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I Got a Loan From Citibank Dubai Days Before I Was Terminated. – Jim

“Dear Steve,

I worked in Dubai from 1995 to 2005. I was terminated from my employment in the year 2005 and I was sent home to my home country. Few days before I was terminated I got a personal loan from Dubai CITIBANK. During these times as I remember I was carried away by my fear of informing Citbank about my termination for fear that I might be put to prison and could no longer be home with my wife and a 3 year old son.Year 2007, a citibank representative in my home country (Philippines) was able to locate my home address and was looking for me.

My children did not tell the citibank personnel where I am at the time since I was still at the capital city looking for an overseas job again. I am now working in one of the GCC countries till date. Recently my family back home received a final Demand / collection notice from a loc al collection company claimed to be authorised by Citbank as stated in their demend letter. My total obligation as stipulated in the latest demand letter is now AED95,000.00 from a principal of AED70,000.00

In view of the above, I would like to asked you the following;
1. Why Citbank is still chasing me where in fact I believe my loan was insured?
2. Can Citbank still obliged me to settle the said loan even if I am now in my home country?
3. Is this collection agency who wrote me this demand leter is legally aouthorised to demand for the repayment of my loan with dubai-citibank?
4. Would it be appropriate for me to contact citibank -dubai and arrange to pay in regular monthly installment affordable for me until th eamoun tis fully paid in matter of 4-5 years?Will they(citibank) agree on my terms?
5. What are my othe roptions as I am wiling to repay it but not at one time payment as I do not have that big salary to pay for it one time and I am much willing to pay it on regular monthly installment which is convenient for me since I still have a family to support.

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Jim”

Dear Jim,

1. Why Citbank is still chasing me where in fact I believe my loan was insured?

Don’t know.

2. Can Citbank still obliged me to settle the said loan even if I am now in my home country?

Yes, but you said you are in a GCC country and not your home country, right?

3. Is this collection agency who wrote me this demand leter is legally aouthorised to demand for the repayment of my loan with dubai-citibank?

Don’t know.

4. Would it be appropriate for me to contact citibank -dubai and arrange to pay in regular monthly installment affordable for me until the amount is fully paid in matter of 4-5 years?Will they(citibank) agree on my terms?

It is certainly a good idea to contact Citibank Dubai directly and see if a suitable arrangement can be negotiated. Since mutually acceptable terms must be negotiated between two parties I have no way of knowing if you can reach a satisfactory agreement with the.

5. What are my other options as I am wiling to repay it but not at one time payment as I do not have that big salary to pay for it one time and I am much willing to pay it on regular monthly installment which is convenient for me since I still have a family to support.

Your other option is to do nothing now and save up at least half the debt and when you have that, contact them and see if they will accept that as payment in full.

You might also want to contact a lawyer in Dubai to check and see if their is a court case open in your name.

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About the author

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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