I have a bank case on a personal loan and I cannot pay due to job termination. What can I do?

If the bank files an execution based on a guarantee cheque we can file a defense on that case, hence you already paid this amount towards the total liability.

We will discuss more about the procedures. Kindly share your Whatsapp number.

Greetings.

You can submit a request to reschedule the installments in a manner that suits your current situation.

Provide the court with proof that you have stopped working.

For further inquiries about your topic, you can reach our office or contact us on WhatsApp.

The best thing you can do is pay the court approximately 10% of the amount, then submit a request to the judge, attached with the receipt of the 10% payment.

Ask the judge to pay the remaining amount in installments over 3 years and explain your financial situation.

The judge will likely agree, but you must then commit to paying the installments.

Welcome

You can file an insolvency case against the bank in order to stop all measures taken against you in this regard.

We can help you with that, as we specialize in this type of case.

To obtain free legal advice that includes all the details, contact us on WhatsApp - call or leave your number and we will contact you immediately.

Dear questioner

Either we need to file an objection to the case or negotiate with the bank for a monthly EMI plan.

I'm sorry to hear about your situation. When facing financial difficulties like this, it's essential to take proactive steps to address them. Here's what you can consider:

1. Communication with the Bank: Reach out to the bank immediately and explain your situation. Sometimes, banks offer hardship programs or restructuring options for borrowers who are facing financial challenges. They may be willing to negotiate new terms for repayment or offer a temporary pause on payments until you regain stable employment.

2. Legal Assistance: If the bank has already filed a case and it's in the execution stage, consider seeking legal advice. A lawyer specialized in debt and bankruptcy law can guide you through the legal process, advise you on your rights, and explore potential solutions to your situation.

3. Financial Assistance Programs: Explore government or non-profit organizations that offer financial assistance or debt relief programs. Depending on your location and circumstances, there may be resources available to help you manage your debt.

4. Job Search: Prioritize finding a new job or alternative source of income. Update your resume, reach out to your professional network, and consider applying for unemployment benefits if available in your area. Securing a stable income will not only help you address your debt but also improve your overall financial situation.

5. Budgeting and Financial Planning: Create a budget to manage your expenses effectively during this challenging time. Cut back on non-essential spending and prioritize paying off your debts. Consider seeking advice from a financial counselor or advisor to develop a plan for managing your finances more effectively.

Remember, facing financial difficulties can be stressful, but there are options available to help you navigate through it. Don't hesitate to seek support from professionals and organizations that specialize in financial assistance and debt management.

Dear H.,

Thanks for your inquiry.

Regarding the above, we would like to inform you that, according to UAE law, if you are unable to pay your loan due to unforeseen circumstances such as job loss, you can approach the bank and request for a restructuring of your loan.

This means that the bank can extend the loan period or reduce the monthly installments to make it more manageable for you to pay.

If the bank does not agree to a restructuring, you can also file a case with the court to request for a temporary suspension of the execution of the loan. This will give you time to find a new job and make arrangements to pay off the loan.

It is important to note that the court will only grant a suspension if you can provide evidence of your financial difficulties, such as a termination letter from your company and proof of your efforts to find a new job.

If the court grants a suspension, you will still be responsible for paying the loan, but the execution process will be put on hold until you are able to make the payments.

It is advisable to consult with us by phone or email to guide you through the process and represent you in court if necessary.

Greetings,