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.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
- Lexington Law Credit Repair Gets Hammered in Lawsuit Settlement. If You Sell Credit Repair – Wake Up! - August 28, 2023
- People That Got Scammed by Robocall Debt Relief Company Life Management Services of Orange County to Get Money Back - July 7, 2023
- Consumers Charged Illegal Student Loan Relief Fees to Get Some Scratch Back - July 7, 2023
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. this is only for the local who anyways dont suffer , its the expats who are in trouble and in jail This clears my confusion.
What about going back to UAE particulary in Dubai for work. I’ve worked there before for about 3 years and left due (did not re-new my contract) to my employer did not agree to increase my salary. I’m paying my CC almost regularly but since i left, my balance is just about 5T dirhams from 30T. Now my question is….Is there a way to know whether im blacklisted or not or… will immigration from the dxb airport send me back to my origin or will they jail instead….to anyone who is free to answer and give light to my question…thanks in advance…
Dear this is only for the U.A.E Nationals if you read the whole article. Please do not post incomplete information. I am here is U.A.E and completely aware of this Debt Settlement fund which is only for U.A.E Nationals.
“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.” This clears my confusion.
this is only for the local who anyways dont suffer , its the expats who are in trouble and in jail
According to the referenced newspaper article it’s for UAE nationals only (a minority of the UAE’s population with a much higher income bracket)