I have a personal loan and four credit cards with two different banks. Since April, my salary of Dh5,305 has been reduced by 50 per cent because of the pandemic and I am no longer able to pay my liabilities.
My salary is transferred to my bank and it automatically deducts my personal loan repayment of Dh2,295, which left me with just Dh357.50 to live on and pay my other debts after my salary was reduced.
Thankfully, my bank recently approved a payment holiday on my personal loan and my instalments resume again in October. This is a relief, but I still don’t have enough to pay the remainder of my liabilities, send money home to my family and pay for my daily expenses.
My debts are:
- Personal loan: Dh70,126 (Dh2,295 monthly instalment)
- Credit card 1: Dh4,759.53 (Dh1,336.19 minimum payment)
- Credit card 2: Dh3,747.93 (Dh638.80 minimum payment)
- Credit card 3: Dh6,339.59 (Dh487 minimum payment)
- Credit card 4: Dh21,918.92 (Dh 937.67 minimum payment)
I have also requested the second bank to defer my payments for my other two credit cards, which I have not been able to make any payments towards since my salary was reduced in April.
They have rejected my request on the grounds that credit cards are not eligible for a payment holiday as they say it only applies to personal loans, home loans and car loans. I am now being harassed by their collections team and they are threatening to lodge a legal case against me.
I want to resume my monthly payments and do not want to run away from my liabilities, but I am unable to do so at the moment. I am also struggling to send money home to my family.
Is there a company or a bank that would offer me a debt consolidation for all my liabilities so I can reduce my monthly payments and continue supporting my family in the Philippines? GP, Dubai
Debt panellist 1: Phillip King, head of retail banking at Abu Dhabi Islamic Bank
Over the past few months, the Covid-19 pandemic has continued to present challenges to the livelihood of individuals and families. Understandably, having your income reduced by 50 per cent must have been be a great financial setback, however, we commend your sense of accountability and commitment in meeting your financial obligations.
A number of banks offer consolidation loans so it may be worthwhile researching the best one for you and your personal circumstances.
Firstly, we advise you to proactively communicate your situation with your lenders. Provide the bank with proof of your salary reduction and emphasise that this has placed you in a very difficult situation, leaving you with no means to pay for basic necessities.
It would also be worthwhile to reiterate, in writing, that you intend to diligently meet your repayments and that you remain fully committed to clearing the outstanding dues.
It is in the bank's interest to mitigate any risks of default, so they may be more forthcoming in working out new repayment terms. Therefore, I urge you to request your bank for a debt restructuring or consolidation plan that will enable you to aggregate all your existing liabilities into a new loan with a longer tenure and lower financing rates.
This will help in substantially reducing your monthly instalment payments and allow you to service the loan with your lower salary.
Alongside liaising with your lenders, there is no better time than now to extensively review your budget and rethink your expenditures. Avoid spending any further on your cards and consider contacting any friends or family for temporary support as you weather these challenges and regain control over your situation.
It may also be helpful to explore new job opportunities that will allow you to meet your repayments every month. Understandably, this may be a difficult time to secure a new permanent job.
Debt panellist 2: Ambareen Musa, founder and chief executive of Souqalmal.com
Managing your financial commitments with just half of your regular income is going to be incredibly difficult. Unfortunately, there are many other UAE residents facing the same predicament during these challenging times. Qualifying for a payment holiday is going to be very helpful, but you will need some more support from your banks to manage your finances.
You must approach your credit card providers and request them to restructure your credit card debt. This can be done by converting your outstanding credit card balance into a fixed-interest, fixed-tenure loan. However, you must also request for this repayment arrangement to be brought into force once your original salary is reinstated.
This type of restructuring will help plug the financial drain being caused by heavy credit card interest rates and penalty fees, especially now that you're unable to even keep up with your minimum monthly payments. Approach the banks armed with proof of your reduced salary and current debt obligations.
Another option is to approach your primary lender to consolidate your personal loan with all the other credit card debt. Ideally, this would help reduce your interest payments and make the combined debt a lot more manageable. However, this may be a long shot since the bank would be taking a lot more risk by offering you this facility.
You should also look into your own financial resources to see if you can liquidate some savings or assets back home to relieve yourself of some of this financial stress. If you do have some readily accessible savings or some financial aid from your family and close relatives, you could use these funds to settle and close some of your credit card debts.
Alongside liaising with your lenders, there is no better time than now to extensively review your budget and rethink your expenditures.
Further, you could consider taking on some additional freelance or part-time work opportunities to supplement your current income, and free up some more cash to meet your debt repayments.
If all else fails, you could consider getting some pro bono legal help. The Philippine Consulate in Dubai and the Philippine Embassy in Abu Dhabi both run free-of-charge legal aid clinics every month, where lawyers offer free counseling for Filipino expats dealing with various legal issues in the UAE, including debt-related matters.
You could also seek guidance on the financial insolvency option under the UAE's new laws, and whether this legal route is a sound option for you or not.
Debt panellist 3: Stuart Ritchie, chartered financial planner at AES International
You have done the best thing possible in requesting a payment holiday for your personal loan. This allows you to use the money you’ve freed up to pay your living expenses for the next few months.
Based on your current minimum payments, however, even your full salary would not be able to cover these. A consolidation loan, therefore, will be the greatest help as it will consolidate all you owe into one affordable payment.
A number of banks offer consolidation loans so it may be worthwhile researching the best one for you and your personal circumstances.
Following this, take time to address your underlying spending issues. Based on your salary, you are struggling to afford all the repayments, send money home and cover your everyday expenses. See where you can cut back on your spending in order to alleviate some of the financial pressure you’re feeling right now.
Specs
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Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY%20PROFILE
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Getting%20there%20
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Global state-owned investor ranking by size
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Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
Top goalscorers in Europe
34 goals - Robert Lewandowski (68 points)
34 - Ciro Immobile (68)
31 - Cristiano Ronaldo (62)
28 - Timo Werner (56)
25 - Lionel Messi (50)
*29 - Erling Haaland (50)
23 - Romelu Lukaku (46)
23 - Jamie Vardy (46)
*NOTE: Haaland's goals for Salzburg count for 1.5 points per goal. Goals for Dortmund count for two points per goal.
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Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mohammed bin Zayed Majlis
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Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Ready Player One
Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance
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Factfile on Garbine Muguruza:
Name: Garbine Muguruza (ESP)
World ranking: 15 (will rise to 5 on Monday)
Date of birth: October 8, 1993
Place of birth: Caracas, Venezuela
Place of residence: Geneva, Switzerland
Height: 6ft (1.82m)
Career singles titles: 4
Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)
Career prize money: $13,928,719
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
