Questions & Answers
What happens when the bank threatens with a civil case for outstanding loan?
Hi
I have a loan with a bank amounting to AED 165,000 but due to redundancy, I lost my job and was not able to pay the installment.
When I got the gratuity, the bank deducted the amount of AED 51,000 at once from the total outstanding. Today, almost three months have passed, and now they are threatening me to file a civil case for the remaining amount of AED 112,000.
Can you please guide me on what actions they can take?
In case of a civil case, how much fine I need to pay?
And for the mentioned amount, do I have to face a jail term?
The civil case will not result in just fine, it will result in full payment of the dues that you owe them.
In case of non-payment, there shall be travel ban/ arrest warrants on you.
If you would like us to represent you in front of banks, negotiate with them and in courts, reach us on the phone and book an appointment to visit us on this for a proper discussion to deal with this matter.
Hi,
There is a way whereby the amount can be reduced by recalculation of the simple interest rather than the accumulated interest and we can advise on the way forward.
Please share more details and contact me back.
Sayed
