What to do when you’re contacted by a debt collector

Receiving a notice that your debt has been handed over to a collection agency can be daunting, but understanding what it means and how to react can make a significant difference in managing the situation effectively.

Understanding debt collection

When a lender hands over your debt to a collection agency, it means that they’re escalating the recovery of the outstanding amount to a third party. This often happens after multiple missed payments. The collection agency, such as Eltezam, will now take over the responsibility of recovering the debt.

How should you react?

Stay calm and don’t panic

It’s natural to feel anxious, but staying calm will help you think clearly and make informed decisions. Remember, the goal is to resolve the debt in a manageable way.

Engage with the collection agency

Ignoring the situation can complicate your situation even further, so engaging with the collection agency is crucial. Eltezam, a debt collection company in the UAE, offers various options to help you manage your debt.

Explore payment options

Visit Eltezam’s self-serve website to explore different payment options tailored to your situation. You can:

• Pay the balance in full if possible
• Break the debt into smaller pieces with a payment plan
• Use the platform to request a payment from someone else if necessary

Benefits of taking action early

The sooner you take steps to address the debt, the less impact it will have on your financial health. Engaging with the situation proactively can prevent additional fees and further damage to your credit score.

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 potentially improve your current financial health and get yourself into a better position for future opportunities. Taking action now can set you on the path to achieving your long-term financial goals.