Here’s how to meet your creditor with dignity in the UAE

By this stage you would have mentally prepared yourself to face your creditor with your proposed consolidation plan in hand and eliminated your fear.

Ensure you meet with a decision-maker or an individual who is very familiar with your financial situation with that bank/creditor. Make a note of their name and contact details.

You may encounter adversity, humiliation, degradation, embarrassment and all those bad emotions we do not wish to feel at any given time. My advice is to remain humble, explain your situation in simple terms, and go there fully prepared with your plan, because it will be a reflection of your willingness to repay your debt.

This experience will be a lesson well learnt. Do not display any superior attitude, or drown the person’s voice or ability to speak as you need to state your case with humility, yet retaining your dignity, not forgetting to give the creditor a chance to respond.

Put your pride aside for a while as there may be other people coming to ‘hover’ around when they see or hear your voice as 90 per cent of the time, the debtors area is open for all ears to listen and eyes to see. Just retain your composure and blank them out, make like they don’t exist and you will be fine.

Remember, you don’t know that person’s situation, even if a staff member, they could have much bigger issues than what you have, just they have facades and at that moment, you just dropped yours.

Get through those moments with the knowledge that you will emerge a better person by displaying self-respect and this is hugely important for you to remain in your seat, calm and collective with only one goal in your mind, to achieve your objective of securing the best possible plan for your situation.

Try to gain the trust of the person in front of you by displaying an assuring attitude, show that you are committed because they will be able to feel it if you are sincere, that you are learning from this experience and that you are grateful for the opportunity afforded to discuss your situation. State that you are there to amicably agree and seek their approval for your proposed plan as this is what you can afford.

However, do not forget to mention that as opportunities arise and you find yourself in a better position, with surplus funds, you most definitely will try to repay the facility as quickly as you can, perhaps by way of a proposed settlement to eliminate the debt with the once-off payment.

Dress professionally, not overdressed and showy because this is very important. You cannot present yourself dripping in gold when you are encountering hardship. You will lose instant respect and be the most talked about debtor and your story won’t go down well. Be friendly, but do not be overfriendly as you may be perceived as overbearing, irritating or simply just taking a chance.

Definitely don’t be obnoxious, argumentative or create animosity between you and your creditor, because you want to make a point. At that time, you are in the wrong, simply put, so you are expected to politely accept that image created and right there, it is your job to change their perception of you.

People’s impression of you at a first meeting, is hugely important and it is extremely difficult to change someone’s impression, once you have messed it up the first time.

Understand clearly the outcome of your negotiation and make notes, review it again as a final with your creditor so you know exactly what is expected of you and what their approval is, leaving no room for error. This is your only chance of survival and maybe you got lucky with a good deal.

Don’t be flimsy with not remembering all the details, facts and figures simply because you have not lost your careless irresponsible attitude, if that. This is the time to make the change that you wish to see in the world.

Upon departing, thank them for their time, assure them that you will provide them with whatever additional information or documentation requested from you in this meeting and assure them of your utmost commitment. Remember to take a business card, because now is the time to efficiently manage your finances as you may need that contact information in the future.

Provide all of the requested documentation to your creditor timeously, as agreed. This is very important as it forms an integral part of the newly amended agreement between your two parties.

Make copies of such documentation submitted for your records and if possible, ensure you receive your creditor’s signature as received, upon submission.

Any change in plans ensures you update that person accordingly. Do not take it for granted that you don’t need to update anyone, because it could be to your detriment.

Be prompt and on time for your meetings as these people are normally very busy and if you miss your appointment time, then you are delaying your recovery. If for some reason you are ill or unable to meet this commitment, ensure you inform your creditor prior and secure a new meeting date.

Do not just avoid informing them as you could find yourself at the wrong end of the stick. People very quickly assume you are displaying disrespect for their time and consideration, which is the case most of the time, but it is not in your interest to set that example at such an early stage of recovery.

When you follow this process step by step, it will renew your self-confidence and encourage you to complete the initial process and to continually meeting your commitment until you have repaid your debt.

In the future, before you even dream of applying for any credit, you will continue to remember these moments and if the timing or situation is not right, you won’t apply for that credit.

This is just how you start conditioning your mind with credit discipline which will inevitably make you wiser and more astute when it pertains to living above your means with money you do not yet have or not yet earned.

[Note 1: Theda Muller is a UAE-based author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and live workshops on debt recovery.

Note 2: The views expressed are the author’s own and do not reflect in any way, the views of Emirates 24|7. Readers are advised to carry out their own due diligence before taking any decision.Description: https://mail.google.com/mail/u/0/images/cleardot.gif]

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