Questions & Answers
Outstanding debts and interest on loan and credit cards
Hi,
My name is A. I want to get your advice about my debts.
I have 7-8 cards worth 250k and 200k personal loan. My salary is just 10k and I have my family with three grown-up kids and 60-70% of my salary goes in school fees, rent and other related expense.
My personal loan is auto-debit that means I am left with nothing to pay the instalment of the cards. I need your help in settling this issue on priority. I am overloaded with debts and need immediate help.
I have spoken to the banks and explained my problem; they are least bothered. Interest and late payment fees keep on mounting up making the amount a big challenge.
The banks have been charging me interest for years and still no help is expected from them. I would request you to suggest some amicable solution to my problem.
Looking forward to your valuable suggestions.
Thanks,
A.
Dear Mr A.,
Thank you for reaching out to me on this.
I completely understand your issue and I would firstly like to inquire whether you have given the banks any security cheques against the cards and loan?
If yes, then in which Emirate did you give them?
The reason I ask is that if you continue to default, the banks will bounce your security cheque and file a police case against you which will lead to a travel ban.
Depending on which Emirate the case is filed, you can clear the case.
You can directly reach out to the bank to settle the debts by negotiation or stop paying the monthly instalments which will lead the banks to file a police case.
We will have the police case cleared, which will release the pressure and we can again negotiate with the bank.
On the auto debit, is it possible that you transfer the salary to some other account or cancel auto debit?
We can have an elaborate conference call to discuss and explore options to close the account.
You can reach me on 052-9495731 or email.
Regards,
Hari Wadhwana
