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Fri 13 May 2011 11:20 AM

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Debt advice firm to launch free sessions in Dubai

ISDM Consultancy to offer help to people in emirate struggling with debt, credit card issues

Debt advice firm to launch free sessions in Dubai
credit cards, credit crisis, credit card fraud

A credit counselling and debt management company is to hold the first of a series of free debt advise sessions in Dubai on Saturday.

ISDM Consultancy will hold its first free event, where participants can get advice on debt and credit card issues, as about 70 percent of its customers say they are defaulting on consumer rather than business loans.

"We are here to help manage people's debt to enable them to have a more comfortable, more productive life," said Yohannes Mazeingia, managing director, ISDM.

The event on Saturday will be the first of many free consultancy workshops ISDM intends to hold over the summer months, he said in a statement.

Last year, ISDM revealed the average debt load of its customers was AED500,000 ($136,121) with its most indebted client carrying AED26m worth of real-estate linked liabilities.

The company, which has more than 3,000 clients on its books, said that about 70 percent of its customers are defaulting on consumer rather than business loans.

ISDM said it is working with a number of private and public organisations to help reduce their employees' debt burden.

In February, the UAE central bank rolled out new rules aiming at limiting loans to individuals and capping bank fees in the country.

The central bank has limited personal loans at 20 times the salary or the monthly income of a borrower with a repayment period set at 48 months.

The central bank also set details of processing charges and fees that banks can charge for loans and credit and debit cards among other items.

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