Bank Loan

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Bank Loan Apr 06, 2009
Hello,

I have lost my Job due to recent Financial crisis but I had taken a [bank loan with bank in dubai and now I am not able to pay the Installment.

If I don't get a job witin 1 month of my Visa Cancellation what I do for the loan settlement ??? Please advise

I am sure many people in the world are facing this issue Kindly explain what is the best solution??????

Thanku

sdp
Dubai Forum Guest
Posts: 2

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Apr 07, 2009
If i were you i would check with your bank as they may have frozen your assets anyway. My understanding of it is you have to pay back the full amount. If you dont have the funds then you must source elsewhere, this might mean abroad (at home).

If you have another job before your visa is acancelled, then hopefully the bank will be none the wiser and you can carry on paying into your current account and therefore pay off the loan as before.
seardarren
Dubai Forums Frequenter
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Posts: 107
Location: DIFC

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Apr 07, 2009
Sadly this is a very serious matter in this country. Defaulting on loan payments can see you put it prison for non-payment! (not scaremongering, it's a fact!)

Why do you think so many people skip the country?

Ask your company not to inform your bank of your termination, otherwise there is a good chance of them freezing your accounts and demanding payment in full.

What are your chances of finding another job here?

Think very carefully about your next move.
Chocoholic
Miss DubaiForums 2005
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May 15, 2009
I am not from Dubai and all I know is that Dubai has a lot of jobs to offer. As I read on this post you said that you lost your job. Oh ! sad to hear. By the way my neighbor is going to Dubai this June. She is going to work as a Manager in the restaurant.
caramel1982
UAE, Dubai Forum starter
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May 16, 2009
Well that's nice for your friend Caramel. But the sad situation is that thousands of people have been made redundant in the UAE and are being forced to leave in droves. The job market is not good right now.
Chocoholic
Miss DubaiForums 2005
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