As for as the history of debt collection is concerned, the historical background of Debt collection is more ancient than the historical background of cash itself, as debt used to exist before the existence of cash and coins, even coins were used as a form of currency at that time. Where there was no concept of currency before the coins even then the debt exists in the barter form of trade or any other form.
Holy Book of Quran addressed strict confinements regarding charging the additional amount in the form of interest apart from the actual amount due by a person. In Roman era, debt collectors were involved in even extortion, voraciousness, and abuse of relevant person or his associated.
In ancient era of Britain, an independent debt collector was a legitimate official, who use to work for the bailiff, the in charge of collecting Debts, by using frequently strong arm practices.
Among the Incomparable Misery of the 1930’s in the United States, vast financial organizations depended strongly upon absconding to collect outstanding home loan Debt s, which received an shocking negative reaction.
Leaser use to develop and implement wretched techniques in the past in order to not only the gather the due amount but also to embarrass the lessee and thus making his image among the society as an authority.
Though times have transformed now, transformation throughout the world has affected the system of collection of debt very positively. Rather than degrading now Debt Collection have been made easier by certain legalized agencies have been developed throughout the world to gather the due amount.
The debt collection in UAE shall be made with the help of specialized debt collectors. It is understood by the debt collector that the creditor company has already vanished enough money, so, they make it easier for the creditor to get a proportion of the recovered debt as their payment. Some debt collectors provide their services on the basis of “No win, No fee”. It makes it easier for the creditor company too as they will not be losing any more money by hiring a debt collector.
