There are many factors that determine the success or failure of a debt collection agency and for debt recovery companies. Most often, it is a combination of the above factors that determine a company’s performance as a business. Factors like management style, customer service, ability to negotiate, technological infrastructure, and ability to meet customer needs all play important roles in the overall success of an agency. It would be wise to understand each of these factors and evaluate them to ensure a good match for your company.
Management Style: it is an important factor when it comes to evaluating an agency’s performance. Different collection companies employ different management styles with varying success. A website provides a great deal of information on how the various companies operate including what their objectives are and how they go about collecting overdue balances. Additionally, it provides a list of companies that have been licensed by different associations to represent in court cases and how the company can be found out if it is not a genuine enterprise.
Customer Service: One might assume that the best way to find a debt recovery service is to simply ask people about the company and how their ways of debt management in UAE. However, people are often wary about giving out their personal details over the phone due to security concerns and a lack of trust in the industry. Thus, debt collection companies make use of email and telephone contacts as well as written queries to compile contact details of their potential customers. This helps them build a database of contacts that they can use in the future to contact their past customers when they require information on debts. This tactic has proven to be very effective in minimizing the number of calls that are directed to the collections department.
Protection of Rights: There are two main laws that govern the behaviour of debt collection companies. These are the Consumer Credit Act and the Debt Collection Agency Act. The Debt Collection Agency Act restricts how the companies can go about collecting debts and provides legal protection against harassment and false imprisonment. Both these laws cover the rights of the consumer and ensure that the companies respect them.
How to Be Taken Seriously by The Debt Collector: The consumer law states that the debt collection agent cannot call any person more than three times in a seven-day period. He or she may however call the same persons up again within those days and demand more details from him. The consumer law also lays down various measures to help the debtor in coping with such an experience.