Need financial advice | ExpatWoman.com
 

Need financial advice

63
Posts
EW NEWBIE
Latest post on 26 September 2011 - 13:36

Had bought a villa in RAK for Aed 3.5 million. Snce then have lost my job and zero income. The financing bank is after me to make payments but seriously have no income. Also have a personal loan and credit cards debt from same bank.What can I do ? Is there anybody who can sort this out?

833
Posts
EW GURU
Latest post on 26 September 2011 - 14:27
I don't mean to be harsh and loosing your job is not always something you can do anything about, but this the UAE. You were not very smart getting yourself in such a load of debt and having a mortgage when it's (apparently) the only income in your household. People loose their jobs here all the time and you could get locked up for not making your payments. You said it's been 9 months since you lost you job? You haven't been able to find a job in 9 months? Maybe you're standards are too high and you need to take what you can get so you have some income and can show goodwill to the bank by making small repayments? Then once you have a job even if it is a crappy one with crappy pay you can look for a better one. Good luck and I hope things work out for you.
1953
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EW EXPERT
Latest post on 26 September 2011 - 14:04
oops.... you may have a travel ban in place. Maybe time to talk to the bank and see what can be done.
63
Posts
EW NEWBIE
Latest post on 26 September 2011 - 14:01
Well its been 9 months now
1953
Posts
EW EXPERT
Latest post on 26 September 2011 - 13:52
Sell the villa, try and find a new job - do not talk to the bank at all; try and make some payments as soon as possible - banks do not take action until 3 months in arrears but when that hit - they will and do go straight to the cop shop. Good luck.
1280
Posts
EW OLDHAND
Latest post on 26 September 2011 - 13:49
Not really, I would leave ASAP maybe!
 
 

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