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Bank loan 'skips' double in 2008
by This email address is being protected from spam bots, you need Javascript enabled to view it on Saturday, 10 January 2009Posted on Tuesday, 19 May 2009
Dubai police attitude is the key
Posted by Djamel AMALOU at 05:02 UAE time
Most expactriate that have issue with debt, loan, etc... are affraid to face them obligation due to Dubai police intimidation and over power. Basically some will say that the real estate agent should reduce rent, some will say the bank should reduce and that will be nice. But I think it is important to note the attitude of the police in dubai when they call you or you hear that they call a friend of yours with a sounds attitude that make you affraid.
Dubai police should be more tolerent and not by all time set a criminal case.
In Europe the monetory exchange note name as check is almost abolish. Post dated check are not used. The check is revolut because it present a tentation risk of defaulting.
Dubai police comity should set the proposal to calm the situation by publish them report and presented to government official to not implement criminal case when a bounce check or default loan is presented to the Dubai police.
It should be civil case .By presented to civil case people who receive check will think twice to the solvability of the person before and will accept less this type of obligation.
No criminal case for check or loan will push deal to be more clean more constructve by using other meaning and mode payment by securing the transaction.
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Posted on Thursday, 15 January 2009
Only Latest Model to enter Dubai
Posted by Khalil at 14:52 UAE time
This is result of the artifical prosperity and policies of Govt, by imposing ban on old cars.
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Posted on Monday, 12 January 2009
why
Posted by andrews at 08:01 UAE time
Hi Ananth,
I read your thoughts and don't understand why you expect the government of this country to help us - expatriates. They always have a feeling in mind that we need them and if you look at the current crisis, I am sure that everyone reading this knows deep inside that they want to work and live in this country as the countries they are coming from- be it Europe or Asia are all in crisis and people are loosing jobs.
The government is not obligated to do anything and we cant blame them. They have their own countrymen to take care of before the expats and I don't think that its in any way wrong.
Any country will protect its people first and not foreigners.
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Posted on Sunday, 11 January 2009
Bank were given free hand
Posted by MOHAMMED KALEEMULLAH at 18:57 UAE time
Banks were given free hand by authorities and a helping hand by law enforcement agencies to do as they please. Even Islamic Banks are not considerate and Islamic. All Banks exploited and now its their turn to 'reap as you sow.' Too much 'Bank interest' in the market decreased the value of money & increased headaches for the customers. Exhorbitant, unscruplous & hidden charges were the order of the day for Banks. Hope they take heed...maybe
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UAE Govt should instruct real estate to reduce rent drastically.
Posted by Ananth at 17:01 UAE time
Dubai Govt should immediately adress this issue by instructing all real Eastate agents to reduce the rent by atleast 30-40% to safe guard the image of this country.They should also advice the banks to provide flexible payment options of their loan with out adding penalty for delay payment due to the crisis prevailing now.The priority of the govt should be to protect the common man from the greed of real estate agents who brought this payment crisis in UAE.Real estate agents have already enjoyed huge profit for last few years so let them sacrifice their luxury for the sake of protecting the country from financial breakdown and skipping by the helpless residents.
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Take it or leave it
Posted by Nuts at 13:25 UAE time
The constant crib that expats should not complain and leave the country if they don't like it seems to have been taken very seriously. The statistics reflect that they really don't care about this country and are actually skipping town.........
All we can expect and dread is that other part of the crib that there are more persons more than willing to take their place here does not come true.....thereby doubling the statistics further
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Banks dont want money
Posted by jimmy hoffa at 12:41 UAE time
Have just left Dubai after five years and went through the most arduous task of paying off my car loan. I won't detail everything but suffice to say it has taken 4 months, yes 4 months to pay emirates bank back. They put every obstacle in the way to inhibit the process of paying back the loan through inefficiency, lack of staff training. Please be clear I wanted to pay off my loan before I left. I am sure if banks made the process simpler and quicker and didn't charge extortionate 'closing' fees then that 3000 would be less than 1000.
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Skips
Posted by Muhammad at 11:42 UAE time
I write as a suggestion that a used car site be set up in your magazine and all the banks or financial institutions advertise "Cars for sale" with the vehicle relevant details including expected sale car price.
