Most people around the world borrow money at some time in their lives to meet certain emergencies, pay medical bills, send their children to colleges, etc. It is no different in the case of people in the UAE. It is absolutely normal to take out personal loans or use credit cards, but things do go out of control for various reasons and some people fail to repay the loans. Non-payment of loans and credit card debt can cause a lot of problems for individuals. It all starts with the collection agents of lenders, banks as well as credit card providers, calling borrowers. If you are getting collection calls, read on to know as to how you can avoid them.
Avoid fear of non-payment
It is a fact that unpaid debt, credit cards and personal loans, can become huge outstanding dues in short time. It will get bigger and jeopardize your financial well-being if you ignore it. If you have not been making payments against your debts and have received calls from debt collectors, you should not panic. You might have missed a few payments, but it is always possible to find a solution to the problem and change your fortunes for the better. If you panic, you can cause more problems for yourself. You need to realize that a solution to your financial problems is definitely available.
Avoid collection agency calls
If you happen to fall behind on monthly payments towards your debts and do not contact the creditors, you will start receiving calls from concerned collection agencies. No one likes to receive such calls, but creditors can contact you and ask for payment. They will try all methods to recover the dues from you. However, it is possible for you to put an end to the calls from collection agencies by communicating with them in the right manner and looking for solutions that can resolve your financial problems.
Avoid legal problems
If you continue to ignore collection calls and do not pay monthly installments, lenders might deposit the security cheque you have provided at the time of borrowing money or obtaining a credit card. Lenders have the right to deposit the security cheque in case they fail to recover the outstanding dues from you. Now, to avoid legal complications, you can talk to the bank and explain them about your situation and request them to restructure your loan or card payments or you can negotiate for single-shot settlements.
Get started with debt consolidation
Now, the best way to avoid calls from collection agencies calls and legal problems is through debt consolidation. It is one of the best financial strategies you can employ to get rid of all debts and lead a stress-free life. The debt consolidation strategy involves getting a new personal loan to pay off the outstanding amounts against your loans and credit cards. Then, you have to repay the new loan that comes with a lower interest rate and relatively easier payment tenure. You just have to manage one loan and one lender. Life becomes much easier!
Note: CompareGulf is an online market research consultant, our experts would support you in choosing right financial choice and also loan products from the market. This blog should be used only for knowledge and information purposes. Consult with bankers before signing any agreement.