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I Have a Loan in Dubai I Can’t Pay. – Helpme

“Dear Steve,

-Please advise me… I have a loan with Emirates NBD, 3 years to pay AED 180k (this is just the principal and mentioning aside interest) and supposed to finish by July 2011.

-Lost my job in Dec 2008 and found a job in Nov 2009. My monthly installment is almost AED 6k as I used to have a good pay before I lost my job. I struggled to pay the loan and thanks be to God I managed to pay even when I wasn’t having a job for 1yr.

-With my current job, 70% of the amount goes to this loan (AED 6k). My personal loan is supposed to end last July 2011 and on top of it I missed 2 monthly installments = 3 months totally amounting to AED 18k which I couldn’t afford to pay anymore.

-I started getting calls in July 2011 to pay, then Aug 2011, then Sept 2011, not really everyday but once in a week or even lesser. They’re from collection dept and harassing me to pay or they would file a police case and I will be jailed. Btw never updated them that I’m working already so kept on telling them that I don’t have money (which is really true) and trying to arrange some fund but couldn’t pay the full amount; that I want to go for full settlement and asking for discount but they wouldn’t just listen. I have paid to date approx. AED 193k and yes in 33 months so the principal amount AED 180k has been covered already. However they wouldn’t agree on negotiation that I have to pay full AED 18k.

-You could imagine how I tried to meet both ends…very hard so I could understand those who are in the same situation…So terrified until this moment. I also have RAK Visa of 3k and MC of 9k and just missed to pay the Aug statement and they started also harassing me since not paying the Aug min payment will make both the cards cross my maximum limit.

-Frightened, mentally tortured, some sleepless nights, so worried…I prayed and want to make it happen that 2011 I would have finished the ENBD at least.

-If there’s anyone out there who knows someone from ENBD collection dept that I could negotiate this matter and get really a slashed discount, please help me and let me know… Also I called, I called ENBD toll free this week and they advised me to visit Nad Al Sheba branch and see the lady handling my case, who 2x I spoke with her and she’s really nasty and harassing me, and even told last time that don’t call her since my case is filed with the police already….Please help.. Thanks a lot and I pray that may everyone one day gets relieved from their loan or find ease in settling them, Ameen…

-Do you have an idea if I could negotiate this matter and get really a slashed discount, please help me and let me know… Do you think ENBD can file a case even if more than the principal has already been paid? Also I called, I called ENBD toll free this week and they advised me to visit Nad Al Sheba branch and see the lady handling my case, who 2x I spoke with her and she’s really nasty and harassing me, and she even told last time not to call her since my case is filed with the police already….Please help.. Thanks a lot and I pray that may everyone one day gets relieved from their loan or find ease in settling them…

Helpme”

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The Answer

Dear Helpme,

Owing debt in Dubai seems like a trap. Money is lent without either a legal way for borrowers to handle their debt when they run into similar situations or to prevent people from going to jail if they can’t pay.

My advice is based on the experience of others that have come to the site and shared information. It seems that even if you have repaid the original balance of the loan the issue is that it has not been repaid in accordance with the contractual terms you agreed to, which included interest, so you would still owe the final amount.

My reaction is that you could have a criminal case opened against you if you did not pay as you agreed. Dubai has very archaic laws when it comes to debt owed.

I’m also concerned that the balance on your credit cards has reached it’s maximum limit because you had to charge items since you were paying all your money back to that previous loan. All that has happened is your debt has shifted from one obligation to two new ones.

Your options are limited. You can attempt to negotiate with the original bank for a final single payment and then focus your attention on paying down the credit cards. Or you may determine you will not be able to meet your obligations and will then need to make a decision if you want to leave the country before you are charged.

If you are charged you may have to spend some time in jail but upon your release your debt will be forgiven.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

I Have a Loan in Dubai I Cant Pay.   Helpme
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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