Historical background of Debt
collection
The historical background of Debt collection is more experienced than the historical background of cash
itself, debts were even existed when coins were used as a form of currency. Even when barter system
was implemented debt was existing at that time.
Holy Book of Quran issue strict detentions regarding charging the extra amount in the form of interest
apart from the actual amount owed by a person. In Roman era, debt collectors were involved in even
intimidation, rapaciousness, and abuse of relevant person or his related.
In old-fashioned Britain, an independent debt collector was a legitimate official, who work for the bailiff,
the in charge of collecting Debt s, by using regularly strong arm techniques.
Among the Unparalleled Misery of the 1930's in the United States, vast financial organizations depended
vigorously upon desertion to collect exceptional home loan Debt s, which received an devastating
negative reaction.
Leaser use to develop and implement pathetic techniques in the past in order to not only the gather the
due amount but also to humiliate the lessee and thus making his image among the society as a
authority.
However times have changed now, modernization throughout the world has affected the system of
collection very positively. Rather than humiliating now Debt Collection in UAE have been made easier
by agencies have been developed throughout the world to collect the due amount.
The debt collection in Dubai shall be made with the help of professional debt collectors. It is understood
by the debt collector that the creditor company has already lost enough money, so, they make it easier
for the creditor to get a percentage of the recovered debt as their fee. Some debt collectors work on the
policy of “No win, No fee”. It makes it easier for the creditor company too because he is not losing any
more money by appointing a debt collector.