Mashreq Assist eases re-payment worries for over 2800 UAE residents
05 January 2010
United Arab Emirates, Dubai - 5th January 2010: To-date, over 2800 Mashreq customers have received support from Mashreq’s unique debt counseling service, Mashreq Assist. Set up in September last year, Mashreq Assist was established to help individuals and SME clients facing repayment challenges to provide vital support and advice when customers need it the most.
“Redundancies, pay cuts, losses on investments and over leveraging have created some challenges for many of our customers who now need help to review their finances. As a result it is vital for banks to reach out to listen to their customers concerns and to seek to provide support where this is possible. This is why we set up Mashreq Assist,” commented Douglas K. Beckett, Head of Retail Banking Group, Mashreq. “With over 1700 customers personally coming to the branch where Mashreq Assist is located and a further 1100 calling our hotlines, we have been able to offer support and minimize possible loan defaults, which is positive for our customers and the bank."
Restructuring options have primarily been utilized for Credit Cards, with over 2500 customers seeking assistance. A further 300 customers have sought advice on re-payment of their Personal or Auto loans.
“There are customers who have difficulties in making the minimum amount due payment on their credit card and therefore need assistance in order make their monthly payments affordable. This is done by converting their outstanding to an Equated Monthly Installment (EMI) plan, which allows them to pay their debts back over an increased period of time,” said Vimal Kumar, Head of Credit Cards, Mashreq.
“We have received very positive feedback from our customers, and we are delighted that Mashreq Assist is encouraging customers to come forward and seek support. Dealing with financial issues proactively and early means that our customers have a wider range of solutions open to them and this is particularly true when it comes to credit cards,” added Kumar.
For Personal and Auto loan customers, Mashreq Assist provides customers with tailor made options on a case by case basis; with solutions including extension of the loan tenor to reduce the customers’ monthly instalment.
Niranjan Mendonca, Head of Retail Assets, Mashreq commented: “Due to the overwhelming success of Mashreq Assist, we plan to extend the Mashreq Assist service to Abu Dhabi as soon as we can. This will bring us closer to our customers and encourage them to come in and talk with us as soon as they feel any financial stress. We understand that managing finances in these difficult times can be quite a challenge with unexpected situations arising. We encourage our customers to use the Mashreq Assist services to help manage their personal finances.”
The first Mashreq Assist unit is conveniently housed in the heart of Dubai and the service is free of charge, 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.
For more information on Mashreq Assist call Mashreq on: 04 - 424 4444 or log on to www.mashreqbank.com