Hatem Mahjoub Hassanein, executive chairman of Al-Sarem Al-Battar, said the issues pertaining to debt collection has topped the list of cases at the Saudi law courts and other Gulf states during the current year as compared with past consecutive years starting from 2015 to 2017.

Equipped with highly trained and qualified staff, Al-Sarem Al-Battar for Debt Collection has been operating with excellent results satisfying all needs of its clients.

“We got all the expertise with trained staff working in the field,” Hassanein said.

He said the job of debt collection needs lots of expertise to deal with the defaulters. The debt collectors are required to gather solid information which includes detailed description about defaulting companies or individuals, he said.

Hassanein said that debt collection companies have become the most sought after as Saudi Arabia and other Gulf states lack expertise as compared to other international countries.

This is the reason why debt collection offices have faced cut-throat competition with some international firms operating in the area.

“In Saudi Arabia there is lack of experienced hands and due to which debt collection offices in the Kingdom lag behind. However, Al-Sarem Al-Battar for Debt Collection has an edge over all other companies in the field and has been working to the full satisfaction of its clients.

“There are outsiders in the field of debt collection and non-specialists and others that do not have certificates that qualify them have also entered the market,” he said.

Al-Sarem Al-Battar for Debt Collection has been closely working with law firms and that’s making all the difference for his company’s excellence in the field, said Hassanein, who himself is an expert in finance and business.

The area of debt collection in the Kingdom and other Gulf states has emerged as a specialized field as compared with other disputes, particularly beating the divorce cases in the law courts of Saudi Arabia and other Gulf countries, he said.

“The law courts in the Gulf states were dealing with a large number of divorce cases in years starting from 2015, 2016 and by the end of 2017. However, with the start of this year the issues pertaining to debt collection taking the lead,” he said.

The issue of debt collection is two-fold as debt collectors have to deal with national and transnational corporations after fully understanding the needs of the clients for which debt collection firms are working.

On the other hand, there are individual defaulters that compound to the problem, he said.

He said the law firms that work in close cooperation with debt collection companies are required to provide the essential elements to achieve success and to resolve the matter while making claims to recover money.

He said the debt collectors with their expertise employ psychological tactics and communication skills in dealing with defaulters, “and persuasion skills like sales and marketing as well as to maintain strict control and cleverness while dealing with defaulters are some of factors that work to achieve positive results.”

He said there are other ways as well such as financial packages, which work to decisively put an end to the problem of defaulting companies.

The law firms and debt collection offices complement with each other to a large extent especially in civil matters and are closely linked, he said.

Hatem revealed that their motto is “do not collect is equal to (=) bankruptcy in companies and withdrawal from the market” and asked all companies and individuals to search for specialized debt collection offices, qualified in the field of educational attainment remained unchanged.

Therefore, the focus should be specialties and prevented in medical disciplines such as dentistry. For example, the highest know the difference between debt collection by individuals or legal offices.

Currently in Saudi Arabia, debt collection has attained huge importance as the liquidation of companies would peak during the next two years by 2020. However, the market is expected to rebound and would retreat at the end of the year.

Dematerialization (DEMAT) in Saudi and other GCC markets took place. However, the efforts confirm to the fact that resorting to legal action has been the last step taken against companies in collection of debts, he said.

Demat is the move from physical certificates to electronic book keeping. Actual stock certificates are slowly being removed and retired from circulation in exchange for electronic recording.

Saudi Arabia has started recently in the area of debt collection law offices and plays an important role, and has the capabilities of unbiased and show high-degree of patience in dealing with clients, whether individuals or institutions as well as the wisdom of stay cool in dealing with some of the defaulters, especially that there are businesswomen defaulters and some do not deal with them because of the gender factor.

However, young Saudi women are able and empowered in the field of debt collection and they are excellent lawyers.

Hassanein highlighted the importance of finding the sessions for debt uncollectible as well as specialized institutes to create a cadre of trained on right bases and qualify them to go to work in the field.

SOURCE : ALBILAD