Dubai debt skips - the facts only please
#91
Re: Dubai debt skips - the facts only please
also the banks will talk to other banks around the world, they will know where you are if they want to track you down by your passport, and for eg if you bank with hsbc for eg, and left this country with a big debt, do you not think that they will talk to thebank in theuk and if nothing else will black list you there.
Skipping a debt might seem ok, but your name is on a list somewhere.
#92
Re: Dubai debt skips - the facts only please
Yep, Westerners step in and take over, buying the debts and collecting the money. I would predict its going to one of the next money making booms in the Gulf. Buying debts of former expats, and tracking them down.
#93
Re: Dubai debt skips - the facts only please
also the banks will talk to other banks around the world, they will know where you are if they want to track you down by your passport, and for eg if you bank with hsbc for eg, and left this country with a big debt, do you not think that they will talk to thebank in theuk and if nothing else will black list you there.
Both banking instituatins are run totally independently.
The reason i know this is pretty simple....my credit score back in the uk is completely shyte to say the least....when i came over here and opened a bank account with HSBC not only did they give me a whopping big credit limit on two credit cards, they also gave me a car loan.
f the bank had any affliation with the UK banking system, they would have found out that my credit score back in the UK was pants and hence would not have given me ANY credit whatsoever.
Banks over here can do diddly squat with banks back in the UK.
#94
Re: Dubai debt skips - the facts only please
banks back in the UK have no affliation with the banks over here....even if you bank with hsbc/lloyds or any other hight street bank that has branches over here.
Both banking instituatins are run totally independently.
The reason i know this is pretty simple....my credit score back in the uk is completely shyte to say the least....when i came over here and opened a bank account with HSBC not only did they give me a whopping big credit limit on two credit cards, they also gave me a car loan.
f the bank had any affliation with the UK banking system, they would have found out that my credit score back in the UK was pants and hence would not have given me ANY credit whatsoever.
Banks over here can do diddly squat with banks back in the UK.
Both banking instituatins are run totally independently.
The reason i know this is pretty simple....my credit score back in the uk is completely shyte to say the least....when i came over here and opened a bank account with HSBC not only did they give me a whopping big credit limit on two credit cards, they also gave me a car loan.
f the bank had any affliation with the UK banking system, they would have found out that my credit score back in the UK was pants and hence would not have given me ANY credit whatsoever.
Banks over here can do diddly squat with banks back in the UK.
#96
Forum Regular
Joined: Aug 2009
Posts: 160
Re: Dubai debt skips - the facts only please
skipping is not a good idea for other reasons, but a choice between skipping or jail is no choice at all.
#97
Just Joined
Joined: Mar 2010
Posts: 7
Re: Dubai debt skips - the facts only please
Hi All
I know this is a hot topic at the moment. I am interested in only facts (not opinions) about what fate may await those individuals who choose to skip leaving credit card and personal loan debt??
I accept that coming back to the UAE / GCC would be unwise but what about the likely hood and jurisdiction of any actions to recover money from people back in the UK?
I know this is a hot topic at the moment. I am interested in only facts (not opinions) about what fate may await those individuals who choose to skip leaving credit card and personal loan debt??
I accept that coming back to the UAE / GCC would be unwise but what about the likely hood and jurisdiction of any actions to recover money from people back in the UK?
To cut the story short this local bank put a block on my passport so that I cannot travel and contacted a debt collection agency in the UK who then were persistantly contacting my parents in an attempt to seize any assetts I may own. Luckilly I sold up everything before I left the UK.
The guys in the UK have given up, but I still acnnot travel until I can come to some satisfactory arrangement with this local bank.
#98
Re: Dubai debt skips - the facts only please
I am personally on the receiving end of a situation where I took a loan from a local bank and lost my job before I could pay it off. A couple years later I was still not in a position to satisfy the monthly repayments that the bank was asking for.
To cut the story short this local bank put a block on my passport so that I cannot travel and contacted a debt collection agency in the UK who then were persistantly contacting my parents in an attempt to seize any assetts I may own. Luckilly I sold up everything before I left the UK.
The guys in the UK have given up, but I still acnnot travel until I can come to some satisfactory arrangement with this local bank.
To cut the story short this local bank put a block on my passport so that I cannot travel and contacted a debt collection agency in the UK who then were persistantly contacting my parents in an attempt to seize any assetts I may own. Luckilly I sold up everything before I left the UK.
The guys in the UK have given up, but I still acnnot travel until I can come to some satisfactory arrangement with this local bank.
#100
Just Joined
Joined: Apr 2009
Posts: 10
Re: Dubai debt skips - the facts only please
You said you are lucky that you sold all your properties in UK before the local bank seized your assets. But you are not lucky enough to leave Dubai before the local bank put you in immigration watchlist.
How long do you have to stay in Dubai before you can settle your loan with the bank? I hope you will not end up in jail.
All the best, folk!!!
#101
Just Joined
Joined: Apr 2009
Posts: 10
Re: Dubai debt skips - the facts only please
I couldn't understand why you had stayed in Dubai longer. Weren't you aware that you would be in bigger trouble by doing that?
You said you are lucky that you sold all your properties in UK before the local bank seized your assets. But you are not lucky enough to leave Dubai before the local bank put you in immigration watchlist.
How long do you have to stay in Dubai before you can settle your loan with the bank? I hope you will not end up in jail.
All the best, folk!!!
You said you are lucky that you sold all your properties in UK before the local bank seized your assets. But you are not lucky enough to leave Dubai before the local bank put you in immigration watchlist.
How long do you have to stay in Dubai before you can settle your loan with the bank? I hope you will not end up in jail.
All the best, folk!!!
#102
Just Joined
Joined: Oct 2009
Posts: 18
Re: Dubai debt skips - the facts only please
I dont understand one thing though: if you already have a travel ban, why are the debt collection agents after you. Normally they are out and about to contact your relatives and seize your assets only if you are nowhere to be found.
#104
Just Joined
Joined: Apr 2010
Posts: 4
Re: Dubai debt skips - the facts only please
...reading these threads I have a few questions.
Surely when you have purchased a plane ticket and are flying via Dubai to somewhere else (so transit), do they not check all passengers etc so with the name and details would match a criminal record?
Do they wipe debt out after a few years? If its a debt like 18dhs on a c card?
Its so hard to know who everyone is and if you are not a really well spoken and typist in english........
Surely when you have purchased a plane ticket and are flying via Dubai to somewhere else (so transit), do they not check all passengers etc so with the name and details would match a criminal record?
Do they wipe debt out after a few years? If its a debt like 18dhs on a c card?
Its so hard to know who everyone is and if you are not a really well spoken and typist in english........
#105
Re: Dubai debt skips - the facts only please
If it is a debt of 18dhs (or even perhaps less than AED 1k \), banks would not normally bother filing a criminal case