The latest trends under scrutiny pertains to Debtors trying to take the first step to get out of debt and create a plan of action, but then due to service fees being levied to complete such assignments, they stop in their tracks!
Most of the time being approached by a Debt Client, means they have already attempted numerous times to approach their Creditor, without any positive outcome and this is not an assumption that most Debtors are demanding and requesting ridiculous discounts, the bare truth is they are offering what they can afford currently, in line with their budget, but, they are turned away and then referred by family, friends or associates to approach EFFRS for their Debt Remedial Solution.
One advantage EFFRS has, is that we are able to present the Debtor Clients full debt situation, with our projections to reduce the DBR (Debt Burden Ratio) to the desirable ratio, so that that the Debtor Client can not only repay their debt with ease, but also sustain themselves, which is the ultimate goal and why they are currently facing a Debt-Crisis! No one Bank can undertake this Remedial Task for the Debt Client, because they can only complete the task for their own bank, not another bank and here lies the Value Creation delivered by the EFFRS Remedial Team.
The question of levying a Service Fee can probe the following questions:
We have many instances of Debtor Clients walking away, attempting to resolve their problems based on ‘quick promises’ elsewhere, only to reach out to EFFRS again, after losing much money on Service Fees, with no results, or attempting themselves, with zero positive outcome.
Our “Code of Value Creation” dictates that we try to include the Service Fee upon completion of the Remedial Process, by securing discounts and waivers on penalties and fees and that is how we ‘give back’ and do not become another Creditor for the Debtor Client.
Procrastination is always inevitably the ‘Thief of Time’, so if you made your mind up to take action on your Debt-Crisis, then don’t delay, because months from now, the outcome could be that your Debt has doubled or tripled and its seriously possible, dependent on your liability product and remember don’t point the fingers at the Creditors, because you signed an Agreement entitling you to ‘read the fine-print’ and be aware of exactly what you are responsible for and when you default for months or years, then the outcome is self-inflicted, not the Creditors problem.
Therefore, taking Ownership and Responsibility, when activated, must be carried through until complete, because there are always negative repercussions when you don’t act accordingly.
Particularly from the beginning of 2020, EFFRS have been approached by so many Debtor Clients, both in the UAE and who exited, however they have only resorted to ridiculous reduction demands from Creditors, which is not even possible to consider and a key example is demanding to only pay 20% of overdue outstanding liabilities, after the last payment being in 2016. So you can easily evaluate that this demand is not even logically possible, forget about even presenting it to any Bank for their consideration.
Ethics and the role we play with our UAE Bank Creditors, are of utmost importance, as it dictates integrity and respect to maintain ongoing relationships, where we do not cross the line for ‘a quick buck’, because there are many Debtor Clients whom we declined because they are not approved by our stringent due diligence process.
However, we do try our best to meet reasonable and justifiable remedial requests, that we know is possible for approval. So if you wish to resolve your Debt problems, please do not hesitate to contact us on info@effrs.com
