Questions & Answers
Negotiating with the bank to restructure outstanding loan payment
Hi,
I have taken a loan from the bank worth AED 450000. I lost my job in 2016 and was unable to pay the instalments, then left Dubai.
Bank people never contacted me and I left as I was unable to pay the monthly instalments. Now I am in India.
I have got another job in Dubai and I am very keen on joining it.
I contacted the bank through email asking their help to sort this, they asked me to call the call centre.
When I called the call centre no one was able to help me, they just said "we will get back to you", but no reply yet. For 1 month, they are not able to help me.
Now, I have to join my new job in Dubai asap, and unable to understand what to do. I am ready to pay half amount now and remaining half in instalments on monthly basis.
But I don't know whom to contact and how to get this sorted.
PS: I don't have any friend in Dubai who is ready to help me and go and negotiate with the bank on my behalf. I am just trying to call and sort on my own.
Please help and guide me.
Dear Sir,
As per your above brief summary, we understood your case must have been transferred to the debt collection/legal team till now.
To proceed further, you have to appoint a lawyer to represent you on your behalf and provide you with legal services. In my opinion, the procedure will be as follows:
1. You will issue us a notarized Power of Attorney through the Ministry of Foreign Affairs, the UAE Embassy in India. (The format will be prepared by the lawyer office after receipt of your valid passport copy).
2. We will conduct a search of your case records before the COURT, POLICE STATIONS AND Immigration to get to know the status of your cases if any.
3. We will approach the bank and request the restructuring of your outstanding in accordance with your new salary package.
4. In the event of the settlement, the case will be dropped accordingly.
For any further information or clarification, you can send me an email.
Regards,
Nooshin Rahmannejadi
