Consequences...
 

If there are any bankers out there, preferable someone who works for HSBC, or anyone who knows what would happen, it'd be great to hear from you.

I just wanted to know whats the worse than can happen if say for eg i was made redundant and hence had to end up going back to the uk.

I have a car loan and i have a few thousand AED outstanding on my HSBC credit cards.

I have two scenarios, what would happen

1. if i simply did a runner and just took the next flight back to the UK?

2. If i approached the bank and told them that i was made redundant and hence was in no current position to pay off the car loan or the outstanding balances on my credit cards?

in both cases what can the bank to do me?

and for the record, this hasn't happened (yet) and Inshallaah it won't (am in the oil and gas industry and so hopefully am pretty 'safe' for the time being), but I've just been wondering what I could do/what the consequences would be, if i was to lose my job, depending on which road i went down.

Cheers :unsure:

Re: Consequences...
 

I have just been writing about what would happen if someone was unable to repay a debt. HSBC has a Debt Counselling Service and you can contact them on 04 390 6884/6805/1604. They say they are confidential.

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Re: Consequences...
 

I'm puzzled by point number 2.

Surely, even if made redundant, you'd be able to keep up the payments for a few months? Isn't that what savings are for (the proverbial 'rainy day')?

In any case, not paying debts is regarded as a serious offence out here. Look at what they do to you if one of your cheques bounces............. :ohmy:

http://business.maktoob.com/20090000...an/Article.htm

http://business.maktoob.com/20090000...rs/Article.htm

Re: Consequences...
 

Thanks Meow, thats good to know.

but i've heard that apparently the banks aren't interested in knowing whether you've lost your job or not, they just want the money, period. I've heard that they are now cracking down big time on people who can't pay their debts and putting them on the interpol list:unsure:

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Dean i guess what im trying to ascertain is whats the point of making any repayments and blowing off your savings, if you can do a runner?

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*.***

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Yep I'd heard about the interpol thing as well. As if they haven't got better things to be doing!

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A fascinating post - and unarguable.............

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What's the point in paying for something if there's no security at the shop door?

I understand why some people do a runner from here...but you have the means to pay debts but are wondering if there are consequences to doing a runner on the debts and keep savings?:thumbdown::thumbdown::thumbdown:

Booooo to you!

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As are all my posts:)

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Mate its a frigging dawg eat dawg world out there, i aint going to loose any sleep if i can do a runner - hell you'd be a complete douche bag to hand over your savings to pay off a debt, when there's the possibility of going back to your home country without having any repercussions. Hence my thread on this matter.

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You're right.....people do it....and the people i've known to leave countries taking savings but leaving debt and go home were exactly that....douche bags....maybe a few thousand dhs better off....but still douche bags.

You do what you like.....you'll always be a dog, dawg.

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oh whatever lol...you sound like a complete knob, with all due respect.

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If you already know what you would do, why start the thread?

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:thumbup: