I have a loan with a bank in Dubai and have always made my repayments on time. I lost my job in finance in November, which paid me Dh12,500, and since then finding a job has been very hard, especially with the pandemic putting many new hires on hold.
I owe Dh170,000 on the loan and have no other debts or credit cards. I borrowed the money to buy a home, pay for education and settle a previous debt. My monthly payment on the loan is Dh6,000 and I have savings to support me while I find a new role. I still have not missed any payments yet.
The repayments start again this month and while I can afford to repay the loan for now, in the long term I'm not sure how long I can last.
I approached the bank to ask about debt relief and received a two-month holiday for April and May. The repayments start again this month and while I can afford to repay the loan for now, in the long term I'm not sure how long I can last. I need a job, otherwise repaying the debt will become unsustainable. I attended some interviews until Covid-19 stopped all hiring activity in my field.
As a family we have reduced our expenditure to help us get by. My husband is from India and I am from the Philippines and we share the bills. We have one child to support as well as our families back home. My salary used to pay for family and education expenses back home.
How can I approach the bank and solve my issue? Would the bank give me some more time to find a job before taking repayments again?
Separately, I also paid an amount for some insurance but I do not have a copy of the policy. Would that help me at all? What options do I have here? Or is there a legal route I can take? SW, Dubai
Debt panellist 1: R Sivaram, executive vice president, head of retail banking products, Emirates NBD
This is a tough situation and I commend your commitment to continue meeting your financial obligations based on your savings, despite job loss.
As a first step, I recommend approaching your bank to discuss the possibility of debt restructuring. Most banks in the UAE are supporting their customers and offering financial solutions to help navigate through this difficult time. Under a debt restructuring programme, your bank could restructure your existing outstanding loan of Dh170,000 over a longer repayment period. This will help lower your monthly instalments significantly and help you continue to make timely payments. If your husband is employed, you could also consider making him a co-borrower when the loan is being restructured as this would add weight to your application.
You have taken the right step by lowering your expenses to help you continue to service your loan instalments. Furthermore, the end-of-service benefits you received at the end of your employment could be used to pay off part of the outstanding to help reduce your liability and instalment amount. Please also ask your bank for details on the insurance coverage on the loan. While normally this is to cover against loss of life, there could be additional protection available.
Given you are being forthcoming about managing your financial commitments with no delinquent history, I am sure your bank will view this favourably and find a suitable solution that could address your predicament.
Debt panellist 2: Steve Cronin, founder of DeadSimpleSaving.com
Your monthly payment is nearly 50 per cent of your salary, so this debt has always had you in a bit of a vulnerable position. It is good you are now aware of the problems loan payments can cause you and that you are planning ahead – many people wait until they start missing payments.
The nuclear option is that you sell the house and use the money to repay your loan. It may be hard to get a good price in this times and you may be emotionally attached to the home, but if you are at risk of severe stress and court proceedings, then this will, literally, get you out of jail. Houses cannot be sold quickly, so even if you don’t end up selling, it might be worth putting a plan in place and identifying solicitors, agents etc so you can act fast if you need to.
Meanwhile, the bank is unlikely to be too sympathetic or creative in helping you, because you are not at the point of missing payments yet. Maintain dialogue with them and try to talk to the most senior manager you can find, in person, rather than dealing with junior staff on the phone. They may be able to extend your payment holiday, reduce the payment temporarily, or reduce the term of your loan so that you make lower payments each month. Other banks are unlikely to help you, as you don’t have a job yet.
You may have insurance covering debt payments in event of job loss, but there are usually lots of tricky clauses in the small print. Push the bank for a copy of your insurance policy – they cannot legally decline this if you have paid the premiums, and act fast because sometimes there is a limited window for claims.
To what extent can your husband support the payments or take on the debt if he still has a salary? You and your families are in this together, so you all need to rally round to reduce expenses – in all three countries. Communicate the risks of missing loan payments and the importance of everyone going through a bit of a tough and frugal time now so that you can all benefit later. If you and your husband have to leave the UAE, it will be that much harder for your relatives.
Identify what major expenses you can slash, such as rent, and manage your smaller bills within a strict budget to make sure they are not mounting up excessively. If there are no jobs in your industry, see if there are similar jobs available in other industries or slightly different roles that may suit your skills. If you have a finance background, you may be able to earn some money doing book-keeping or teaching finance, in person or online, enough to keep the debt wolf from the door until you find another job.
Debt panellist 3: Ambareen Musa, founder and chief executive of Souqalmal.com
You mention you've been unable to find job opportunities within your field, so it may be time to get out of your comfort zone and widen your search a bit. See where your skills and expertise can be put to use – it doesn't just have to be a full-time role in finance. Part-time opportunities, freelance assignments, tutoring – cast a wider net and your chances of unlocking a source of income should definitely go up.
Since you've also lost the income that was supporting your remittances to the Philippines, is there another family member or sibling who can temporarily contribute towards supporting your family and child back home? You will need all the financial support you can gather to help you focus on getting out of debt.
When it comes to actually dealing with the bank, find out what other debt relief or debt restructuring options are available to you. However, if you're unable to negotiate more relaxed repayment terms on your own, you could work with a licensed debt counselling/management company who can negotiate with the bank on your behalf. Alternatively, if your financial circumstances don't start to look up in the near future, use the UAE's recently introduced Personal Insolvency Law and go for a court-mediated settlement.
As for the personal loan insurance you've opted for, the benefits and scope of coverage under such plans vary greatly across banks. For example, while one bank may offer you coverage in the event of death, another bank may cover death and permanent total disability for a nominal premium too. Some banks may even extend this insurance coverage to include involuntary job loss. Chase your bank and try to get a copy of the benefits, terms and conditions under your insurance coverage. If you don't make any headway, you can also go through the Central Bank of the UAE complaint channel.
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 specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.
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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
Sweet%20Tooth
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The%20Hunger%20Games%3A%20The%20Ballad%20of%20Songbirds%20%26%20Snakes
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Francis%20Lawrence%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%C2%A0%3C%2Fstrong%3ERachel%20Zegler%2C%20Peter%20Dinklage%2C%20Viola%20Davis%2C%20Tom%20Blyth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Lexus LX700h specs
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
On sale: Now
Price: From Dh590,000
Virtual banks explained
What is a virtual bank?
The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.
What’s the draw in Asia?
Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.
Is Hong Kong short of banks?
No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year.
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
SPECS
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The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
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The Little Things
Directed by: John Lee Hancock
Starring: Denzel Washington, Rami Malek, Jared Leto
Four stars
RESULTS
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
The years Ramadan fell in May
Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
