Dubai Debt
Mar 29th 2010, 8:35 am
#49
Lost in BE Cyberspace
Joined: May 2008
Posts: 5,125
Re: Dubai Debt
Mar 29th 2010, 4:35 pm
#50
...
Joined: Sep 2004
Posts: 1,165
Re: 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?)
If you borrow money have a plan 2 in case of redundancy change of circumstances etc.
way too many people now think it is the God given right to just walk away from their debts and obligations, they almost expect a pat on the back, hence the state of the world economy.
Where is the pride where when one borrows something, they make sure it is paid back with interest ?
If you have not got adequate assets to sell and pay off all your debts if things should go wrong, then you should be seriously thinking are you ready to borrow anything. What about the good old days when we saved up for things like cars and clothes ? These days the mentality is just slap eveything onto the credit(slavery) card and to hell with the consequences.
Remember debt is modern day enslavement, is this what you want for your life ?
Come to an agreement with your debtors and pay every penny of that black cloud called debt off, even if you have to greatly increase the term and make smaller payments until you get back on your feet.
Have no company have a hold over you because you owe them money.
When you borrow money you cannot afford, you are basically giving the bailiffs rights to enter your home and humiliate you in front of your family and neighbours.
Mar 29th 2010, 10:09 pm
#51
Just Joined
Joined: Mar 2010
Posts: 5
Re: Dubai Debt
Stop borrowing beyond your means.
If you borrow money have a plan 2 in case of redundancy change of circumstances etc.
way too many people now think it is the God given right to just walk away from their debts and obligations, they almost expect a pat on the back, hence the state of the world economy.
Where is the pride where when one borrows something, they make sure it is paid back with interest ?
If you have not got adequate assets to sell and pay off all your debts if things should go wrong, then you should be seriously thinking are you ready to borrow anything. What about the good old days when we saved up for things like cars and clothes ? These days the mentality is just slap eveything onto the credit(slavery) card and to hell with the consequences.
Remember debt is modern day enslavement, is this what you want for your life ?
Come to an agreement with your debtors and pay every penny of that black cloud called debt off, even if you have to greatly increase the term and make smaller payments until you get back on your feet.
Have no company have a hold over you because you owe them money.
When you borrow money you cannot afford, you are basically giving the bailiffs rights to enter your home and humiliate you in front of your family and neighbours.
If you borrow money have a plan 2 in case of redundancy change of circumstances etc.
way too many people now think it is the God given right to just walk away from their debts and obligations, they almost expect a pat on the back, hence the state of the world economy.
Where is the pride where when one borrows something, they make sure it is paid back with interest ?
If you have not got adequate assets to sell and pay off all your debts if things should go wrong, then you should be seriously thinking are you ready to borrow anything. What about the good old days when we saved up for things like cars and clothes ? These days the mentality is just slap eveything onto the credit(slavery) card and to hell with the consequences.
Remember debt is modern day enslavement, is this what you want for your life ?
Come to an agreement with your debtors and pay every penny of that black cloud called debt off, even if you have to greatly increase the term and make smaller payments until you get back on your feet.
Have no company have a hold over you because you owe them money.
When you borrow money you cannot afford, you are basically giving the bailiffs rights to enter your home and humiliate you in front of your family and neighbours.
Mar 29th 2010, 10:30 pm
#52
Confirmed grumpy old man
Joined: May 2005
Location: Moved back to Riyadh KSA 2016
Posts: 1,298
Mar 30th 2010, 5:23 am
#54
BE Enthusiast
Joined: Dec 2007
Location: Doha
Posts: 535
Re: Dubai Debt
Stop borrowing beyond your means.
If you borrow money have a plan 2 in case of redundancy change of circumstances etc.
way too many people now think it is the God given right to just walk away from their debts and obligations, they almost expect a pat on the back, hence the state of the world economy.
Where is the pride where when one borrows something, they make sure it is paid back with interest ?
If you have not got adequate assets to sell and pay off all your debts if things should go wrong, then you should be seriously thinking are you ready to borrow anything. What about the good old days when we saved up for things like cars and clothes ? These days the mentality is just slap eveything onto the credit(slavery) card and to hell with the consequences.
Remember debt is modern day enslavement, is this what you want for your life ?
Come to an agreement with your debtors and pay every penny of that black cloud called debt off, even if you have to greatly increase the term and make smaller payments until you get back on your feet.
Have no company have a hold over you because you owe them money.
When you borrow money you cannot afford, you are basically giving the bailiffs rights to enter your home and humiliate you in front of your family and neighbours.
If you borrow money have a plan 2 in case of redundancy change of circumstances etc.
way too many people now think it is the God given right to just walk away from their debts and obligations, they almost expect a pat on the back, hence the state of the world economy.
