Do you immediately trust bank representatives who cold-call you with offers of personal loans or credit card conversion arrangements, yet completely shut down when someone wants to talk about investing?
Many people come to me as they are seeking a safe space to talk about their debt. Often, it is not because they have debt but because they find themselves in a worse position after accepting a lender’s offer through a cold-call.
They feel embarrassed and humiliated when they realise they were misled into something other than what was explained over the phone.
The common experience goes like this. A customer agrees to the bank representative's offer in the belief that it is a great arrangement for them. They insist that the customer will save money and be better off financially.
However, soon after the arrangement is implemented, the customer is confused as they are worse off financially than they were before and don’t understand why.
It is a difficult situation to resolve as there is usually no paperwork involved; it was just a verbal agreement over the phone. When the customer tries to follow up with the representative for clarity or to challenge the arrangement, they are ignored, passed from person to person and become even more confused.
Many eventually give up as the effort needed to speak to someone who can or is willing to help is time-consuming, frustrating and they lose the energy to persevere.
Then the shame and embarrassment sets in and the customer feels they have nowhere to turn to for help. They do not want to talk to family or friends for fear of judgment or ridicule.
I know somebody who sought help from a family member but were made to feel stupid, as though it was their fault for not knowing the right questions to ask before agreeing to the arrangement.
I know somebody who sought help from a family member but were made to feel stupid, as though it was their fault for not knowing the right questions to ask before agreeing to the arrangement
Carol Glynn,
founder of Conscious Finance Coaching
A lot of issues stem from the fact that bank representatives earn their living through commissions. Many are so undertrained that even they don't understand what they are selling. The only information they understand is the percentage they will earn from the sale.
A customer in financial difficulty is coming to the conversation with different motivations. They are vulnerable and seeking financial advice and help. The bank representative is seeking a sale so they can reach their sales target and receive commissions to support their families.
Knowing this, how much do you trust that bank representative who, very convincingly, tells you that he or she is on your side and wants to help relieve your financial stress?
What is my advice? Always remember the seller’s motivation and, with that in mind, approach everything with an appropriate level of scepticism.
Do not accept offers on WhatsApp or verbally over the phone. Request an official offer, signed on a bank letterhead, with all relevant information such as a repayment schedule, monthly instalment amounts, interest rates, administration fees and terms and conditions clearly outlined.
If you do not understand the offer, speak to someone independent of the bank. Find a second opinion. Source at least one more offer from a different bank.
Most banks will offer better interest rates or discounts and deals to attract new customers. You can then either avail of the better deal or use the offer to negotiate a better one from your current bank.
In my experience, people tend to be much more trusting when they are seeking a loan compared to when they are speaking to someone about investing. They are wary and sceptical of everything and everyone connected to investing and will not sign on the dotted line unless they are 100 per cent certain they understand what they are signing up for.
Most do not invest their money at all or procrastinate for years because they do not understand and mistrust the adviser.
Yet, they will trust a faceless voice cold-calling from a bank, promising they have the answer to their debt problems without showing anything tangible to prove it.
Remember the banking golden rule: if someone is cold-calling you and offering a loan, a debt restructuring on your credit card or an amazing investment opportunity, politely decline, hang up and think of the potential thousands you have just saved yourself.
If you have fallen foul of such an unscrupulous cold-caller, go easy on yourself. They are skilled salespeople and we are often raised to trust banks inherently. You are certainly not alone.
People do not talk about their financial missteps as often as their financial successes. Consider it a lesson —and one to talk about so others can learn from your experience and avoid making the same mistake.
Carol Glynn is the founder of Conscious Finance Coaching
THE SPECS
Cadillac XT6 2020 Premium Luxury
Engine: 3.6L V-6
Transmission: nine-speed automatic
Power: 310hp
Torque: 367Nm
Price: Dh280,000
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
RESULTS
Men – semi-finals
57kg – Tak Chuen Suen (MAC) beat Phuong Xuan Nguyen (VIE) 29-28; Almaz Sarsembekov (KAZ) beat Zakaria Eljamari (UAE) by points 30-27.
67kg – Mohammed Mardi (UAE) beat Huong The Nguyen (VIE) by points 30-27; Narin Wonglakhon (THA) v Mojtaba Taravati Aram (IRI) by points 29-28.
60kg – Yerkanat Ospan (KAZ) beat Amir Hosein Kaviani (IRI) 30-27; Long Doan Nguyen (VIE) beat Ibrahim Bilal (UAE) 29-28
63.5kg – Abil Galiyev (KAZ) beat Truong Cao Phat (VIE) 30-27; Nouredine Samir (UAE) beat Norapat Khundam (THA) RSC round 3.
71kg – Shaker Al Tekreeti (IRQ) beat Fawzi Baltagi (LBN) 30-27; Amine El Moatassime (UAE) beat Man Kongsib (THA) 29-28
81kg – Ilyass Hbibali (UAE) beat Alexandr Tsarikov (KAZ) 29-28; Khaled Tarraf (LBN) beat Mustafa Al Tekreeti (IRQ) 30-27
86kg – Ali Takaloo (IRI) beat Mohammed Al Qahtani (KSA) RSC round 1; Emil Umayev (KAZ) beat Ahmad Bahman (UAE) TKO round
SPECS
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Global state-owned investor ranking by size
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United States
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2.
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China
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3.
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
MATCH INFO
Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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
