Q: I left the UAE because of job loss in 2009. I had an unpaid loan of around AED 200,000 from a bank. I am in a position to pay around AED 100,000… A: You should definitely call the bank and enquire about the status of your loan and the break up of principal, interest and fees and charges…

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The best strategy to settle a loan and remove defaulter's name from the blacklist

Hello all respected lawyers,

I left the UAE because of job loss in 2009 and, at that time, I had an unpaid loan of around AED 200,000 from a bank. It must have reached millions now after years of interest.

I started my life afresh and after 10 years, I got little stability in life. Now I am in a position to pay around AED 100,000. With your experience, do you think that the bank will be able to accept this as a final settlement and clear my name from the blacklist?

Your suggestion is highly appreciated and if you think this amount will be acceptable, then I would like to do it through a lawyer.

Thanks in advance!

Nicole Shroff

Ansh Legal

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9 Feb 2020, 06:08

Hi,

You should definitely call the bank and enquire about the status of your loan and the break up of principal, interest and fees and charges.

Try and negotiate with them a settlement to waive the interest, fees, and charges. There may be other penalties that you may have to incur depending upon whether there was a cheque that the bank has bounced.

Happy to assist you in this process. Please contact me via phone or email for further information.

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Maryam Ali Saleh Hayyaz

Maryam Hayyaz & Wejdan Bushahab Advocates

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9 Feb 2020, 06:50

Dear questioner,

We can help you with the settlement process with the bank.

Kindly contact us via phone for a detailed discussion or write us an email for further assistance.

9 Feb 2020, 19:30

Dear Ms. Maryam,

Thank you for your response. I have contacted the bank directly and expecting them to come back with a settlement offer.

Of course, I would need legal help for the entire process but do you suggest me to negotiate also through you or I should negotiate first then get back to you for the procedure?

Best regards,

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Dr Amira Al Bastaki

Dr Amira Al Bastaki Advocates and Legal Consultants

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9 Feb 2020, 07:54

Dear Sir,

Regarding the above-mentioned subject, we can offer you the necessary legal advice and reach a settlement with the bank. Please contact us via phone or email.

9 Feb 2020, 19:30

Dear Dr. Amira,

Thank you for your response. I have contacted the bank directly and expecting them to come back with a settlement offer.

Of course, I would need legal help for the entire process but do you suggest me to negotiate also through you or I should negotiate first then get back to you for the procedure?

Best regards,

10 Feb 2020, 06:43

Dear Sir,

Do what is more convenient for you.

For more legal advice, please contact us.

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Brett Michael Westernoff

Elnaggar & Partners

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9 Feb 2020, 07:54

Dear Sir/Madam,

We handle these cases on a regular basis and would be happy to assist you in this matter. Kindly contact me directly to discuss it further.

I look forward to your reply!

Kind regards,

Brett Westernoff

9 Feb 2020, 19:28

Dear Brett,

Thank you for your response. I have contacted the bank directly and expecting them to come back with a settlement offer.

Of course, I would need legal help for the entire process but do you suggest me to negotiate also through you or I should negotiate first then get back to you for the procedure?

Best regards,

10 Feb 2020, 05:21

Dear Sir,

Thank you for your reply.

You can start the negotiation process and see what the bank will offer. Once this connection is established, then we can implement a strategy to ensure you get the best viable option to reach a full and final settlement.

Please contact me at any time.

Kind regards,

Brett Westernoff

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