Where is the pride where when one borrows something, they make sure it is paid back with interest ?
If you have not got adequate assets to sell and pay off all your debts if things should go wrong, then you should be seriously thinking are you ready to borrow anything. What about the good old days when we saved up for things like cars and clothes ? These days the mentality is just slap eveything onto the credit(slavery) card and to hell with the consequences.
Remember debt is modern day enslavement, is this what you want for your life ?
Come to an agreement with your debtors and pay every penny of that black cloud called debt off, even if you have to greatly increase the term and make smaller payments until you get back on your feet.
Have no company have a hold over you because you owe them money.
When you borrow money you cannot afford, you are basically giving the bailiffs rights to enter your home and humiliate you in front of your family and neighbours.
Spot on!
Apr 30th 2010, 4:12 pm
#56
Just Joined
Joined: Apr 2010
Posts: 2
Re: Dubai Debt
hi guys,
there is a company in the U.K. called Oriel, that act on behalf of the banks in the U.A.E. to collect on any debts that were obtained before absconding from the emirates, i too am in this position, and have sought legal expertise from various organisations including the office of fair trading who have set guidelines concerning debt recovery,
the fact of the matter is such, that since the Emirates have not signed a reciprocal agreement with the U.K. the debts cannot be registered in either Scotland, England, Wales or Northern Ireland, since they cannot be registered they cannot be enforced, on the advice from the O.F.T. when Oriel called back they were told these facts and that i was in no position to pay (even if i was legally obliged to do so) and that any effort to collect this debt would be an exercise in futility, they have since handed the Debt back to N.B.D. and closed the case, N.B.D. However have a collection Agency in Dubai, who just make phone calls once in a while, which i find is convenient to find out how the weather is.
there is a company in the U.K. called Oriel, that act on behalf of the banks in the U.A.E. to collect on any debts that were obtained before absconding from the emirates, i too am in this position, and have sought legal expertise from various organisations including the office of fair trading who have set guidelines concerning debt recovery,
the fact of the matter is such, that since the Emirates have not signed a reciprocal agreement with the U.K. the debts cannot be registered in either Scotland, England, Wales or Northern Ireland, since they cannot be registered they cannot be enforced, on the advice from the O.F.T. when Oriel called back they were told these facts and that i was in no position to pay (even if i was legally obliged to do so) and that any effort to collect this debt would be an exercise in futility, they have since handed the Debt back to N.B.D. and closed the case, N.B.D. However have a collection Agency in Dubai, who just make phone calls once in a while, which i find is convenient to find out how the weather is.
What has happened in your case? Have they disappeared since when you told them what the OFT said?
Does anyone know what the legal position is on this? Up to my eyeballs and could do without more hassle!!
regards, magma
May 2nd 2010, 10:18 am
#57
Just Joined
Joined: Sep 2009
Posts: 4
Re: Dubai Debt
Hi Magma,
probably the best thing to do is wait for them to call you, and make them aware that there is no recpirocal agreement between the uk and the uae, and that as such the only obligation you are under to pay this debt while staying in the uk is only a moral one, as such they have no legal powers in this country, they are probably better sending the case back to the bank in the emirates instead of wasting their time and money flogging a dead horse,
in answer to your question, yes they still contact me occasionally, i think it is only when they are bored, dont let this bother you, there is nothing they can do.
probably the best thing to do is wait for them to call you, and make them aware that there is no recpirocal agreement between the uk and the uae, and that as such the only obligation you are under to pay this debt while staying in the uk is only a moral one, as such they have no legal powers in this country, they are probably better sending the case back to the bank in the emirates instead of wasting their time and money flogging a dead horse,
in answer to your question, yes they still contact me occasionally, i think it is only when they are bored, dont let this bother you, there is nothing they can do.
May 2nd 2010, 12:51 pm
#58
Just Joined
Joined: Apr 2010
Posts: 2
Re: Dubai Debt
Hi Magma,
probably the best thing to do is wait for them to call you, and make them aware that there is no recpirocal agreement between the uk and the uae, and that as such the only obligation you are under to pay this debt while staying in the uk is only a moral one, as such they have no legal powers in this country, they are probably better sending the case back to the bank in the emirates instead of wasting their time and money flogging a dead horse,
in answer to your question, yes they still contact me occasionally, i think it is only when they are bored, dont let this bother you, there is nothing they can do.
probably the best thing to do is wait for them to call you, and make them aware that there is no recpirocal agreement between the uk and the uae, and that as such the only obligation you are under to pay this debt while staying in the uk is only a moral one, as such they have no legal powers in this country, they are probably better sending the case back to the bank in the emirates instead of wasting their time and money flogging a dead horse,
in answer to your question, yes they still contact me occasionally, i think it is only when they are bored, dont let this bother you, there is nothing they can do.
