michymat

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EW NEWBIE

Latest post on 27 October 2011 - 21:35

Boy, do I have a cautionary tale for you! This happened to us. We left Dubai with debt. We notified the bank from our home country, and arranged monthly repayments. Every month, we spoke to a bank representative via both phone and email, and asked for confirmation that no case had been filed against us. Each month, their response was the same: “No, the bank is taking no action because regular payments are being made.” When my husband was offered a job in Dubai, he contacted the bank and informed them we would be returning, and wanted to verify there was no case filed or pending. Again, several bank representatives reassured us there was none. Everything seemed ok. A few days before we were to return to Dubai, my husband started to feel uneasy, so he contacted someone who could check if there was a police case for him. A few hours before we were to board the plane we hear back from our guy. Indeed, there was a case filed, and an arrest warrant issued. We contacted the bank angrily, and they were unapologetic about the deceit. After 2 weeks of negotiating (yelling and arguing), we agreed to make a substantial lump sum payment and negotiated an exorbitant repayment plan to be paid over a short period. When we received this written agreement, I flew to Dubai to pay the agreed amount on behalf of my husband, and resolve the warrant. I met some smug bank representatives who I sharply chastised. I was about to hand over the money in exchange for 2 documents (one, was a receipt of payment, and the second was for the police, stating the bank would withdraw legal action) when I noticed there was no signature of authority, and a date error which would make the agreement null and void. It stated to the effect: ‘This agreement will only take effect if the agreed amount of x dirhams is paid by this date [ex March 25'>.’ It was in fact the 26th!! When I pointed out the error, they just looked at me smugly, but complied with my demands to correct it. After I met with the ‘loan sharks’, I handed the documents over to a polite officer at a police station, and the warrant was withdrawn. Points to consider: 1. You have better bargaining power from your home country. If you come to Dubai, they can put your hubby in jail. Logically, you might think it is in the bank’s best interest to not put him in jail, but really they don’t care. Their objective is to get the money back. He is their collateral! The bank knows that under pressure people will raise the money from somewhere. 2. Pay a fee to find out if there is a case filed with the police. 3. Have a repayment plan agreed upon, signed by both parties before you come back. If you need a contract template, I have one.

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