Mashreq launches UAE's first debt counselling service

Mashreq Bank has launched the UAE’s first debt counselling service for customers struggling to repay their loans.

Mashreq Assist has been set up with the sole purpose of helping individuals and small and medium sized enterprises restructure their outstanding cards, loans and facilities.

The UAE’s third biggest bank by market value said that an increasing number of customers over the last few months have come to the company asking 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,” said Douglas K. Beckett, head of Mashreq’s Retail Banking Group.

“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.”

Customers have been asked to contact the bank as early as possible so that a manageable solution can be reached.

“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,” said Vimal Kumar, head of credit cards.

The first Mashreq Assist unit has been launched at the Mashreq Hor Al Anz Branch in Dubai’s Deira district.

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