This move will help the potential buyers to match their requirements and the budget without visiting all the yards located at different places in a city thereby saving buyers' time .
The buyers may send e mails with their offers keeping in mind the selling price.
It is now upto banks/Financing companies to accept or decline an offer (s)
By advertising here the message wll reach to thousands of subscribers who do not have time to visit different banks/Financing Cos and will add to the benefit of both the buyers and the sellers.
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Cannot come back
Posted by paul at 11:41 UAE time
I know Dubai is simply super and smashing, but is it so hard to believe that some people will be able to get through the rest of their life without returning to the UAE?
The world is a jolly big place don't you know. These people probably came to make some money and left because they could not, and because Dubai's extremely high living costs ruined their finances. Why on earth, given their experiences, would these people wish to return, even if they did not face arrest on their return? It is a non-issue. Once these people are gone, they will consider themselves well out of it, and I doubt they would want to come back, even if it was possible to dodge identity checks.
Even if you change passport, it does not cover your tracks. Your name, birthdate and parents' names are still there even if the passport number changes.
The banks have been careless and sloppy with their lending, they need to enforce tighter rules or they will face more and more cases of people in financial trouble running away.
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Catch Me If You Can
Posted by Red Flag at 10:59 UAE time
One of the banking sector rule of thumbs is due diligence, and it seems they don't know how to implement it. Red Flag is another one, and there are many more, but it seems someone is not doing the job right. Not only banks and mortgage institutions are failing to do their jobs but they are also forcing people to flee by increasing interest rates or what they refer to in Islamic banking as Profit Rate, while interest rates all around the world are falling. This just proves how incompetent bankers and mortgage providers are by exerting more pressure on clients who are barely making ends meet during these tough times. The latest is Amlak who, in of the incidents, increased their profit rate to 9.75% from 6.75% which is inexplicable neither in finance terms nor in terms of inter bank lending rates plus spread. I don't blame those who flee with this kind of malpractice and abuse of relationship between client and financial institutions. Bravo Amlak for waiving the credit crunch on the back of clients.
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Skipping
Posted by Guy LeGuy at 09:31 UAE time
If they run out of jail space, they could always convert JBR into a hi-rise jail. It's empty and nobody seems to want to live there anyway.
With National IDs in play, flight risk will be limited.
"You have too much debt. Sorry, no 'vacation' for you."
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This was bound to Happen
Posted by Arman at 09:22 UAE time
This was bound to happen since the inflation was rising basically due to increased house rents why which landlords have became overnight millionaires and authorities have done absolutely nothing to control it. Now the problem is with Auto loan in near future people will be defaulters of Housing Finance also. Just wait and watch.
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Records
Posted by SS at 09:16 UAE time
Well what do you know, the next project could be the biggest jail in the world! What say?...
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To return or not to return
Posted by Waqar at 09:15 UAE time
Those who skip know well enough that they will not be able to come back. They would either skip never to come back or, even if they have to, how will the authorities stop them if they change passport or make a passport with a different name? That is, of course if they have never been finger printed.
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skips
Posted by BV at 09:11 UAE time
The big question is not "is the jail big enough"... the big question is, what is the Dubai government doing to avoid this sort of situation. If an employee has lost his/her job while having a loan, credit card debt, and other debts... the reason they leave or "skip" is to avoid being put in jail which tends to be what happens as the rules here are so unfairly strict. The rules give these people no other choice. When a person here is made redundant, they essentially have 1 month before banks freeze their accounts, their name is plastered all over the immigration system and they get put in jail for supposedly defaulting on a payment. Most of the time these people have the money for the payments, but as they can't access their accounts, and are too concerned with trying to get another job to secure a new visa, etc, they end up not managing everything.
The governments supposed "mulling" over a new plan to alleviate the issue (hopefully with some sort of bridging visa - and a CLEAR instruction to banks that it is essentially ILLEGAL to freeze someone's accounts without notifying them and talking to them about their options) is the first bit of good news these people have had.
Let's not question the size of jails... let's look at solutions on how to keep the skilled expat workforce in the country while they establish a position in another company and can sort out their financial issues properly. That's the way forward and away from the "skips" issue. It's in governmental hands. Let's see how they manage to sort something out properly for once.
(Perhaps the 'new' idea of customer service may work into this as well!)
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