UAE's first debt counseling service unveiled by Mashreq

The UAE's first debt counseling service has been launched by Mashreq Bank, for the customers who are struggling to pay back their loans.

The main aim of 'Mashreq Assist' is to aid 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 over the last few months, an increasing number of customers have visited the company asking for financial counseling and support.

Douglas K. Beckett, head of Mashreq's Retail Banking Group said: "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."

"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 get in touch with the bank as soon as possible, so that a convenient solution can be reached.

Vimal Kumar, head of credit cards, 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."

In Dubai's Deira district at the Mashreq Hor Al Anz Branch, the first Mashreq Assist unit has also been launched.