Questions & Answers
The right procedure upon defaulting on a loan
The bank has already filed a criminal case against my security check that they asked me to sign prior to taking the personal loan (after defaulting two EMI's payments, because I resigned from my job and currently still unemployed).
My outstanding loan is AED 58,303. I have already paid them around AED 65K, and the amount they wrote on the check is AED 124K. Now I am confused about where should I go first; to the police station or to the bank to make a settlement?
Please advice.
Thank you!
Dear Client,
I understand your query. It is your personal decision.
1) Whether to contact the bank and settle.
2) Or visit the police station and pay fine in the prosecution and close the case.
In both situations, you will be able to release the case.
But criminal case procedure is different in each Emirate. May I know in which Emirate you have the case?
For any kind of further information, you can contact me.
Thanks!
Dear questioner,
You can do either of the two depending on your priority.
You can close the case either by converting it into fine in public prosecution or you can settle with the bank to close the case.
Kindly contact us via phone for a detailed discussion or write us an email for further assistance.
