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Resigned but have a loan - what do you do?

60

Posts

EW NEWBIE

Latest post on 03 June 2014 - 12:58

Very random question but I was wondering (and please forgive my lack of financial logic on this one) what happens if you resign (with 1 month's notice) and have to leave the UAE but you have a loan to pay off - let's say of AED100 000 for example's sake.

Does anyone know a professional who I can talk to about this?

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Madge_Gustard59558

841

Posts

EW GURU

Latest post on 03 June 2014 - 23:59

Might have to do one from one of our home countries, perhaps? That may well be your only option. The bank here will probably take the pragmatic view that once you've left the country, that's it, they'll never hear from you again, so they'll want their money before you've gone. If that means putting a travel ban on you, they'll do it. I've never heard of anyone being able to negotiate repaying a loan from abroad *before* they left Dubai for the last time. That's not to say it's impossible, but you would be taking a risk by letting the bank know that you were planning to leave before the loan was fully repaid. If you give banks here a reason to be worried that they might not get their money (and your verbal assurance that you will keep up the repayments won't be good enough, for obvious reasons), they will take steps to ensure you can't leave without paying them first. I could be wrong here, but I'm sure I've heard somewhere that part of the process of officially cancelling your visa and leaving the UAE is presenting immigration with some kind of clearance certificate from the bank confirming that you don't owe anything. No certificate, no exit, which is why people who do runners just leave as if they're going on holiday, without cancelling their visas. But as I say, that could just be the Dubai rumour mill. <em>edited by Madge_Gustard on 04/06/2014</em>

desertrose8386461

186

Posts

EW NEWBIE

Latest post on 03 June 2014 - 14:46

My MIL left the country recently, she has several loans, and paid them all of before she left. When she received her final payment from her old job, her account was frozen as it was labelled as "final payment". She managed to get it unfrozen so that she could pay off her loans before leaving. However the final payment was in two parts - so now, even though all her loans have been payed off, upon receiving the second part of the final payment they have frozen her account again, and she is having a lot of trouble getting it unfrozen due to no longer being in the country. I have never personally taken out a loan in this country, and have no plans too. The reason I rent a car is because I don't know how long I plan to stay and wouldn't want a loan or car payments holding me back when the time comes. Personally I would try and pay off the loan before leaving if possible.

4747

Posts

EW MASTER

Latest post on 03 June 2014 - 14:38

Depends on your work - if they notify your bank that you have resigned, the bank could freeze your accounts.... you should close everything before you leave but as we know many have done runners. Central bank has informed that freezing is illegal however they still do it they still do it we had it once even tho there were no loans if you have credit cards they will do it as well... we were transferring so it wasnt a big deal, but they did put on hold an amount of like 50k of our funds in our bank account to cover any credit card amounts even tho the balance was nil..... so they will always take your money if they feel there is a need, even when there isnt.

IzzyOnTheSeat82823

5334

Posts

EW MASTER

Latest post on 03 June 2014 - 13:35

Depends on your work - if they notify your bank that you have resigned, the bank could freeze your accounts.... you should close everything before you leave but as we know many have done runners. Central bank has informed that freezing is illegal however they still do it They could also put a travel ban on you if they have reason to think you will default....

8965

Posts

EW MASTER

Latest post on 03 June 2014 - 13:35

Thanks ladies, your insight is really helpful. Hubby may have a job opportunity in the Philippines (he is Egyptian, I'm S.African) and neither of us have lived there before so may be a bit of a struggle to get a loan from a bank there. Might have to do one from one of our home countries, perhaps? I imagine once you a working there and resident you may well be able too obtain credit I would check how much it costs to pay off debts here as some charge a fortune in early repayment fees. It may be cheaper to keep on paying when you have left

60

Posts

EW NEWBIE

Latest post on 03 June 2014 - 13:33

Thanks ladies, your insight is really helpful. Hubby may have a job opportunity in the Philippines (he is Egyptian, I'm S.African) and neither of us have lived there before so may be a bit of a struggle to get a loan from a bank there. Might have to do one from one of our home countries, perhaps?

8965

Posts

EW MASTER

Latest post on 03 June 2014 - 13:31

Depends on your work - if they notify your bank that you have resigned, the bank could freeze your accounts.... you should close everything before you leave but as we know many have done runners. Central bank has informed that freezing is illegal however they still do it

8965

Posts

EW MASTER

Latest post on 03 June 2014 - 13:27

I really want to leave the UAE on a good note when the time comes (no running for us!) So do any banks transfer loans to a diff bank in a diff country? I have never come across it as I believe for example the HSBC here as no affiliation with other HSBC's in the wolrd. Where are you going too and how long is it since you lived there? In the UK you have to of been a resident for more than 3 years, have a credit history and be on the voters role to obtain credit therefore I doubt they would transfer a loan/CC from a bank here to there ( I am using the UK as an example only) Unless you match the above criteria Perhaps one of the OP can help on this :-)

4423

Posts

EW MASTER

Latest post on 03 June 2014 - 13:27

So do any banks transfer loans to a diff bank in a diff country? Simply No - as they don't have tie up's with banks overseas really, even though they say they are "international" You would possibly need to get loan in new country and use that to pay off loan. Might be worth speaking to you bank, discuss your options

60

Posts

EW NEWBIE

Latest post on 03 June 2014 - 13:24

I really want to leave the UAE on a good note when the time comes (no running for us!) So do any banks transfer loans to a diff bank in a diff country?

IzzyOnTheSeat82823

5334

Posts

EW MASTER

Latest post on 03 June 2014 - 13:12

Depends on your work - if they notify your bank that you have resigned, the bank could freeze your accounts.... you should close everything before you leave but as we know many have done runners.

Madge_Gustard59558

841

Posts

EW GURU

Latest post on 03 June 2014 - 13:12

Your employer is required by law to inform your bank when you resign (although not all do) and also when it pays your final salary. The bank has first call on that for paying back any loans owed. If your final salary plus gratuity is enough to cover the loan, then that's that. If it's not, the bank will take it all and can impose a travel ban on you until you have paid the outstanding balance. I have heard of people arranging to pay off a loan from outside the UAE, but only if they left before the bank found out. If the bank has the option of a travel ban to prevent you leaving before it gets paid, I would expect them to use it. <em>edited by Madge_Gustard on 03/06/2014</em>

60

Posts

EW NEWBIE

Latest post on 03 June 2014 - 13:09

As in move to another country for good. Do you know if you could transfer the loan or do you have to close everything before you leave for good?

IzzyOnTheSeat82823

5334

Posts

EW MASTER

Latest post on 03 June 2014 - 13:05

as in do a runner or you will continue paying off your loan from abroad?

60

Posts

EW NEWBIE

Latest post on 03 June 2014 - 13:04

Yip

IzzyOnTheSeat82823

5334

Posts

EW MASTER

Latest post on 03 June 2014 - 13:04

as in leave the UAE for good?

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