How Mohamed resolved his debt with Eltezam’s help

How Mohamed got into debt

Mohamed, a 32-year-old resident of Dubai, found himself in a challenging financial situation. After losing his job unexpectedly, he struggled to keep up with his expenses. With bills piling up and no income, Mohamed had to rely on credit cards to cover his living costs. Over time, his debt accumulated to the point that it became overwhelming.

The turning point

One day, Mohamed received a notice that his debt had been handed over to Eltezam, a debt collection company in the UAE. Initially, this news added to his anxiety, but he was reassured by Eltezam's fair and ethical approach and decided to confront the situation head-on.

How Eltezam helped Mohamed

Self-serve website

Despite his initial fears, Mohamed decided to engage with Eltezam. He visited their self-serve website, which was user-friendly and provided clear information on various options for managing his debt. This proactive step marked the beginning of his journey towards financial stability.

Flexible options

On the Eltezam website, Mohamed found that we offered several payment options tailored to his unique situation.

• Pay the balance in full
• Break down the debt into smaller pieces with a payment plan
• Request help with a payment from someone else

Given his financial situation, Mohamed opted for a payment plan that allowed him to pay off his debt in monthly instalments. This option was a relief, as it made the debt more manageable without causing further strain on his finances.

Why Mohamed chose the payment plan

• Affordability: Given his limited financial resources at the time, paying off the debt in full was not feasible. The instalment plan spread the total amount over several months, making it more affordable.
• Flexibility: The payment plan offered by Eltezam was flexible, allowing Mohamed to choose the start date and instalment amounts that fit his monthly budget. This flexibility was crucial in helping him avoid defaulting on his payments.
• Stress reduction: Knowing that he had a structured plan in place reduced Mohamed's stress and anxiety. It provided him with a clear path to becoming debt-free, which was motivating and empowering.

What Mohamed did to afford the instalments

• Created a budget: He created a budget to manage his expenses more effectively. By tracking his spending, he identified areas where he could cut back, such as dining out and non-essential purchases.
• Found extra income: Mohamed took on a part-time job to supplement his income. This extra money helped him cover the instalment payments without compromising his basic living expenses.
• Negotiated other payments: Mohamed reached out to other lenders and service providers he was doing business with to negotiate more favourable payment terms. He was able to reduce his overall monthly expenses, freeing up more funds for his debt repayments which were more pressing.
• Used savings: He borrowed from his savings to ensure that he could make the initial payments on time. This was only temporary, and it helped him stay on track while he adjusted his financial situation.
• Found personalised support and guidance: Eltezam's team was available to provide support and guidance. Mohamed reached out via WhatsApp to explain his situation and seek advice. The repayment advisor he spoke with was empathetic, ensured his information was confidential, and offered him realistic advice on how to stabilise his finances.
• Took action early: By taking early action and engaging with Eltezam, Mohamed prevented his financial situation from deteriorating further. He avoided additional fees and further damage to his credit score.

Outcome

With the support of Eltezam, Mohamed successfully adhered to his payment plan. Over several months, he made consistent payments and gradually reduced his debt. The experience not only helped him regain control over his finances but also taught him valuable lessons in financial management.

Mohamed’s Advice

Reflecting on his experience, Mohamed shared, "Engaging with Eltezam was the best decision I could have made. Their flexible payment options helped me tackle a stressful and seemingly impossible situation, and the repayment advisors made me feel supported and understood. Now I’m on my way to financial stability and have learned so much about managing my finances."

Mohamed’s story is a testament to the importance of confronting debt issues early and seeking help. He advises anyone in a similar situation to stay calm, engage with debt collection agencies, and explore all available options. His journey shows that with the right support and proactive steps, it’s possible to overcome financial challenges.

Talk to Eltezam for assistance

Our team is committed to helping you regain control of your financial situation in a stress-free manner. By paying off your debt today, you can improve your financial health and position yourself for future opportunities. Taking action now can set you on the path to achieving your long-term financial goals.

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