Your long payments when gets late and you never pay them are you debts for other companies. Go here and read more about debt collection in UAE. You owe them this amount. So because of this they hire third party debt collection agencies for the recovery of late payments. Paying your debts to collection agency is hard but if you don’t pay them there will be circumstances that you don’t ever want.
When the payments gets late these main companies hire agencies for their work and you will get calls from them to pay your debts. They can also send some letters regarding debt collection. The main company switches their debt collection agencies so you will hear a lot from their side.
When go to a bank for credit card, mortgage or car loan if you are in the list of debtor and you haven’t paid your payments. The bank won’t give you a loan or credit card. They ask you to pay your late payment first. That’s why it’s is necessary and beneficial for people with debts, that you should pay them for their own ease and comfort. Car loan or home loan is a part of every middle class person’s life. So he can’t put risk on that. Many employers check the lists of unpaid debts before hiring. If your name comes up in that list then it’s almost impossible for them to hire you ever again. Same is the case with some land lords they check the credit report before leasing some property to unknown person.
After paying your debts these collection accounts will take almost seven years to disappear from your credit report. Which is a long time. But it’s better to pay them before he risk yourself into any situation regarding career, house, car or something else.
Some people thing that if they have any small unpaid debts it is not a big deal but that is totally wrong. It is a big deal because the debt collection agencies have rights to put you on the legal side which court and you don’t want that because these debt collector are skilled and professionals. They live for this job. They can claim anything and you will end up giving more amount rather than paying old unpaid debt. They can even sue you over a small collection.
After paying an unpaid debt you will feel you have lost a battle but it’s not like that these unpaid debts can cause more trouble in your future in many different ways. So it is better to pay them.