My husband and I lived in Dubai for 10 years until we had to leave last March after my husband lost his job. We both worked in the airline industry and my husband was made redundant in November 2016 due to losses his company was incurring. We had debts to pay off and at first we managed to continue paying our dues using the settlement my husband received from his company. We left Dubai to return to Mumbai in India because our visas had expired. But neither of us could secure a job in India and a year on we are receiving calls from banks. They want us to pay off the outstanding amounts, however, we do not have enough funds to do this. My husband has been in constant touch with the banks, assuring them we are willing to pay the debts once we have the funds or can get a job. We have no credit cards but owe Dh54,000 on a car loan and Dh200,000 on a personal loan. The loan was taken to set up a website that my husband was going to run with his friends, but then we had to use it towards our expenses when my husband lost his job. We are now staying with family and managing on our savings.
Can you guide us on how to negotiate a lower settlement with the banks? Would the banks agree to waive off part of our loan? A case has been filed against my husband for the car loan but the other bank has not filed yet. We are trying very hard to secure jobs either in Dubai or India but have not succeeded yet. It may also be difficult for my husband to secure a job in Dubai due to the court case. What do you advise? SP, Mumbai
Debt Panellist 1: Philip King, head of retail banking at Abu Dhabi Islamic Bank
It is entirely reasonable that banks are pursuing you for the Dh254,000 that you owe them. This is a considerable amount of money and you have to understand that when you take out credit, it’s not free money and you have a legal obligation to repay what you borrow. While banks are often willing to be flexible in terms of repayment programmes, for customers undergoing exceptional circumstances, they cannot make full exemptions and begin to waive off loans. As well as the significant financial cost this would have on banks, it would send completely the wrong message to the market and encourage further delinquency.
At this point, given your track record, banks are unlikely to provide a consolidating loan as there is a history of missed payments and you and your husband have left the country with significant liabilities. You should have talked to your banks before absconding to explain your situation. Even now, proactive dialogue remains your best option. It will depend upon the banks’ policies and procedures as to what their response is to your requests. Before they consider options to assist you, I imagine they will want to see a commitment that you intend to repay the loan in full. This must include with a clear picture of the sources of income you have and when you can make repayments.
I hope you sold off your car before you left the country and any other assets that would raise financing to help repay your debts. Selling non-essential assets to raise funds and finding employment should remain your priority over the coming weeks and months.
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Read more:
The Debt Panel: 'Can I defer my debts if I was made redundant?'
The Debt Panel: 'I am struggling to repay Dh500,000 in debt after my salary was slashed by a third'
The Debt Panel: 'The banks harass me and threaten to bounce cheques but is that still a criminal offence?'
The Debt Panel: 'My friends pay my food and transport bills because my salary is eaten up by debts'
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Debt Panellist 2: Ambareen Musa, founder and chief executive of Souqalmal.com
Staying in touch with the banks after moving away and making your intentions to repay the debt clear was the right thing to do. Now, it is important to keep the negotiations active and arrange the financial resources to meet your debt obligations, if you're to get anywhere close to finding a solution to your problems.
While no bank would waive off the principal, they could be willing to waive off a portion of the interest as well as the accumulated late payment penalties. There is a higher chance that they would agree to this if you can offer to pay a lump sum amount up front to settle the debt. Have you considered liquidating any existing assets or tapping into your savings? If not this, can you request your close relatives to extend an interest-free loan to you? Getting access to some cash right now can help you pay off both your loans, so that you are done with the debt once and for all.
If a lump sum settlement is not a possibility for you, negotiate with the banks to get the loan tenure extended. With such an extension, your installments can be spread out further, and your monthly commitments can be brought down significantly.
But first, you will need a regular flow of income if you are to pay off your liabilities. Have you considered securing a job outside the airline industry? Think of it as a transitional job, one that can help you tide over financially, until you find something more stable and apt for your career.
Whichever way you steer the negotiations, you will have to be persistent and follow up regularly with the banks. Be sure to keep a record of all your communication with the banks and get any final agreement in writing. Once you've paid off the dues in full, make sure that you obtain a ‘No Liability Letter’ from the bank and a confirmation that any pending court cases have been withdrawn.
