Previously I published information about the new government sponsored debt settlement fund in the United Arab Emirates. New information has come to light that will be very helpful for people currently being held in jail because of financial problems.
GulfNews.com is reporting:
The initiative aims to settle the personal loans of less than Dh1 million for UAE citizens who are currently in detention, pending trial or convicted because of their debts.
Banks will settle their debts through installment schedules determined by the courts.
Those who are in prison will be released and have their loans settled in accordance with specific settlement mechanisms, including deduction of 25 per cent from their monthly salaries, with undertakings not to borrow again until the loan is settled. – Source
For those currently helps in Dubai or the IAE for debts, please inquire about release under the “Citizens’ Debt Settlement Fund.”
If anyone has contacted the fund and found it to be successful in resolving UAE debts, please post a comment below.
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