I was living and working in Dubai when I lost my job in April last year because of the Covid-19 pandemic. After losing my job, my employer kicked me out of the company accommodation and forced me to return to India.
I filed a case against my employer to pay my end-of-service benefits and other money owed to me but they settled for less and as I was hungry and jobless in Dubai, I decided not to fight this.
Shortly after arriving home, I was diagnosed with Covid-19 and spent the next three months in hospital.
When I was living in the UAE, I had a credit card and owed Dh10,000 on it. I was able to keep up with payments until September by using my savings.
While I was in the hospital, the bank also granted me a three-month payment holiday under the UAE Central Bank’s Targeted Economic Support Scheme as I informed them about my situation before leaving the UAE.
During the payment holiday period, the bank charged me late fees and other charges and the debt has increased to Dh11,900.
I am now receiving emails from a third-party collections agency in the UAE. They are threatening me and demanding the money owed on the credit card. I want to negotiate with the bank and restructure my debt without interference from the agency. I am also worried that if I return to the UAE, I will go to jail.
Can you advise me on what to do in my situation? Is it possible to restructure my debt with the bank even though a collections agency is now involved in the matter? And how can I convince the agency to stop threatening me?
Debt panellist 1: Steve Cronin, founder of DeadSimpleSaving.com
I think there are thousands of people in your situation at the moment. It seems you have been messed up by your employer and your bank. This may not help you, but for others chasing their end-of-service benefits, a lower out-of-court settlement does not necessarily prevent you from claiming the full amount through the courts.
It would depend on the terms of the settlement agreement you signed, if any. For you, however, once your visa is cancelled and you are out of the country, this route is probably not viable.
Your bank should not have charged you late fees during the Tess payment holiday – that is the point of a payment holiday. Have you raised this issue with them? Contact them and push hard on this. At the same time, make it clear that you wish to settle your debt through them rather than the debt collector. Again, you may have less success with this now you are out of the country.
It is a sign of how dangerous credit card debt can be that you carried on making payments all the way through to September, yet the amount owed is now significantly higher than the original Dh10,000.
Ask the bank to provide you with a debt restructuring plan that will allow you to pay back the outstanding amount in affordable monthly instalments
A debt collector in India would have the potential to cause more problems for you – one in the UAE can only phone you up and hassle you. You do not risk jail as the amount you owe is well below the Dh200,000 limit for criminal debt cases.
However, you may receive a fine from the police upon your return to Dubai and you probably would not be able to secure a new work visa until this is resolved.
Is there any way you can borrow money in India from a bank, family or friends to pay off this debt and move forward? This would stop the debt from ballooning due to interest and late fees.
Is there any work you can do online or remotely from India? I don’t know if your expertise is suited to this, but do use your network from your time in Dubai to look for jobs or part-time work so that you have a plan for when you can move beyond debt and the lockdown.
Debt panellist 2: R Sivaram, executive vice president and head of retail banking products at Emirates NBD
You have faced an unfortunate turn of events over the past nine months. As good practice, one should always try to settle all bank debts, however small, and close all lines of credit before relocating from a country. However, I am glad that you are taking steps to manage the situation and clear your debt even though you are no longer based in the UAE.
The best option would be for you is to contact your bank at the earliest to explain the circumstances that have led to your current situation and request for details of the original principal outstanding, as well as the subsequent interest amount and fees charged on your card.
Once you have received this information, discuss the matter directly with the bank’s team responsible for your case.
Given that the original outstanding amount was low and that you have no other liabilities, the bank may choose to take a lenient view and support you in settling the issue with minimal additional charges and without the need for any legal recourse.
Ask the bank to provide you with a debt restructuring plan that will allow you to pay back the outstanding amount in affordable monthly instalments. Banks will usually accept a reasonable repayment tenor in line with your debt-servicing capability – provided there is willingness and co-operation from your side.
I wish you luck in finding a workable repayment plan with your bank and also in finding suitable employment to help alleviate your financial condition.
Debt Panellist 3: Carol Glynn, founder of Conscious Finance Coaching
I am sorry to hear you have had such a difficult year and have been badly affected by the pandemic.
The first step I would suggest is to approach the bank directly. Have all relevant history of your debt and situation documented in detail, then request a meeting with a senior representative within the bank. As you are in India, this can be done by Zoom or by phone.
The most important information to include is a letter from your former employer proving that your job loss was due to Covid-19.
Also include evidence of the previous agreement from the bank that gave you a three-month payment holiday and the terms and conditions, your past payment record, evidence of your stay in hospital and details of all conversations you have had with the bank.
Ask the bank to explain why you were charged late fees and penalties during the agreed payment holiday. Then request that these charges are reversed and ask the bank to issue a revised statement of outstanding debt to you.
While banks usually give only one payment holiday, they also exercise discretion and, given your current situation, may extend the holiday. Ask them to instruct the agency to cease calling you as you are working on a resolution directly with the bank.
If the bank representatives are not helping to resolve the issue, you can formally raise a complaint. You must first raise this in writing directly with your bank. Check the bank's website for instructions on how to submit your formal complaint.
Again, document and attach all relevant information to this submission, including details of the latest conversations with the bank.
The bank is required to reply to your complaint within 30 calendar days of submission. If it is still not resolved to your satisfaction, you can then raise a complaint and request assistance from the Consumer Protection Department of the UAE Central Bank.
Your bank should not have charged you late fees during the Tess payment holiday – that is the point of a payment holiday
It is important to note the Consumer Protection Department's new rule book, issued in August 2020, which clearly states they will only proceed if the consumer has followed these steps: 1) filed a complaint directly with the bank; 2) the bank has not accepted the complaint or provided a final response within 30 calendar days of receipt of the complaint; or 3) if the consumer is not satisfied with the response.
All of these steps take time, which means that your debt will continue to grow. Credit card debt is extremely expensive, so I would urge you to find ways to pay it while you are working to resolve the issue with the bank. Do you have any assets you can sell and use the proceeds to clear the debt? The more you can pay off now, the less it will cost you in the long term.
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
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
WIDE%20VIEW
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Specs
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The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
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On sale now
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
more from Janine di Giovanni
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Specs
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
