reputation in the debt collection industry. Debt happens when the companies give goods and services on credit to the debtor. Some of them would do it to ease the process of getting into the market, but they fail to manage their finances when the debt has increased and the debtor does not back to them. Here are a few strategies through which the Recovery Sharjah system can be managed. 

If you have met the debtor for the first time for the purpose of business, then you should see his reputation in the market. He must be good at keeping business relationships and clearing the debt timely. Sometimes, a police certificate is helpful to determine the credibility of the debtor.

You must have a proper documentation system at your end. It includes a copy of the debtor’s identity card and passport. Usually, when the debtor could not be chased, the documents are a great help. Secondly, through documentation, the terms and conditions and time frame is cleared to both parties for debt collection. 

A cheque can be made from the debtor’s side. The date of debt payment can be mentioned on the cheque. So, if the debtor does not pay the debt as agreed in the contract, the cheque can be en-cashed once matured. In some cases, the debtor’s position is really bad. So, a settlement out of court should be considered. If the legal proceedings happen, it will delay the process of debt collection and you may lose the money, as well.

The best thing to do is call a debt recovery agent, and talk to him about the debt collection claim. He knows the Sharjah commercial laws and so he will understand the situation. If you take the case to the Sharjah courts, the documents shall be translated into the Arabic language. The court has a fee for all the documentation. The legal case will be handled by the court. You can work on any best suitable strategy according to your claim and situation.