Q: HI, I was recently terminated from my work on May 1, 2017. I have a credit card with outstanding dues with FGB. On May 10th, I had applied for the credit shield with the bank. On application, they informed me that it would take 40-60 days to get credit shield approved. But it has been 4 months and it's still not approved. The bank is repeatedly calling me for the minimum payment, which I am not able to do since I haven't received any new job offer. I visited the bank collection department and the credit shield insurance company with no proper reply from any. The bank has now issued a legal notice and I do not have any proper reply from anyone with regard to the credit shield. I have been giving interviews and it's only a matter of a couple of weeks before which I might be employed again. My question is, can the bank register case against me when the credit shield application is pending? Also, will the case affect my legal status when new employer applies for new employment visa? Thanks.

Q: Hi, I just want to know the procedure for liquidating the bank guarantee of an insurance broker with the Insurance Authority. The labour court awarded a judgment in favour of a broker's employees. Now, these employees applied for execution and submitted a copy of the Bank Guarantee amounting to AED 3 Million. They wish to liquidate this bank guarantee based on the amounts awarded in their respective judgments. Do you have any idea about the process? How long this will take?

Q: I had a difficult financial situation last year, so I stopped paying on credit cards to the bank. As a result, I started receiving calls from the bank's collectors. To avoid their pressure I ignored that calls and eventually I changed my number. Now, after one year, my situation became more stable, I've got a new job and I am ready to pay the debts. But I would like to know: if the bank has already filed the case against me, would it work if I'll try to settle my debt after one year or I should still go to prison for the delay?

Q: Dear Sir/Madam, Our credit card was defrauded, and after months of investigation, the bank has said they will not cover the fraudulent transactions. What can we do?

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.