Quick Answer: Being fired overseas doesn’t eliminate bank debt obligations, as collection agency “Bilkish” contacted the borrower about a 2014-2015 Saudi Arabian loan default after job termination. The agency offered to negotiate a reduced payment plan, acknowledging the circumstances were beyond the borrower’s control but emphasizing the need to clear the default history before returning to work in Saudi Arabia.
Question:
Jon,
I was in Saudi Arabia in 2014-2015 and applied for a loan. I was paying my loan-off into the first 3-4 months and then suddenly told by my employer my services were no longer needed without ANY reason whatsoever. I even tired to find out why but to no avail. I gave my employer the loan-statement and said that I am paying on a loan and I do not think this is a positive thing to do to me. Anyway it is 2020 and I want to go back into a work position. I believe the bank was insured for it and gave it to a collection agency, as you already probably know, “Bilkish”
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An excerpt from their email:
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“But it is essential now, more than ever that you clear your default history. Due to the non-payments, your account has become very delinquent, purpose of this mail is to assist you in resolving the account in amicable manner in your favour.
We believe that your purpose was not to defraud the bank & your intentions are to repay back you liabilities but due to unavoidable circumstances the account remained unpaid, considering your present status we will try our level best to work out the best payment plan for mutual benefits.”
I gave them this reply:
“I would to know if I could pay back what I can on a reduced overall amount? I understand that the loan is most assuredly insured against such events as in a default (no fault of my own) I may consider returning to the KSA, so that a nice and comfortable payment plan can be made without any issues when entering the country to do so. As was already stated, I had no intention to default. You haven’t given me an intended plan or how this may be done that is acceptable with both parties. I understand that you are a collection agency, so the bank has little to do with this situation as of now. If I need to contact someone to settle matters beforehand with regards to returning, this would be helpful. Please keep in mind that a solution that is beneficial and not economically damaging to myself will dictate whether I will return to the KSA or not. Thank you kindly.”
Their reply to my initial negotiation:
Bank offering you a higher discounted offer of SAR 130000 in one go payment before 25th July 2020
Keeping above under consideration, request you to please revert with your offer so we may discuss further with the bank.
Please be informed, once you agree to obtain the settlement with discounted offer – you will receive an official settlement offer letter from the bank that would confirm the agreement between you & the bank on this. Also be informed, once the settlement is obtained and payment is made as per the settlement- NOC/CLEARANCE letter will be provided to you by the bank (minimum 30 days).
Waiting for your prompt reply.
NOTE BANKER ALSO COPIED IN SAME MAIL
End excerpt———————————
It is almost if they ignored my plan of making-payments-offer. I will be offered a position in the KSA and will go back. I had a friend of mine check my name through immigration/police about a year ago and there was no red flag or claim against me. What would you suggest or recommend? Keep in mind that I will go back regardless of what goes on. I am not guilty of anything (defrauding the bank)-even they admitted to this.
Lucas
Answer:
Lucas,
It appears and sounds like you have tried to negotiate a payment plan for the loan in good faith, and also took out the loan in good faith. Unfortunately, employers sometimes just let people go, or make them redundant, which causes our own personal finances to come under a bit of chaos.
How much was the original loan amount, and what was the loan for?
130,000 SAR, exchanges to over £27,000 currently.
Are you working now, when you made an offer of a payment plan or was your offer contingent on when you go back to work?
As we have heard and found out over the years, many banks and collection agencies in various countries, do not entertain the idea of a payment plan, they want it all, and they want it all in one (1) payment, reduced/settled or not.
When the collection firm mentions, “Bank offering you a higher discounted offer of SAR 130000 in one go payment before 25th July 2020”, it appears that Bilkish is just an agent for the bank, as they had to run the settlement offer past the bank.
You could contact the bank directly and see if they will listen to reason and work with you. Be aware that by doing this, if you were to disclose you are going back to Saudi, this could bring up new issues. The fact you have had someone inquire and check for you regarding any legal or criminal issues, is good, however, you need to be 100% certain prior to moving back.
I cannot recommend or advise any more than that, contacting the bank and seeing what they say. If you have a family member who can help you out financially, that is always an option.
Lastly, you mention insurance. I am assuming you are thinking of some form of business insurance the bank may or may not have had for losses/defaults. If you had any form of payment protection insurance, placing a claim would be another option. Although with the amount of time that has passed, this may no longer work.
I hope this helps, and I wish you the best.
Regards,
Jon
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