Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
UAE credit card 'skips' on the rise - RAK Bank
by This email address is being protected from spam bots, you need Javascript enabled to view it on Sunday, 24 May 2009Posted on Wednesday, 22 July 2009
your are not alone
Posted by iceman at 01:47 UAE time
many people skipped paying their credit card dues because of fear of going into the jail rather than intentionally doing it.
only if the banks in uae will have the conscience to practice good banking practices, these "skips" and "defaulting" will not happen plus the greedy "sales people"
CLICK HERE TO POST A COMMENT
Posted on Thursday, 25 June 2009
how different are my problems?
Posted by anonymous at 11:58 UAE time
i have no idea how others are dealing with their bank problems, and how deeply they are affected. i do wonder if their problems are worse than mine.... I had a great job in Dubai, but due to personal problems with my ex- i got heavily in debt with a lot of banks (loans and credit cards with high limits) i was always a few months delayed in payments. After my final decision to leave my ex- i had to go back to my homecountry on an emergency leave in order to try to settle the separation amicably.
Worst thing that happened, my ex- couldn't accept me leaving him and has vowed revenge. He has ruined my life, reported me to my banks and made sure i could not return to Dubai, he has also ruined my standing and integrity with my company. Due to his harrasment I was forced to resign and not return to Dubai. Till date he is still harassing me, blackmailing me etc... My main concern now is - what will happen to me now since i have skipped the country and left without paying the banks... i have left 4 local banks and 2 international banks - unpaid.
All this because of a crazed ex- who will not leave me alone. He was the reason i am in debt in the first place!!!
CLICK HERE TO POST A COMMENT
Posted on Sunday, 21 June 2009
SUCH A PAIN IN THE .....!!!!
Posted by Mrs. M. at 10:05 UAE time
My husband was made redundant last Mar.09, he's holding a FIRST GULF BANK credit card with a credit limit of 9K, he missed 2 months payment (Mar. & April), then May he paid 1,300Dhs, we decided to go back home since we thought that Dubai is not for us anymore, we have a 3 months old baby, we thought of "skipping" since all our credit cards have a credit shield, on our suprise, the PRO of his previous Co. that made him redundant told us the he has a travel ban because of the bounced cheque issued by FIRST GULF BANK!!! take note... we paid 1,300dhs for the month of MAY, then surprisingly! his case was filed April 2009, now we're stuck in here... take note.. he's credit limit was 9K and that bank wrote 18K on the cheque.. i dont know why banks doesnt understand the situation, i really wish to be home :( .. my husband cant also find a job as he cant have a visa because of the immigration/travel ban :( ..
CLICK HERE TO POST A COMMENT
advertisement
Posted on Wednesday, 17 June 2009
Credit limit based on what?
Posted by Alfonso Alberto at 08:06 UAE time
It was a bad experience on my part that my request was unreasonably declined. My credit limit is below my monthly salary.
I am indeed a very, very good card holder and no one from your side can question this. In the first place, it was from your people how I got this card. Check my record and tell me why? I don't need sorry for no apparent reason at all as an answer.
I wish that your management can handle this intelligently!!
CLICK HERE TO POST A COMMENT
Posted on Saturday, 30 May 2009
Credit card
Posted by Chandra Shekhar at 14:25 UAE time
Banks are trying to squeeze u to the fullest extent. Even if you are a good customer, having good payment records, still on various pretexts they will impose charges to increase revenue. I am having credit card from HSBC. Not s signle default since last 1.5 years. In the month of April I did not pay AED .07 fills, they charged feee of 150. Though full payment was made. they say it hampers their business.
CLICK HERE TO POST A COMMENT
Posted on Wednesday, 27 May 2009
I have been through this, I preach only what I Practice...
Posted by Kim A at 18:00 UAE time
I have had over AED. 55,000 in a personal loan, apart from a AED 28,000 Credit card loan and over two years, I made a plan and stuck to it and paid of every single Dirham to the bank without anyone calling me for my dues, Yes the plan was tough, I had to cut all corners, and live within my salary, but today, what I state is the fact that I have no dues to any bank, no credit cards and only beleive in the power of cash. If anyone wants proof, I am willing to sit and work with you so that I can share my past experience and guide you so that all of you can clear your dues and still live within your budget in the future. Send me a mail if needed - kimaswani@eim.ae (I am willing to help for free all those who are in trouble and in debt)
CLICK HERE TO POST A COMMENT
EASY MONEY MAKES LIFE DIFFICULT
Posted by mustafa at 15:22 UAE time
BEFORE IT WAS CREDIT CARD HOLDERS WHO WERE SUFFERING BY GETTING TRAPED INTO THE NET OF BANKS NOW IT IS BANK TURN TO SUFFER FROM THESE SKIPS FOR THEIR QUICK MONEY MAKING WAY
CLICK HERE TO POST A COMMENT
stop preaching and wake up
Posted by HD at 11:50 UAE time
some of you can preach all you want about people having to live within their means, but at the end of the day in the real world that's easier said than done for some people.
you cant expect people to always to the ''right'' thing, that's why we have laws and regulations in this world.
people, business' and especially BANKS must be heavily regulated.
