I lost my job in the UAE and returned to my home country a year ago.
When I left, I had an outstanding personal loan of more than Dh40,000. I was able to make a one-off payment of Dh8,000 when I first returned home, but have not paid anything towards it over the past nine months. I now owe a total of Dh60,000.
Not long after I returned home, I contacted the bank through WhatsApp and email to request a restructuring of the loan as my new salary was not enough to cover the current monthly instalments. The bank rejected my request and registered a police case against me.
But now, after a year of working and saving, I am able to pay the bank back in full.
How can I do this? I also understand that once I have paid off the loan, I will need a no-liability letter from the bank for it to return all my post-dated cheques.
Because I am not in the UAE, I am uncertain about how to get those documents. Can you advise me, please? BG, Malaysia
Debt panellist 1: Steve Cronin, founder of DeadSimpleSaving.com
The banks have had to deal with many cases such as yours during the pandemic. You are one of the few who can now pay that debt off. I would be wary of going back to the UAE until you have paid it off and have received the necessary paperwork to prove it.
Your first step should be to contact the bank and make arrangements with them to pay the debt off in a lump sum. They are not going to say no to this as they will be getting their money back.
However, it may be difficult to avoid the extra fees and interest they will lump on top of the amount owed. Try to talk to them over the phone, even if it is expensive from abroad as you may make more progress than sending an email.
You can try negotiating with them and saying that you are now in a position to pay off the original outstanding balance – see if you can close the loan account by only paying the Dh40,000, or at least the Dh60,000 without any extra charges.
Some experts would say that you will have more success negotiating the settlement by hiring a lawyer, but there is no guarantee of this and you would then have lawyer fees to consider on top of the bank charges.
You need the bank to ensure the police case against you is closed. I wouldn’t worry about the post-dated cheques, although you can ask for evidence of their destruction.
Bouncing a cheque is no longer a criminal offence in the UAE. Once the loan has been officially closed, then any cheques related to it will not have any power over you.
Once you have reached a verbal agreement with the loan department, request a settlement agreement that has been signed and stamped on the bank’s letterhead. This will state the amount agreed for closing the loan and prevent the bank from requesting additional fees later.
When you have successfully made the transfer and paid off the debt in full, insist on getting a clearance letter from the bank as proof that you have paid off everything owed. The police will need this to close out the complaint against you.
You should also get a release document stating that the bank has withdrawn their complaint to the police. During your negotiations with the bank, you should try to get it to clear your record with the police on your behalf.
Debt panellist 2: R Sivaram, executive vice president and head of retail banking products at Emirates NBD
Firstly, I am glad you continue to be conscientious about your financial obligations after leaving the UAE.
I would suggest you get a clear understanding from your bank of the total outstanding amount owed to settle your loan in full.
Based on the bank's advice, you can transfer the amount owed to the specified account. Once the bank receives the funds and closes your loan, request them to issue you a clearance letter for the loan, along with a no-liability letter.
Once the bank receives the funds and closes your loan, request them to issue you a clearance letter for the loan along with a no-liability letter
R Sivaram,
executive vice president and head of retail banking products at Emirates NBD
The clearance letter will provide the required evidence that you have fully paid your loan and the supporting no-liability letter will prove that you have no other liabilities pending with the bank.
Subsequently, request the bank to withdraw any legal proceedings and send you confirmation of this in writing.
Given you are being forthcoming about clearing your loan, I am confident that the bank will be supportive in addressing the matter swiftly.
Debt panellist 3: Carol Glynn, founder of Conscious Finance Coaching
Well done for generating enough savings to pay off your loan. You can shortly close the matter, learn from it and put it behind you.
It would have been beneficial to make some payments each month to prevent late payment fees and reduce the compounding interest impact of non-payment. It may also have kept your relationship with the bank on better terms.
It is unfortunate the bank did not support you in your time of need. Dealing with the issue in person is always the best way but as you were out of the country, phone calls, followed up by emails of confirmation with a relationship manager is the next best thing.
Collection departments can be much less compassionate to clients' circumstances as their compensation often includes commissions on receipt of overdue payments.
It is wise to obtain a no-liability letter from your bank once you have paid off your loan, regardless of the circumstances.
You can request the return of your post-dated cheques but many banks do not return them, so you need to be prepared for this.
It is important to request the bank to provide you with your clearance or no-liability letter. Read it carefully to ensure it is correct and complete. This should give you sufficient peace of mind and is evidence that you have paid off the loan should any issue arise in the future.
This can all be done by phone but always follow up with an email to confirm and try to deal with just one manager or senior individual within the bank.
It is also important that you request the bank to cancel the police case. Once done, they should confirm it to you in writing. You can confirm this independently by contacting the police directly, providing your passport details and asking if there are any outstanding cases against you.
The Debt Panel is a weekly column to help readers tackle their debts more effectively. If you have a question for the panel, write to pf@thenational.ae
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Russia's Muslim Heartlands
Dominic Rubin, Oxford
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
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Forwards: Fabio De Lima, Caio Canedo, Ali Saleh, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Price: From Dh330,000 (estimate)
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Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
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Date started: March 2019
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Based: Abu Dhabi
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MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
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Maratha Arabians win by 47 runs
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Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
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Tuesday, Sept 30 – Third ODI
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Monday, Oct 6 – Second T20I
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He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
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Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
