Having a credit or credit card is not helpful for many people. Some of them might get into the habit of overspending and a few might lead to bankruptcy. However, this is not overspending always. It is not due to poor management always. The poor financial conditions can be one of the reasons as well. Recently Covid-19 affected many businesses across the world, so uncontrolled natural factors can also be the reason for this. The law firms in dubai have several techniques to manage debt settlement. A debt occurs when the creditor has a pile of unpaid invoices.
In some cases, the debtors do not want to pay for higher prices, others often miss the due date. We all know that these law offices in dubai have a very good reputation in Dubai, UAE as well as the world. Many dubai law firms offer quality services and have dedicated departments and staff for debt collection. One should try as it is effective, useful and saves the time of the court. In a scenario, where the debtor cannot pay the creditor, a negotiable deal can be made by involving a lawyer. He can pay a lump sum amount as decided by the lawyer between them. The lawyer must be genuine in his profession and must take out a mid-way for both parties, so the issue can be resolved at the earliest. If a lump sum amount is paid by the debtor, it would be great for him because he will not be paying the actual amount later.
The problem occurs:
The problem occurs when the creditor is not ready to negotiate, because he knows the financial state of the debtor. In this case, the debtor must make monthly payments till the amount is paid completely. During this whole time, the debtor will be receiving calls from the collectors, which cannot be handled by everyone. Those calls become irritating at times. The law firms know that every debtor is different from the other, and so they have a different approach towards each one of them. Debt collection calls shall never be ignored by the debtor, as it brings them more trouble.
The collector would set up a meeting in person and also chase you till the end. They can sue you if their client would ask them to do so. The lawsuits are tricky, and everyone cannot deal with them. Therefore, if you have to return someone’s money, make sure you do it timely, or give them a lump sum amount on an urgent basis. It is good to resolve the payment issue soon because your company’s reputation is at stake.
Try before Lawsuits:
If the Law Firm is offering serious debt recovery services by trained debt collectors and lawyers then we recommend that one should try before moving further. It saves time, it saves effort, it saves money and it also saves a person from other obligations. For example, if person A has to collect the amount from person B, and person A also owes it to person C, for he has to collect the amount from person A and pay to C then he can not wait for a long time. We are not saying that the Lawsuit does not work. No there is nothing like this.
When debt recovery does not work then one can only knock on the door of the court. Court Case provides the legal expense and legal interest as well. But if the debt recovery process works then it can finish the matter in a month or a few months. Sometimes the amount is not paid just because of ego issues. When ego comes into the story then only a third party can resolve the matter, who has wisdom, patience and market knowledge. Therefore all the industry experts recommend that one can try the debt recovery procedure by a Law Firm or amicable settlement programs.
The Top Law Firms in Dubai – Emirati Law Company
There is no doubt about it. The Top Law Firms in Dubai are mostly Emirati Law Companies in UAE. It is not just in Dubai, Abu Dhabi, Sharjah or other emirates. It does apply in every emirate. We have discussed the reasons many times that why an Emirati Law Company is best in producing the results. A simple reader or a small-time law service acquirer will not understand the concept. But if the reader is owning a business where he has to manage the staff of more than 500 employees to unlimited employees then the idea of an established and specialist Law Firm can easily be understood. It means the top Emirati Law Companies are the mandatory need for those businesses who are not in a position to take risk of dealing with a freelancer or cheap lawyers or even the one-man law firms.
