Hello Steve, I know you have been flooded with similar questions. But still I need your advice.
I had Personal Loan in Dubai amounting AED 60000 and I lost my job. I returned to India then after a year I was chased by Recovery Agents. Since its a large amount there is no way i can pay it off. I tried to settle it for half the amount i.e. AED 30,000 but they refused. I get pesky calls every now and then.
I heard that Dubai Banks are now allow Delayed repayment plan i.e. If i settle it for 30,000, I can pay it for next 36-48 monthly basis. This will eliminate my debt slowly as well as my record in Dubai will also be improved. Is it right? I mean have you ever come across this kind of settlement?
Do Dubai banks have any kind of Legal rights in India or any other country of debtor? Can this case be fight in Indian Local Court?
I am open for both options i.e. Delayed Repayment Plan or Indian Court Fight.
Can i please request your views on this?