The BANKS and the GOVERNMENT are completely to blame for this issue that we must all pay for now with higher interest rates and service charges. When there is no standard credit agency that monitors individuals debt, and banks freely hands out credit cards and high limits to people who make only a few thousand dirhams a month, this is what happens.
These banks and this government deserve to have people taking off without paying their debts, maybe after they lose some money they will wake up and start implementing standard international banking procedures and regulations.
Its a shame that honest people like us end up paying for some of it with higher interest rates and service charges like I mentioned.
CLICK HERE TO POST A COMMENT
Even with all these skips
Posted by Anand at 11:47 UAE time
The banks are still making a lot of money on credit card customers otherwise why they are still chasing people for cards. I think there are a whole lot of people who just pay the minimum balance and let the amount accumulate at an atrocious 2 to 2.5% rate of interest per month. BTW, I think this rate is ridiculous and I am reminded of people in India pawning their jewellery to money lenders at 40 to 50% rate a year but at least the money lender there has a security. The banks here have no security but still chase people for cards. Either they are plain stupid or the money they make on cards is more than the write-offs on the "skips". So they cannot really complain either way because you reap what you sow.
CLICK HERE TO POST A COMMENT
credit card 'skips'
Posted by sandi at 10:25 UAE time
Credit card ‘skips’. When the issuer offers cards to people who do not have the means in the first place to pay back this is what will happen. With no central credit bureau in this place Credit Card issuers are at a disadvantage as they cannot assess the credit worthiness or rating of the potential customer.
Having said that the Issuers must impose stricter norms and higher salary benchmarks! They must also be flexible when it comes to earning capacity. People with low salary are considered however a person who is in a commission basis and earns on an average perhaps 10 times the salaried person is not considered.
Credit card issuers should not apply a set standard but look into individual cases. What I am at a loss to understand is those with low salaries are given credit cards and are known to default. On the other hand many of us clear our credit card bills in full every month but have our limits reduced, reason given we are not using our cards enough!!
So what is it to be more to the potential ‘skips’ or reward those who pay up?
CLICK HERE TO POST A COMMENT
Credit Card
Posted by Thelma at 09:37 UAE time
Live within your means for if not you will pay the price more so you will have unnecessry stress . Plan your spendings and finances so as not to be in trouble.
CLICK HERE TO POST A COMMENT
Live within means!!!
Posted by SR at 08:26 UAE time
There is no point in passing the blame on to the banks, only solution is living within means! The fact is that banks are not charity organizations, they will lend money on the undertaking that it will be repaid and has all the right to pursue repayment; end of the day it is not their own money!!!
You should use credit cards ONLY TO TAKE ADVANTAGE OF 55 DAYS FREE CREDIT, otherwise, you are so dead!!! That is the reality, we got to live with our salary!!
CLICK HERE TO POST A COMMENT
to deepa
Posted by worried at 06:04 UAE time
How does being incarcerated help to settle the dues? It would be better to both parties if there was a settlement plan put in place instead.
CLICK HERE TO POST A COMMENT
Posted on Tuesday, 26 May 2009
Fell Sorry For Credit card Holders
Posted by Kim Aswani at 21:39 UAE time
All I want to say to all Credit Card Holders is that when you took the card you may have had a plan to make sure that you spend with it only when it was absolutely nessesary. Even if you have spent with the card, and paid your payments on the due date, you would not need to be subject to the nasty comments and awful behaviour that you have mentioned about the banks.
I have lived in the UAE for the past 8 Years, never once needed a Credit Card, I believe that when you can pay in cash you dont need the Plastic factor in your life....All citizens of other countries have come to the UAE for a purpose, to have a better life and save money so that one day when you go back to your country, you take back good memories from here, but then there are some who go overboard and spend like there is no tomorrow....
Its a lesson some learn and a lesson for others to take a cue....
I hope that the ones who are in debt, work out a plan to get things sorted out soon.
Live within a BUDGET.
CLICK HERE TO POST A COMMENT
PAY YOUR DUES OR PAY THE PRICE
Posted by Deepa Bhattacharya at 19:23 UAE time
No charity people. If you take a credit card or loan then you must be responsible enough to settle all your dues, if you drive a car then you must be responsible enough to drive cautiously. You dont trust banks and banks do not trust such customers. Yes, being incarcerated will certainly make the irresponsible more responsible and the extravagant more frugal and the idiot more wise.
Mobile
