From inception, EFFRS was fortunate to be commissioned for private Corporate Debt Workshops for their staff, because many were identified as being ‘over leveraged’, with Creditors visiting their Corporate Offices and the Human Resources Departments identified this as a huge problem, not withstanding the fact that those employees, risked being terminated, once they faced Legal Action.
The Workshops were a success because it created an acute awareness amongst employees who were indebted, as to their options at that time and for the new employees, what they could face, if they opted for credit facilities that they could not afford. As specified, debt in itself is not a bad decision, as long as it can be controlled. But with these large Organizations being highly rated by UAE Banks, it was easy for the employees to secure high amounts of credit, later the situation snowballed into something beyond their control, where most of them were repaying their Debt exceeding 50% of their salary i.e. (50% DBR) * Debt Burden Ratio, which according to Regulation, is not permitted.
The reason is if they are repaying more than 50% DBR, then they cannot sustain themselves and their families and this then transposes onto their jobs, where they cannot focus, they are filled with Emotional Fear, not knowing when a Creditor will appear at their office, so many forms of depression and anxiety was created, resulting in unproductivity, performance and success, so not only they suffer, but their jobs do and it hampers the organizations profitability and ongoing growth and success.
EFFRS was also instrumental in an Advisory capacity to assist a large UAE Bank to create a Credit Counseling Department, which has flourished, where lately, we have observed that UAE Banks are advertising employment opportunities for these new Departments they are initiating. Here, EFFRS have identified a ‘Niche’ opportunity to fully support UAE Banks with this initiative, mainly because we have the years of experience and record to show for our performance within this domain.
Financial and Debt Advisory is a core component of our business, so we can assure you of our very high-level of expertise in collaborating with UAE Creditors and Debtor Clients within this domain as well.
The EFFRS Management are Visionaries, achieved vast experience in Debt Remediation, so we look forward to new inquiries, where we can fully assist you, Thank you!