Mashreq Launches Debt Counselling Service

DUBAI --— Mashreq has launched a debt counselling service for customers struggling to repay their loans due to the credit crunch. The service called ‘Mashreq Assist’ will provide solutions to individuals and Small & Medium-sized Enterprise customers to restructure their outstanding cards, loans and facilities, easing the pressure of re-payment worries.

By Abdul Basit

Published: Thu 3 Sep 2009, 10:37 PM

Last updated: Sun 5 Apr 2015, 9:58 PM

“Over the past few months we have received an increasing number of customers who have come to us for financial counselling and support.

Their concerns have risen from a multitude of issues including; job loss, reduction in salary, personal issues, investments that have been affected by the financial situation or simple over leveraging,” Douglas K. Beckett, Head of Retail Banking Group, Mashreq, said in a statement. As a result, Mashreq Assist has been set up to encourage customers to feel confident about coming in and openly discussing their financial concerns for us to assist them, Beckett said.

The facility is not the first of its kind, as Emirates NBD has a work-out unit for distressed retail and SME customers.

“While most institutions would deal with customers at the time of default, this service proactively offers our customers the opportunity to come in and discuss their financial difficulties face to face and work out manageable solutions to ensure that their financial burdens are lessened,” Niranjan Mendonca, Head of Retail Assets, Mashreq, told Khaleej Times. Mashreq did not provide any default numbers occurred this year. “Given the current economic crisis, all banks and institutions have seen a significant increase in the number of defaults across all their products as compared with the booming economy in 2008.” “We understand that managing finances in these difficult times can be quite a challenge with unexpected situations arising, which is why it is now more important than ever for us to reach out and offer support and assistance to our customers. Our ultimate goal is to support our customers and give them the counsel and advice they need,” Mendonca said.

abdulbasit@khaleejtimes.com