Good day & God bless you for doing such a great job and helping the helpless people around the world to educating them to ” Get Out Of Debt ” and making their lives flexible.
I am a Pakistani national and having a wife, a son & 4 daughters & had been working in UAE as a travel consultant since 1998 for about 12 years, and life was good as I have called my family a wife, a son & 2 daughters ( at that time ) I got 2 other daughters there in UAE.
First year it was good financially than I took my first CC from HSBC for a crecit limit of $1,000 Approx. as my salary was getting credited to my HSBC account, then I started using my CC and as the time passes bank has started increasing CC limit as per schedules.
After some time as my monthly expenses increased I had to take some personnel Loan for my home makeover & the bank based on my good CC history had approved the Loan also, it was still fine a I was paying my dues on time with out fail.
Suddenly, as some other banks like ( citibank, ABN Amro and some local banks ) were in the market so they also approached me & offered their CC as well , as my financial position was still good to meet & pay their minimum amount on time.
Now in the year of 2006 August the scenario has been changed when I got a “Lottery Scam” ( which I will report You later ) from the soil of the Great Britain ( UK ) for an amount of GBP 1.7 millions and to get this prize money be transfered to my account I had to pay some advance fee, firstly I negociate with them and I felt that it could be a dream with open eyes & I decided to refuse them and which I did.
But after some time they contacted me again with some new offer & again I decided to go for it as my debts were increasing day by day and I thought that once I get this prize money I will repay all my debts in one shot, but I did not know that the bad time of my life is revolving over my head, and ultimately I lost around $ 12,000 for which I had to top up my loan again and I never receive that money ( My Fate ).
Even though till the year of 2008 I was able to manage the minimum payments of the banks.
And in the 2008 August my father passed away and I attended his funerals by my self and at that time I had to decide to shift my family to Pakistan as my Mother ( who also passed away in Dec,2010 ) and a handicap brother with his wife and 2 children were all alone after my father’s death. For this action I had to take another loan to rehabilitate my family here in Pakistan…. Its fine as I was striving hard to encounter this situation as of now.
But it became even more difficult day by day as it reaches the year of 2009 and till than my debts level increased to amount around $ 80,000 and now I was unable to manage their minimum amount even to repay.
At this stage I negociated with the banks to fix a reasonable amount which covers my salary and I could pay easily but they refused ( please note that, some banks offered Loans & CC for just having my passport copy without any other documents even my bank account statements and with out any scrutiny ).
When I feel that the things are rushing out of my hands & I could be in a worst situation if I stay in UAE any further, so in the year of 2010 April I decided to leave the country leaving all my debts behind, and now I am here and the banks are looking after me through their recovery agencies, and they are making my life more miserable.
Now please advice me that how could I get out of this situation as at this stage I am jobless for past 1 year and a half and I do not have sufficient funds ( even to raise up my family in a proper & honorable way ) to repay my debts ?
Your kind assistance to this matter would be highly appreciated.
God bless you & your family members.
Looking forward your earliest response.
Thank you for including the collection letter from CRI Debt Collections.
It was helpful to read the section:
Federal Investigation Act-1974, Banking Companies Act-1997 and Financial Institutions (Recovery of Finance) Ordinace-2001, and shall be forced to embark on judicial proceedings at your entire risk as to all cost and consequences thereof, which you are required to note.
After looking at the CRI Debt Collections site I see they have some experience in chasing people in Pakistan.
We understand that much bad debt has been accumulated by banks, other financial institutions and commercial companies over the last ten years. A large proportion of that bad debt is to be attributed to Pakistani nationals, who have fled Pakistan after (allegedly fraudulently) receiving large credits from the banks and other financial institutions. These credits add up to hundreds of millions of dollars. The thrust of the cooperative investigation by this company and concerned client is to locate and identify the stolen moneys, which have been transferred or hidden in Pakistan, out side Pakistan mainly to the U.K., Western Europe and North America. Expert advice will be provided through the good offices of CRI, to the creditors in order that, legally, they can freeze stolen assets followed by attachment and recovery. – Source
Here is what the situation comes down to, you can either pay or not. If you can’t pay then you are left with two solutions:
- I am not aware if Pakistan allows for consumer bankruptcy where your debts would be forgiven. If consumer bankruptcy was available in Pakistan then you could get legal intervention and break the shackle of this debt you have no chance of repaying at this time. You should talk to a local lawyer
- You can negotiate a suitable repayment plan with the creditor or its agent to allow you to make payments towards your debt. Be sure to get the agreement in writing to avoid any problems later if they say they never agreed to such a plan.
The fact remains that you did borrow the money and the debt collector is trying to collect on that debt. But the fact also is you are unemployed and can’t pay. Regardless of the legal liabilities of not paying it does not really matter since you simply can’t pay.
At this point you can just wait for the collector to give up or attempt to establish communications with them and explain your situation without divulging too much personal information. Eventually one of four things will happen:
- You will work out a payment arrangement.
- The creditor will file a lawsuit against you.
- The collector will be persistent for a long period of time.
- The collector will give up and move on to the next person.
Please post your responses and follow-up messages to me on this in the comments section below.