Questions & Answers
The available options to manage a loan from outside the UAE
Dear sir,
I have taken a loan from a bank, but I had to leave for my job. I am in the UK now.
I asked the bank to reduce the monthly installment as I have a relatively lesser salary here and can pay a limited amount every month, but the bank collection department refused my request and threatened to file a police case if I will not pay. How can I manage it?
I would be thankful for your response.
Let's say that you cannot make the payment anyway for the agreed monthly installment with the bank, you have 3 options:
1- You don't pay, interest will be accumulated forever and the bank will file a case against you in the UK at the end.
2- You can make the payment that you can do monthly to your account and later file a case against the bank to cancel the loan.
3- You don't pay them and after one or two years, they will come with an offer to settle the loan for less amount, (at this time, you have to save the fund for one-time payment for settlement).
On both options 2 and 3, you don't enter the UAE till you settle the loan.
