Questions & Answers
Defaulting on the repayment of a loan and expected penalty
I had taken a personal loan of AED 160,000 from the bank and I was paying regularly.
Unfortunately, my boss took a huge loan and left the country, hence we have got stuck without salary and unable to cancel the visa. Finally, we found our local sponsor and cancelled the visa and got a new job with a lesser salary after 7 months.
By that time, I became a defaulter and the bank bounced my cheque of AED 242,000 along with a police complaint.
Now, what should I do? Do I get imprisonment?
I am very scared.
Dear Sir/ Madam,
Thank you for reaching out to me on this.
I understand that you faced this issue due to no fault of yours, however, the fact of the matter is that there is a police case and since you have signed the cheque, you are criminally liable for the same.
Can you please tell me which emirate you have the criminal case in?
Since the cheque amount is huge, there is a possibility you may face a jail term. However, if you are well represented in the court of law, you can escape this imprisonment and get a judgement in fines only.
I would advise that you engage a legal representative to look into the case. I can assist you with clearing the case if you wish.
Please email me the case details that you may have on my email.
Regards,
Hari Wadhwana
