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I Have No Money to Clear My UAE Debt

By on June 26, 2017

Question:

Offshore debt UAE debt asking here in uk to settle but I have no money to settle

I’m bit confused because I set up business in UAE 2013 it was going well after 2years trade I took some loan from different banks and paying their instalments on time over 2 year but in 2017 I had downfall my buyer ran away took credit from our company and disappeared. I was shattered business went down very badly so I decided to close my business now I receiving letter from debt people’s to clear the debt and I have no money to pay I don’t know what to do please help me out.

Mohammed

Answer:

Mohammed,

I need a bit more information to understand your full situation. Please post your responses in the comments section below.

I am making the assumption you have debt in the UAE? How much debt do you have? Are the accounts in just your name?

I am also assuming you are now living here in the UK?

Are the collection firms that are contacting you also in the UK?

If the collection firms are here in the UK, and you are in the UK, and you have settled here to live and can show the UK is the centre of your interests, you can make use of the debt and insolvency laws here in the UK in how you deal with the collection process and the accounts.

Are you working at all, earning any income?

If you have something to offer to the accounts, you could look at a debt management plan, or depending on your full situation, an IVA.

If you have nothing to offer, and have no assets, depending on the amount of debt you have you could look into bankruptcy or a debt relief order.

Let me know and we can look more at this.

Regards,

Jon

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About Jon Emge

Jon Emge is an experienced UK debt advisor who has helped thousands and thousands of people in the UK to deal with problem debt. Jon specialises in finding good solutions for problem debt using a variety of UK specific techniques. If you have a question you’d like to ask about how to get out of UK debt, just use the online form.

4 Comments

  1. Jon

    June 28, 2017 at 10:46 am

    Mohammed,

    I understand your concerns, and if the collection firm is based here in the UK, you can look at debt options and solutions here in the UK with the debts.

    If you are not working at all, there is little you can do except try to find work and keep the basic bills paid.

    If you are working or find work, you may wish to speak to someone here about a debt management plan, or possibly an IVA. Much will depend on how much you owe, how much is being collected in GBP, and what you can afford to pay.

    Having property with equity it can be a concern. Can you sell the property and offer a settlement on the accounts?

    Regards,

    Jon

  2. Mtansaria@yahoo.co.uk

    June 27, 2017 at 7:57 pm

    Hi Jon really appreciate for ur reply actually I had business loan around 7/8 hundred thousand dhurham 2014/2015 from few banks and I made instalments on time approximately 2years or more on time I made payment nearly 50/60 percent but end of 2016 some of my customers mix nationality pak/ind/bang desappear with huge amount credit left that’s why my circumstance changed in just few month that’s the reason to shut down my business it’s trade company and I had all the proof what I going through and now I have no work right now and I got 1 property in uk which on mortgage and there’s is very small amount equity in the house. I don’t know what to do I’m n deep shock stress my family disturb coz of all this happened. Best Regards Mohammed

  3. Mohammed

    June 26, 2017 at 2:37 pm

    Question asked.

    • Jon

      June 26, 2017 at 2:38 pm

      Just answered your question.

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