Mashreq launches debt counseling service

This facility, a first in the UAE, has been set up with the sole purpose of helping individuals and SME customers restructure their outstanding cards, loans and facilities, easing the pressure of re-payment worries.

"Over the past few months we have received an increasing number of customers who have come to us for financial counseling 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. We strongly recommend our customers to alert us at an early stage, to be able to arrive at a manageable solution,"

commented Douglas K. Beckett, Head of Retail Banking Group, Mashreq. "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."

Niranjan Mendonca, Head of Retail Assets, Mashreq also commenting on the development of the programme said; "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. We firmly believe that Mashreq Assist will go a long way in encouraging our customers to raise concerns early, so we are able to understand the circumstances and develop a workable restructuring and payment plan. Our ultimate goal is to support our customers and give them the counsel and advice they need."

Within the Mashreq Assist program, customers who are facing financial difficulties can liaise directly with officers to look at debt restructuring. Each individual circumstance will be dealt with separately, offering tailor-made financial solutions to help restructure outstanding payments, which will ease financial stress. Mashreq Assist works across all of Mashreq's product lines including, loan facilities, cards, overdrafts, credit lines, mortgages and SME products.

Vimal Kumar, Head of Credit Cards, Mashreq said," If there is one thing that we have all observed from the last 12 months, it is that the best way to ensure you do not run into financial difficulty is to plan ahead and be in full control of your finances. Dealing with financial issues proactively enables our customers to have a wide range of solution open to them, this is particularly true when it comes to credit cards," added. We hope, Mashreq Assist initiative will encourage our customers realize the intensity and the importance of managing their financials carefully."

The first Mashreq Assist is conveniently housed in the heart of Dubai, at the Mashreq Hor Al Anz Branch, Salah Al Din Street, Deira. All customers approaching any contact point at the bank seeking relief or expressing difficulties in repayment of loans, credit cards or other facilities, will be directed to the financial counselors at Mashreq Assist.