Dubai “Skip” debtors has a become a very familiar term in the UAE which is associated with individuals who have cut and run from financial commitments made in the UAE.
Creditors have been left reeling the effects of irresponsible individuals that have skipped leaving behind often huge debts ranging from car loans, credit cards and personal loans.
UAE Banks and Financial Service providers have often tried to pursue individuals and guarantors but with limited success due to International legal restrictions.
PBS expanded their Debt Recovery Services into the UAE in 2007 and in this time has established a formidable reputation for success. We have a process orientated approach against debtors and through dedication achieved astounding results.
To date PBS has recovered debts for some of the largest local and International Companies in the World with an ever expanding client base.
PBS is licensed by the Office of Fair Trading (OFT) in the UK to provide Consumer Credit Services. PBS UK was established in 2004 and provides complete Debt Solutions.
Most UAE Financial Institutions are frustrated through the lack of action that can be taken against “Skip” debtors who have established new lives back in their Countries of origin with funds taken from the UAE. PBS has devised a strategy which can potentially help all UAE organisations recover their default accounts no matter how old the debt maybe, in fact the older it is the more chance we have of a successful recovery.
Most “Skip” individuals take the proceeds from the UAE and establish new lives abroad usually in their Country of origin. They will often settle into their regular lives and begin the process of asset accumulation i.e. car, home, business, furniture etc.
PBS has developed techniques which allows UAE Financial Institutions to transfer their debts to PBS which can then lawfully through the UK County Courts take action to recover all outstanding amounts including penalty charges. Once the debt has been transferred to PBS we are able to handle recovery of any account belonging to an EU citizen with reliance upon the European Payment Order (EPO).
The EPO procedure simplifies, speeds up and reduces the costs of litigation in cross-border cases concerning uncontested pecuniary claims. The Regulation permits the free circulation of European orders for payment throughout the Member States by laying down minimum standards, compliance with which renders unnecessary any intermediate proceedings in the Member State of enforcement prior to recognition and enforcement.