Questions & Answers
Loan settlement with a bank after losing job
I've taken a loan for 5 years from a bank in Dubai. I've paid for 2.5 years, then I've lost my job and had to leave the country.
Until now I can't find a job. I couldn't pay the loan instalment for 8 months.
The bank said that they've already written off the loan and is threatening to file a police case. The remaining loan is AED 340k. All I have now is only 150k.
I'm afraid that I pay what I have, then stop paying. And then the bank will file a police report. What should I do?
Is it possible to reach a deal with the bank to pay the 150k and they close the case and give me back the cheques?
If they're going to file a police case anyway, then it's better that I don't pay the 150k. It'll be a lose-lose situation for me and the bank.
I want to hire a lawyer to help me close this issue. And explain to me what are my options and how much will his service cost me.
You can opt for two options:
Option 1: By settlement with the bank:
In this, our firm is going to help you with a formal deal with the bank, offer the available amount on your hand and arrange settlement for the remaining balance.
Option 2: By Judicial Procedure:
We can file a case and assign an expert from the court to illustrate the loan principal amount and interest amount. Thereafter, we can make a request to the judge to pay only the principal amount.
Please send more of your details to email and call us through telephone for a thorough discussion.