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Read more:
Bounced cheques in UAE: new rules 'a progressive step for the justice system'
It is possible to restructure debt directly with UAE banks, a Sharjah resident reveals how
A nine-step guide to help you renegotiate bank debts in the UAE
The Debt Panel: 'I bailed out my mum when my dad died and now owe over Dh240,000'
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Debt Panellist 2: Rasheda Khatun Khan, a wealth and wellness planner and founder of Design Your Life
It is great that you have kept in touch with the banks and have the intention to settle your dues. Willing and intent is very important in the process of clearing debt. Make sure you have all communication with the banks in writing, especially your requests to settle and your willingness to repay. This will hold you in good favour if it is presented at a court.
There are two elements to this:
1. Securing an income source:
If you have any income coming in at all, you must set aside an amount towards paying off your debt. Do you have family or friends that can support you to either find employment and/or raise funds in the interim? If you have assets such as land, property or savings you need to consider liquidating them to reduce the debt. What's important here is that you have something to give to the bank before you can ask them for a restructure. This way the bank will be more willing to consider your case.
2. Agreeing a repayment structure
If you are currently receiving an income then review your expenses thoroughly to come up with an affordable monthly repayment that you know you can fulfill over the given term. It's important to be able to propose a solution of how you can repay what is owed.
You can attempt to do this yourself as a first approach. Put together a proposal to the banks which includes the reasons why you were unable to make the repayment, an initial lump sum payment amount towards the loan, a full income and expenses breakdown showing how much you can afford to commit to as monthly repayment and a request to freeze the ongoing charges, fees and interest. Keep a written log of the communication back and forth.
If you are in a position to appoint a lawyer to act on your behalf, this is the next step. As your legal representative they can also help in the negotiation with the bank for settlement and restructure. To end the cycle of debt, you and the bank need to agree a monthly repayment that you can actually afford to commit to over the whole term otherwise you will find yourself increasing your debt not reducing it.
If you do secure employment in the UAE, have a lawyer look into the implications of you reentering into the country and settle any pending cases to ensure your safe arrival.
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.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
PFA Premier League team of 2018-19
Allison (Liverpool)
Trent Alexander-Arnold (Liverpool)
Virgil van Dijk (Liverpool)
Aymeric Laporte (Manchester City)
Andrew Robertson (Liverpool)
Paul Pogba (Manchester United)
Fernandinho (Manchester City)
Bernardo Silva (Manchester City)
Raheem Sterling (Manchester City)
Sergio Aguero (Manchester City)
Sadio Mane (Liverpool)
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
More on animal trafficking
Sri Lanka squad
Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.
Match info
Uefa Champions League Group F
Manchester City v Hoffenheim, midnight (Wednesday, UAE)
COMPANY%20PROFILE
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
RESULTS
5pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Turf) 2,200m
Winner: M'A Yaromoon, Jesus Rosales (jockey), Khalifa Al Neydai (trainer)
5.30pm: Khor Al Baghal – Conditions (PA) Dh80,000 (T) 1,600m
Winner: No Riesgo Al Maury, Antonio Fresu, Ibrahim Al Hadhrami
6pm: Khor Faridah – Handicap (PA) Dh80,000 (T) 1,600m
Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
6.30pm: Abu Dhabi Fillies Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: Mahmouda, Pat Cosgrave, Abdallah Al Hammadi
7pm: Abu Dhabi Colts Classic – Prestige (PA) Dh110,000 (T) 1,400m
Winner: AS Jezan, George Buckell, Ahmed Al Mehairbi
7.30pm: Khor Laffam – Handicap (TB) Dh80,000 (T) 2,200m
Winner: Dolman, Antonio Fresu, Bhupath Seemar
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Fight card
1. Featherweight 66kg: Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg: Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg:Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg: Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg: Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg: Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg: Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg: Mostafa Radi (PAL) v Ahmed Abdelraouf of Egypt (EGY)
9. Featherweight 66kg: Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg: Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
