Questions & Answers
Questions & Answers
4 available 4 • View allNon payment of a loan EMI and legal consequences
5
Q: I have a loan from a bank of AED 190000. It's been a year. I lost my job in the month of October 2018. Till March 2019, I was paying EMI.
Starting this month, I am not in a position to pay. I went to the debt collection dept to reduce my EMI, but they're asking for an offer letter from the new company to reduce my EMI.
What is ur advice on this?
Note: I missed one month EMI last Dec 2017.

Apr 12, 2019
3025
Expected action from the bank for defaulting on a loan
0
Q: Dear Madam,
Please advise me, I have a credit card and I used up to AED 50000 for the last three years. I was paying monthly the minimum instalment.
But now for the last 5 months, my salary is delayed so I did not pay the instalments.
Please advise what action can the bank take and what do I do to solve that action.
Thanks

Apr 8, 2019
1021
Dealing with a case by the bank for defaulting on a loan
6
Q: Dear Sir,
I have not paid a loan amount of AED 82000/- due to job loss. The bank is threatening to deposit a security cheque for AED 220,000/-.
How will the bank deposit more than the outstanding amount?
If the amount exceeds the cheque amount of AED 200,000/-, what is the next action by me?
Please clarify
Thanks and regards
Seshad

Feb 28, 2019
4601
How to settle with a bank after the issuance of an absentia judgment?

2
Q: Dear sir/madam,
I have a personal bank loan from a bank in Dubai and I paid for almost 3 years properly. After that, my income of salary is now very less. I stopped my installment.
The bank first filed a criminal case and I paid the court fine. Now they have given a civil case and the court made execution. It is an absentia judgment. Now I have a travel ban and an arrest warrant they have given for 505000 AED but my actual balance (without interest ) is only 220000.
How can I settle with the bank and how much they will accept to settle?
Please advise!
Thanks!


Sep 6, 2022
508
Legal blog
1 available 1 • View allThe Consequences of Job Loss and Defaulting on Financial Liabilities 26
The management of individual financial affairs is crucial and all the actions must be weighed down while committing to any financial liability. Whether it's job loss that may have lead to financial failure or the opposite, one must be aware of the personal liability which will not diminish by paying fines for cheque bounce cases. There are two major types of liabilities, criminal liability and civil liability. Each has its own significance, hence, must be dealt with accordingly.
Feb 12, 2019
18906
Laws & Regulations
3 available 3 • View allFederal Law No. (3) of 1987 Promulgating the Penal Code 29
This Law promulgates the Federal Penal Code (Criminal Law) of the United Arab Emirates. Crimes and chastisement punishments shall be determined in accordance with the provisions of this Law and other penal codes.
Dec 8, 1987
47922
Federal Law No. (18) of 1993 Issuing the Commercial Transactions Law 19
This Law applies to merchants, as well as to all acts of commerce carried out in the UAE by any person even though he be not a trader. Commercial matters regarding which specific Federal laws are issued shall be subject to the provisions of such laws, and to the provisions hereof which do not contradict with said laws.
Sep 7, 1993
33028
Federal Law No. (5) of 1985 On the Civil Transactions Law of the United Arab Emirates 96
The provisions of this law, promulgating UAE Civil Code, govern the civil transactions in the United Arab Emirates. The commercial transactions remain subject to the laws and regulations applicable in their regard.
Dec 15, 1985
148437

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If someone has a case in the UAE, can they travel to another GCC country? 0
Hi.
One of my friends joined a Telegram group. They said, "We will transfer some amount to your account, and your task is to transfer this amount to another account. Once the task is completed, you will get 30 or 50 AED per task."
He completed 3 to 4 tasks, but he realized it was not good, so he stopped. After one week, when he opened his account, it was blocked, and the bank said, "We are conducting an investigation; after this, we will let you know."
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View allI secured a mortgage from the bank and the broker kept delaying until the MOU expired. What to do? 0
Hi,
I need some guidance regarding a property transaction that is not progressing as expected.
My broker initiated a manual Memorandum of Understanding (MOU) between me (the Buyer) and the Seller, with an expiry date of 01/02/2025. Within this period, I successfully arranged the bank mortgage, property evaluation, and NOC.
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Meanwhile, my bank EMI has already started, and I have paid two monthly installments. The broker is still unresponsive. I have raised multiple complaints through DLD RVS against the broker, but the response has been very slow and unsatisfactory.
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