Q: Hello Lawyer, I lost my job in November 2018 and still searching for a suitable job here in the UAE. I have a bank loan for which an EMI is active. Until last month, I managed to pay the EMI somehow hoping I will get a job. But so far, I am not lucky and from this month onwards I won't be able to pay the EMI. I need your best legal advice to close the dealings with the bank in a smooth manner. Awaiting your reply.

Q: Dear Madam, I got terminated from my company & I have a bank loan around AED 75000. What do I have to do the next step? Please advise me (ASAP) Best regards

Q: Dear Sir, I am an Indian national, and I defaulted on a personal loan & credit card payments. I lost my Job and I didn't pay my EMI and credit card payments. I am seeking help from you, could you help me with this? I am not a willful defaulter. Now, I am In my home country.  

Q: Would like to know what are the legal implications one has to face for not being able to pay the personal loan repayment.

The management of individual financial affairs is crucial and all the actions must be weighed down while committing to any financial liability. Whether it's job loss that may have lead to financial failure or the opposite, one must be aware of the personal liability which will not diminish by paying fines for cheque bounce cases. There are two major types of liabilities, criminal liability and civil liability. Each has its own significance, hence, must be dealt with accordingly.

The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.

This Law promulgates the Federal Penal Code (Criminal Law) of the United Arab Emirates. Crimes and chastisement punishments shall be determined in accordance with the provisions of this Law and other penal codes.

This Law applies to merchants, as well as to all acts of commerce carried out in the UAE by any person even though he be not a trader. Commercial matters regarding which specific Federal laws are issued shall be subject to the provisions of such laws, and to the provisions hereof which do not contradict with said laws.