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Mashreq Launches Debt Counseling Service

With an aim to encourage customers to come and openly discuss their financial concerns

As consumers increasingly start to feel the pressures of an economic slowdown, Mashreq, the UAE-based financial institution, has launched ‘Mashreq Assist’, a debt counseling service. Reportedly, the facility 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.

The company has said that 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 is expected to work across all of Mashreq’s product lines including, loan facilities, cards, overdrafts, credit lines, mortgages and SME products.

Douglas Beckett, head of retail banking group, Mashreq, said: 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. 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, said: “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.”