Emirates NBD Dubai debt
Sep 27th 2012, 11:19 am
#61
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Re: Emirates NBD Dubai debt
Sep 27th 2012, 11:26 am
#62
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Re: Emirates NBD Dubai debt
Dubaiguy2011,
Ignoring the legal jazz,and the fact that it is possible under whatever conditions.
Has anyone in the UK been successfully pursued through the courts for a UAE personal debt?
Ignoring the legal jazz,and the fact that it is possible under whatever conditions.
Has anyone in the UK been successfully pursued through the courts for a UAE personal debt?
Sep 27th 2012, 11:28 am
#63
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Re: Emirates NBD Dubai debt
But running a global practice that specializes in Credit risk and Ops Risk for a global retail bank does...
Last edited by Jammy_Dodgers; Sep 27th 2012 at 11:34 am.
Sep 27th 2012, 11:32 am
#64
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Re: Emirates NBD Dubai debt
Over to who??? Over to what???
Ignoring the "over to you" nonsense, what you missed in the above post is confirming the principle that a foreign debt can be recovered in the UK, to the extent the proper procedure has been followed. Note this is a laborious, time consuming and expensive process. I revert back to my original point 3 therefore which was asking the debt company to establish the basis upon which they were basing their claim.
If the collection agency can demonstrate that there is a judgment in the UAE against the individual which has been ratified in the UK - i.e. there is an order of enforcement issued by the UK courts (I am using layman's terms rather than being a pretentious tvvat like some others), then they have a basis for their claim. I do however support some of the others who suggest the collection agencies claims may be all bluster which is again why I suggested tackling this head on.
There are numerous comments here relating to the enforceability of a debt once it has been factored (i.e. sold). This is an entirely different matter subject to a raft of considerations. I suspect what has happened in this case is that a UK credit collection agency has agreed to pursue the matter on behalf of NBD (in return for a fee which is generally related to a % of the amount recovered), rather than having bought the debt. I am not aware of any debt factoring arrangements having being entered into by UAE retail banks (but this doesn't mean that it hasn't happened). UAE banks are 2000 years behind the rest of the world remember....
Ignoring the "over to you" nonsense, what you missed in the above post is confirming the principle that a foreign debt can be recovered in the UK, to the extent the proper procedure has been followed. Note this is a laborious, time consuming and expensive process. I revert back to my original point 3 therefore which was asking the debt company to establish the basis upon which they were basing their claim.
If the collection agency can demonstrate that there is a judgment in the UAE against the individual which has been ratified in the UK - i.e. there is an order of enforcement issued by the UK courts (I am using layman's terms rather than being a pretentious tvvat like some others), then they have a basis for their claim. I do however support some of the others who suggest the collection agencies claims may be all bluster which is again why I suggested tackling this head on.
There are numerous comments here relating to the enforceability of a debt once it has been factored (i.e. sold). This is an entirely different matter subject to a raft of considerations. I suspect what has happened in this case is that a UK credit collection agency has agreed to pursue the matter on behalf of NBD (in return for a fee which is generally related to a % of the amount recovered), rather than having bought the debt. I am not aware of any debt factoring arrangements having being entered into by UAE retail banks (but this doesn't mean that it hasn't happened). UAE banks are 2000 years behind the rest of the world remember....
The only times I have heard of this is when its a proven case of fraud or embezzlement (which is a criminal offense in the UK) Whereas Credit card debt is a civil case in the UK, and thus not worth the hassle as there is no reciprocal "criminal" law in the UK.
Sep 27th 2012, 11:33 am
#65
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Re: Emirates NBD Dubai debt
Meow has helped a lot of people, not only on this bored, but through her well respected column in the National newspaper.
You, my dear, are an unknown entity and whilst I respect your right to comment I would take Meow's advice over yours any day..but please do carry on.
Last edited by Patsy Stoned; Sep 27th 2012 at 11:46 am.
Sep 27th 2012, 11:43 am
#66
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Re: Emirates NBD Dubai debt
You are not getting the point, An experienced Construction Manager with 30 years experience and 1 post to his name would give far better advise than an Engineer with 8000 posts to his name. People are talking law here, I was not aware she was a lawyer?
Sep 27th 2012, 11:44 am
#67
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Re: Emirates NBD Dubai debt
I am posting to see if..
Sep 27th 2012, 11:44 am
#68
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Re: Emirates NBD Dubai debt
I suspect what has happened in this case is that a UK credit collection agency has agreed to pursue the matter on behalf of NBD (in return for a fee which is generally related to a % of the amount recovered), rather than having bought the debt. I am not aware of any debt factoring arrangements having being entered into by UAE retail banks (but this doesn't mean that it hasn't happened). UAE banks are 2000 years behind the rest of the world remember....
If the UK company has not bought the debt and are just chasing, how can they legally enforce it?
The debt is still in Dubai, and still "on the books" of a Dubai based entity.
So in essence, A UAE company is trying to pursue a "criminal case" in England even though consumer debt is a "civil case" in the UK and the only laws broken were UAE laws.?
Sep 27th 2012, 11:44 am
#69
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Re: Emirates NBD Dubai debt
i get one
Sep 27th 2012, 11:45 am
#70
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Re: Emirates NBD Dubai debt
extra star
Sep 27th 2012, 11:45 am
#71
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Re: Emirates NBD Dubai debt
after crossing
Sep 27th 2012, 11:45 am
#72
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Re: Emirates NBD Dubai debt
eight hundred
Sep 27th 2012, 11:45 am
#73
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Re: Emirates NBD Dubai debt
forum
Sep 27th 2012, 11:45 am
#74
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Re: Emirates NBD Dubai debt
posts
Sep 27th 2012, 11:45 am
#75
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Re: Emirates NBD Dubai debt
**** it. no