Questions & Answers
Questions & Answers
5 available 5 • View allNegotiating credit card outstandings with the bank
10
Q: Hi, I lost my job a year ago and I have an outstanding credit card of AED 300k. I've missed the last 9 monthly payments (I am negotiating directly with the bank). I am willing to settle the credit card with one lump sum payment that a friend will lend me.
How much discount on the balance of AED 300k can I negotiate to settle the matter? Should I also ask for a clearance/ no liability letter?

May 24, 2017
10122
Repercussions of defaulting on a bank loan and credit card
1
Q: Dear Sir,
I am an Indian national, and I defaulted on a personal loan & credit card payments. I lost my Job and I didn't pay my EMI and credit card payments.
I am seeking help from you, could you help me with this? I am not a willful defaulter. Now, I am In my home country.

Dec 8, 2018
1316
Dealing with a credit card after losing job due to COVID-19


1
Q: I’ve lost my job due to COVID-19. I am a school teacher. My school will open in September.
I have a credit card with a bank. What legal action can I do?
No means of paying them for the meantime.



Apr 26, 2020
1265
Inability to pay credit card installments upon retirement
1
Q: Dear team,
It is appreciated if you could help on the matter below.
I am an ex-pat. I have been working in Abu Dhabi for the last 10 years. I have been using credit cards since then. Last year in September 2018, I retired from my employment as I reached 60 years of age.
I had some outstanding credit card payments which I have been paying from my savings till the last year, however, now I am in financial difficulties and I am not able to pay the amount of the installments.
So in these cases will the banks restructure my loan and pause my payments for the time being till I can get a new job or else will I be sent to prison if being defaulted?
Many thanks!

Nov 18, 2019
411
How can I convince the bank of my request to pay the loan interest in instalments?

0
Q: I did not pay my loan for more than six months due to Corona in Dubai and job loss. Meanwhile, the bank put against me a civil case, a criminal case, and a travel ban.
After I got a job, I negotiated with the bank and paid a lump sum, and revised the loan into two parts (one without interest and one balance as per schedule).
As of date, I paid the loan without interest money. I requested the bank to lift the travel ban (criminal case solved) and I am ready to continue the EMI, but the bank is not.
How to resolve this?
I need to travel to see my sick parents.


Dec 14, 2022
234
Legal blog
2 available 2 • 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
18961
An Overview of the New UAE Labor Law and Recent Amendments of 2024 234
The UAE has adopted a major reform in its legislative system that brought about 40 new laws and amendments to the company law, criminal law, personal status, among others. The amendments aim to develop the legislative structure in various sectors, the labor law being one of these, was the most recent. We try in this article to shed light on the changes introduced with the new labor law and their significance on both, the employer and employee.
Sep 10, 2024
93136
Laws & Regulations
2 available 2 • 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
47973
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
148571

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