| 15 Aug 2010 |
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ISDM Consultancy Forays into UAE to Streamline Debt Issues
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Client survey reveals average individual debt owed is AED500,000 in UAE; nationalities with the highest debt include Indians and Filipinos
These statistics were revealed by the International Swiss Debt Management (ISDM) Consultancy, a Dubai-based credit counseling and debt management company. Having launched in the region early this year, ISDM, the first debt management consultancy, works with a number of regional banks to help individuals and small businesses reduce their debt burden.
Servicing more than 3,000 clients currently, Yohannes Mazeingia, Managing Director, ISDM said: "The lack of stringent credit ratings polices and the culture of consumerism has lead to huge bad debts in the Emirate. A recent client survey revealed that the average individual debt is around AED500,000 in United Arab Emirates (UAE). This is a serious issue that needs to be addressed before it goes out of hand."
The services on offer include solutions to individuals and small businesses - restructuring, negotiation, settlement and consolidation. With the restructuring and negotiation solution, ISDM negotiates with the bank for a reasonable payment solution within the individual's budget. In the settlement solution, ISDM works for a final settlement amount agreeable to both the individual and bank. And finally, in the consolidation solution, ISDM works with the banks to consolidate a customer's liabilities into one payment with a lower monthly installment and an extended loan term. In doing this, the individual is provided with an option of reducing the high interest rates on credit cards and moving to lower bank loans.
A detailed analysis is conducted at a nominal fee of AED350, where an individual's financial liabilities are explored in detail. "We have recently launched a comprehensive package - The ISDM Debt Management Kit - which offers a complete solution to both individuals and small businesses," adds Yohannes. "We understand the situation of debtors and work towards acquiring a win-win situation for both parties. We are currently proactive in UAE, but do get distress calls from people in India, Pakistan, Europe, and the Philippines."
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About ISDM Consultancy
The International Swiss Debt Management (ISDM) Consultancy is a credit counseling and debt management company based in Dubai and operating in the Middle East. The services reach across the United Arab Emirates (Dubai), Saudi Arabia, Oman, Qatar, Bahrain and Lebanon. The company works in conjunction with a number of regional banks to help people and small businesses in debt reduce their financial burden by finding out how they can manage debt with a limited income.
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