Debt in uae

[sgilli3]

Personally- I would still try and make min payments at least.

This article in the news the other day highlights how far debt collectors will chase up debtors.
I think we will see more of this in the future.


Lawyers given permission to serve debtors with default judgement through Facebook | News | News.com.au

[homesickoz]

Does anyone have any recent news/updates on this matter? Bit worried about my job security in UAE, wondering if I can expect to be chased back in Oz for the outstanding? Anyone in similar situation that could help?

[Rahulma]

I am really sorry to hear that.

Best advice I can give is: try to repay your debt, negotiate with the Bank. After all you are unemployed. Try to set up some sort of minimum installments plan. Remember to ask for a statement or something in writing that you have an agreement with the Bank.

Do this when you arrive in Australia. Not before. (I do not know the law ..can they force you to stay in the country ?)

Thanks for sharing your story. Sure it is something to think about for those who are planning to go there.

Best of luck

[Midos]

Write to the bank after you leave , not before. Because if you contact them before, they will report you to the police who will confiscate your passport and you will be stuck .
Once you are back to Australia, try mini payment via Western Union on a monthly basis, this way your bank won't raise a flag.

[Fatenhappy]

Originally Posted by COFFEE

I have a small amount of credit card debt here in the UAE and recently been terminated. I have to head back home and will not have paid it all back. Is this debt likely to show on my credit history in Australia? We have a HSBC bank in Aus but I do not have an account with them in Aus and expect the privacy laws will also come into play?
Anyone have any advice? I will head back with no job and what i thought seemed secure is now a mess. Not that I am trying to be shifty or careless but one can only do so much. What seemed like a good idea now seems to be a big mistake coming to the UAE.

Food for thought .....

There were interesting articles reported in the press here just a little while back, where they were reporting on the traceability of law against people who exit the UAE with outstanding debt. Sources went on to explain that people who do this are now apparently going to be reported to Interpol so that the debt will have traceability/transferability and therefore be enforceable....

As far as I am concerned, if it is an accurate representation, I am all for it! ...

At the very least I would be talking with my creditors, even if only to cover my own back side !

Good luck with your future and I do hope things work out for the best! ...

[LiverpoolMan]

I work at an international bank, and it all depends on how much you owe.

If you go back to AUstralia then the bank may chase you up especially if its HSBC and they will contact you through various agents in Australia. Once you are there, they can only extradite you if the bank sues you and files a claim with UAE courts here, in which case they can do, however this is very unlikely unless you owe huge amounts.

If you leave UAE without negotiating it with your bank UAE will blacklist you and you will not be able to return as mentioned above. HSBC is a global bank, and so your credit ratings will suffer even back in australia. Its in your best interest to go to HSBC and explain the situation, (maybe hypothetically) and ask what would happen.

The worst thing you can do is leave the country and stop paying, without explanation of your situation.

Hope that helps.

Also check if you have payment protection insurance, which you maybe unaware of as many banks hide it in the small print, in which case you will have a probationary period where you will not have to make any payments for a while until you regain work (usually 6months to a year).

[Mr Rossi]

Originally Posted by LiverpoolMan

The worst thing you can do is leave the country and stop paying, without explanation of your situation.

Worse than being indefinitely detained in a holding cell with 20 others sharing a hole in the ground for a toilet?

To echo the some other sentiments, get out the country first, even if it means not flying transit by here again. Dubai is not a level a playing field and its laws are inconsistent.

Go see your bank manager, explain the problem and after 30 minutes of "yes, yes, yes" and "not a problem, my very good friend" he's going to be on the phone to the police before you're even back to your car.

[Fatenhappy]

Originally Posted by Mr Rossi

Worse than being indefinitely detained in a holding cell with 20 others sharing a hole in the ground for a toilet?

To echo the some other sentiments, get out the country first, even if it means not flying transit by here again. Dubai is not a level a playing field and its laws are inconsistent.

Go see your bank manager, explain the problem and after 30 minutes of "yes, yes, yes" and "not a problem, my very good friend" he's going to be on the phone to the police before you're even back to your car.

I have just noted the date of the original thread post as being 2008 .... So whats the go ? Why reserected now?

But absolutely agree with Mr Rossi .... make sure you attempt to get it covered when safe to do so !!!

[Midos]

Originally Posted by Fatenhappy

Food for thought .....

There were interesting articles reported in the press here just a little while back, where they were reporting on the traceability of law against people who exit the UAE with outstanding debt. Sources went on to explain that people who do this are now apparently going to be reported to Interpol so that the debt will have traceability/transferability and therefore be enforceable....

As far as I am concerned, if it is an accurate representation, I am all for it! ...

At the very least I would be talking with my creditors, even if only to cover my own back side !

Good luck with your future and I do hope things work out for the best! ...

It depends on the amount. You will only be put on the Interpol list if the debt is larger than a certain threshold amount, I think it is couple of million $$, but don't remember the figure. Interpol won't chase you for smaller amount. It is just empty threats bank agents say. And unless your country has a treaty with Dubai, no one in Australia is allowed to chase you to pay the debt back.

[Andy Capp]

Did anyone see this in the National today?

The numbers of people actually jailed for bad debts is relatively small, but the perception persists.

Absolute pants, it's huge, and I mean huge here, it's choking up the courts and costing a fortune!