When you have debt that keeps mounting and you are unable to manage it on time, you stand to lose a lot. Your credit rating will take a severe hit and you would not be able to get loans in the future at competitive interest rates as the creditors will perceive you to be high risk. It is therefore better to start settling debt with the help of a debt management company and restore your credit rating to what it was.
Many financial institutions and creditors are offering such debt management services as that represents the best option for them to recover their debt. They are able to at least do some debt recovery as opposed to losing the entire amount due to the inability of the individual to make repayment.
You therefore have the option of taking the assistance of the services offered by the creditor and work out a plan such that you are able to slowly make the repayment and get rid of the tag you have acquired as a defaulter. When you take help from the same institution to whom you owe money, they are also more than willing to make necessary adjustments and be a bit more lenient with you as long as you can convince them that you are serious about settling debt and do not want a debt collector to keep calling you.
The services offered by a reliable debt collection agency in UAE as part of the set up of the creditor will involve a thorough analysis of your debt as opposed to the income you are earning. They will then make a statement of all the mandatory expenses you have to incur on a monthly basis and work out the money you would have in excess to allocate for repayment. When they analyze debt, they would do so taking into account all kinds of debt and will not restrict to only the money you owe to them. They will take a holistic view of your debt situation and work out a repayment plan that would be suitable and not put major strain on your finances.
They would be able to do this by lowering the interest rate to some extent and extending you some benefits that are not normally accorded to everybody. They know that in order for you to make payments and you are genuinely interested in doing so, they have to make some compromises as well.
They will also help you with counseling and how to manage finances for the future. This will assist you in dealing with the situation and not get frustrated that you are alone and without any help. There are other nonprofit organizations also that come to the assistance of defaulters and those facing high debt situations and you are free to take their help also if you wish to. The idea should be to get out of the debt trap at the earliest and not have the debt collector call you ever.