Debt in uae

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Debt in uae


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Old 24th December 2008, 10:22 AM
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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.

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Old 24th December 2008, 10:28 AM
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Sorry to hear about your situation, the only thing you really need to be aware of is that if you ever - even 5 or 10 years time - come back here (even in transit) you will be arrested... HSBC have nothing to do with HSBC elsewhere in the world, and if it's a relatively (sub AED250K) small amount, they're unlikely to follow it up in Aus.

Good luck and sorry things didn't work out for you.

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Old 24th December 2008, 10:58 AM
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They will most likely not pursue it in Australia, specially if the outstanding amount is not significant. However, HSBC ME is part of the HSBC Group worldwide and, if you are trying to bank with other HSBC entities around the globe it may raise a flag....I bank with HSBC locally and I can use my unique account number with other HSBC entities elsewhere...something which proves quite often fairly difficult for some of their competitors.....the fact that HSBC's overall service level can be an issue is another story.....

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Old 24th December 2008, 12:47 PM
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Quote:
Originally Posted by Andy Capp View Post
Sorry to hear about your situation, the only thing you really need to be aware of is that if you ever - even 5 or 10 years time - come back here (even in transit) you will be arrested... HSBC have nothing to do with HSBC elsewhere in the world, and if it's a relatively (sub AED250K) small amount, they're unlikely to follow it up in Aus.

Good luck and sorry things didn't work out for you.
I think you will find they do!

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Old 24th December 2008, 01:00 PM
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Quote:
Originally Posted by COFFEE View Post
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.
When you say small, what do you mean?

I would suggest that until you have paid it off you carry on making international transfers into the account and keep paying at least the minimum payments. That way once you have got yourself on your feet you can then pay more off.

The world of finance is global and banks have to talk to each other to minimise the risks that they take. If you abscond from the UAE without settling your debts then HBME can let HSBC AP know and it could affect your credit rating in Oz. Privacy law doesn't even come into it, if HSBC mark you down as a bad credit risk with the Australian credit bureau they are entirely within their rights to do so if you fail to fulfil a credit agreement.

I know the situation is not looking good for you and I hope that you get things sorted when you return home but for other people out there, do not live on your credit cards, if you can't afford to buy it please save up first unless it is absolutely necessary and have savings to back up the purchase. Always pay the full amount off EVERY month!

Sorry to hear about you losing your job

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Old 25th December 2008, 09:05 PM
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sorry to hear about your situation,, it sucks

I know this story from a colleague of mine who met this filipino girl. She took a loan with a bank (not sure which one), for a small amount (around 30K aed) and then left the country. She went back to the Philipines, and she wasn't prosecuted there. Couple of years later she found a job in Italy, but in a case of extremely bad luck, the plane where she was flying had problems and had to do an emergency landing in Dubai. She refused to leave the plane, as she knew she was going to be in major trouble, but to no avail, and airport security had to force her out. The police were waiting for her at the gate and she was arrested right there. She is now serving jail time however I don't know for how long she will stay there.

This is a case of extremely bad luck but the point is that it can happen so is better that people are aware of the consequences of leaving the UAE with unpaid debts

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Old 26th December 2008, 09:37 AM
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try and meet the minimum repayments. If you miss the first two months or so, they will freeze the account and send an enforcement letter. At that stage I would contact them and agree a payment plan that you can afford.

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Old 26th December 2008, 01:55 PM
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They won't follow you to Australia if it's a small amount, however like Andy mentioned if you were to come back here ever again, you will be arrested and if you can pay it off on the spot you're out of jail, if not, your stuck in jail for whatever period you get sentenced to.

Secondly, if this is going to be a paranoia for some folks, put your money in local banks rather than international banks like HSBC....

A lot of people are being terminated & sacked out of work, however the banks normally in situations like this are understandable and will give you a grace period of up to 6 months with no interest & no payment.

-Joey

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Old 28th December 2008, 03:20 PM
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i dont see how they can trace you, if you move to uk or anywhere, i cant imagine they would persue it, i maybe wrong..
so if your in the uae and have say...
a car loan, and therefore car......
a credit card with some on...
car - surely if your leaving you can dump it at HSBC and give it back and say you cannot afford it, they own it after all???
credit card... erm just leave???

peoples experience on this would be most grateful...

always just in case...

i want to save money whilst im here, ie not pay car loan off...

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Old 29th December 2008, 05:55 AM
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Thanks for all the comments and responces.
Sure, we all know to spend only what we have. That is not always as easily said as done, when you are trying to get started and settled you often spend more than you have initially to get started and end up in my shoes, you have a wages that can cover and should be able to clear very quickly so you don't stress to much. You do not expect to be terminated as a lot have been and are finding out 3-6 months after signing a multiple year long contract. It seems a lot of people are in the same boat, what is one to do. If there is little or no work you are forced to go back home. Such is life I guess, lesson to be learnt!

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