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Dubai

HSBC Decides to Participate With Standard Chartered Bank in UAE Debt Settlement Fund

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HSBC bank in the United Arab Emirates has elected to participate in a plan to settle or write off debts owed by UAE citizens. Until now the ability for people to deal with their debts in the UAE without going to jail, has been limited. And while this approach to assisting people with problem debt in the UAE is a ... Read More »

Dubai Debt Collector Assaulted by Iraqi Trader

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A 47-year-old Iraqi trader, OFM, allegedly assaulted a debt collector who came to his office and left him 5 percent permanent disability, the Dubai Criminal Court heard. The victim, MAA, 57, testified that on April 23, 2011, at around 11am he visited OFM in his office in Al Rifaa area to collect a debt. “I entered his office and showed ... Read More »

Government Debt Settlement Fund to Release People From Jail Over Debts

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Previously I published information about the new government sponsored debt settlement fund in the United Arab Emirates. New information has come to light that will be very helpful for people currently being held in jail because of financial problems. GulfNews.com is reporting: The initiative aims to settle the personal loans of less than Dh1 million for UAE citizens who are ... Read More »

Citizens’ Debt Settlement Fund Pays to Settle Debts of Citizens in UAE

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President His Highness Sheikh Khalifa bin Zayed Al Nahyan of the United Arab Emirates has just announced a national $2,722,600,000 fund for low-income debtors to use to settle their debts with a number of UAE and Dubai lenders. This fund will allow people to be able to settle their debts rather than face prosecution and jail time as they have ... Read More »

Debt Problems in Dubai UAE Get Better and Worse for Consumers

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I happen to have written quite a bit about debt problems in Dubai. It originally caught my eye because it’s one of the only places I am aware of where people have no access to bankruptcy and face actual extended jail time for unpaid bills. You can see the past Dubai and UAE stories here. The situation in Dubai is ... Read More »

Bouncing a Check Can Put You Behind Bars For Years in Dubai

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A recent New York Times article on the perils faced by debtors in Dubai, United Arab Emirates. More needs to be written about the impossible situation in Dubai when it comes to resolving debts faced by even your average person. I certainly have answered my share of debtor questions from people worried about their Dubai debts. Even in a modern ... Read More »

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