Dubai Debt
#1
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Dubai Debt
Hey Guys,
Heard a rumor from a friend of a friend of a friend that Dubai is selling its consumer debt to foreign debt collection agencies.
Now, firstly is this true?
If this is true, and the bank sells the debt to a debt agency, does that mean they have to close the police file against you (i.e. if the debt is sold to a third party, the bank no longer has a claim on the debt, therefore the police file should therefore be non-enforceable)
Anyone know the facts?? (indie girl?)
Heard a rumor from a friend of a friend of a friend that Dubai is selling its consumer debt to foreign debt collection agencies.
Now, firstly is this true?
If this is true, and the bank sells the debt to a debt agency, does that mean they have to close the police file against you (i.e. if the debt is sold to a third party, the bank no longer has a claim on the debt, therefore the police file should therefore be non-enforceable)
Anyone know the facts?? (indie girl?)
#2
Account Closed
Joined: Oct 2007
Posts: 1,130
Re: Dubai Debt
I have heard rumours about this as well. A friend of a friend returned to Australia leaving a pile of debt behind and apparently the bank sold the debt to a debt collecting agency in Australia, the individual then received a nice visit from some rather large and intimidating men seeking payment. I have no idea what this means in terms of the Dubai police file though.
#3
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Dubai Debt
I have heard rumours about this as well. A friend of a friend returned to Australia leaving a pile of debt behind and apparently the bank sold the debt to a debt collecting agency in Australia, the individual then received a nice visit from some rather large and intimidating men seeking payment. I have no idea what this means in terms of the Dubai police file though.
#4
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Dubai Debt
I have heard rumours about this as well. A friend of a friend returned to Australia leaving a pile of debt behind and apparently the bank sold the debt to a debt collecting agency in Australia, the individual then received a nice visit from some rather large and intimidating men seeking payment. I have no idea what this means in terms of the Dubai police file though.
#5
Re: Dubai Debt
Good question. I'm not sure that selling the debt would clear the criminal case. As I understand it, the offence is classed as fraud and whether the debt is sold or not, I guess it's down to the bank dropping the charges and the police accepting that. Can't imagine the police would have an interest in pursuing the charges but the bank might to recoup any losses.
#6
Re: Dubai Debt
Replied to your pm.
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
#7
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Dubai Debt
Replied to your pm.
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
Another question.
Surely if a bank sells your details to a third party, that it breaches banking regulations? specifically as Dubai is classed as off-shore there are regulations regarding providing customer records/details cross border/abroad?
I was under the impression that banks cannot give or store customer records or details anywhere except in-country
#8
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Dubai Debt
Replied to your pm.
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
Banks have always being doing it (using debt collection agencies - but NOT selling the debt, they basically pay the agency up to 50-60% of the recovered amount), nothing new.
The bank can do **** all in Dubai if you're back in the UK. Change your address, telephone numbers and tell your relatives (if you've provided their contact details in the overseas address section of your loan application) not to disclose your whereabouts in the UK to anyone so that the debt collectors (if any) won't bother/embarrass you (at home or at your new workplace).
If the bank retains ownership of the debt in Dubai, regardless of the country or agency it uses, as the debt is still in Dubai, they cannot register the debt in your country of origin (consumer debt not being a crime in most civilised countries)
#9
Re: Dubai Debt
Many thanks for your PM!
Another question.
Surely if a bank sells your details to a third party, that it breaches banking regulations? specifically as Dubai is classed as off-shore there are regulations regarding providing customer records/details cross border/abroad?
I was under the impression that banks cannot give or store customer records or details anywhere except in-country
Another question.
Surely if a bank sells your details to a third party, that it breaches banking regulations? specifically as Dubai is classed as off-shore there are regulations regarding providing customer records/details cross border/abroad?
I was under the impression that banks cannot give or store customer records or details anywhere except in-country
#10
Up in the air
Thread Starter
Joined: Oct 2004
Location: I'm global baby!!!!!!
Posts: 7,263
Re: Dubai Debt
I think there is a section in your loan agreement where you agree to the bank disclosing your details to any third parties to assist in assessing your credit/recovery of debt etc...even if it isn't mentioned, banking rule & regulations are so weak in the UAE that they can get away with anything...
#11
Just Joined
Joined: May 2009
Location: Doha
Posts: 29
Re: Dubai Debt
Foreign Debt can not be enforced through the English civil courts as the place the contract was agreed in falls out side of their jurisdiction.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.
#12
Just Joined
Joined: Jan 2010
Posts: 7
Re: Dubai Debt
Foreign Debt can not be enforced through the English civil courts as the place the contract was agreed in falls out side of their jurisdiction.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.
The funny thing about my situation is that the letter states "its recently come to our attention that you have left Dubai and do not intend to return". My visa was cancelled ages ago, shortly after i left so either the system is backed up or, they have worked their way down to the smaller debts like mine.
Also, i have been back to Dubai a load of times since leaving - i did change my passport but agree thats not the reason i managed to get back in. I just think their systems are so behind its a joke. May not try it again now even though i need to.
Any thoughts anyone?
#13
Re: Dubai Debt
Foreign Debt can not be enforced through the English civil courts as the place the contract was agreed in falls out side of their jurisdiction.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.
The worse they can do is ask nicely for the money and if you do not want to give them it or do not have it there is NOTHING they can do. Your credit rating will NOT be affected by this and they can NOT get a CCJ against you.
Please do not believe the lies and misinformation that people peddle including the debt collection companies.