bimcnorth

Oh, legally will have left the picture at this stage...I was thinking beyond the harassment stage where they call you and "accidentally" mail their demands to your parents and such.
Your debt might have changed ownership several times before they even find you which increase the risk of it ending up with knuckles..

Well, at least its a booming business..

bimcnorth

Found a little article from Dublin that described the situation there..

http://www.tribune.ie/news/article/2...ion-customers/

admon

Likelyhood of 'knuckles' getting away with anything other than a knock on the door is very slim - any kind of threats or harassment (in the Uk) just won't fly with the police.

lionheart

Debt collecting sounds like a good business opportunity if you don't mind a little thuggery and petty violence.

admon

..until the innocent old dears son, the ex middleweight european boxing champion, appears..

Norm_uk

I think that the banks got all of us into this crisis in the first place by making credit too easy to get hold of...when you see people who earn AED10,000 a month driving a Merc you know something is wrong.

For too long UAE banks (and their local franchises of international banks) have thrown money at people encouraging massive debt and knowing full well that it's nearly impossible to get their money back should someone do a runner.

I wonder if they will learn their lesson or not when things recover?

N.

eylesda

But surely if the debt is chased to ones home country and the case goes to a local court then costs will be awarded to the collector so they would not care about the expense.

The case would be hard to contest, bank lends money and borrower skipped without paying, what could be simpler?

If I skipped out owing AD 150,000 I would be very concerned about someone coming for his money.

As someone earlier said, a good business opportunity, how hard can it be to find out where someone lives and track them down?

ssuh

Asked whether the bank can trace customers abroad who had failed to repay debts, Srikantan replied: “The answer is definitely yes.”

As oppossed to "The answer is definitely not"

Really......????

TGFKASE

... if the people gave us the correct home address information, which we have no way of knowing.......

MrsHaps

The difference with the UAE and the UK is you dont go to jail if you bounce a cheque, there are laws here to protect the lender and the borrower - what safety does the borrower have in the UAE....

the lender approaches the bank and asks to sort out the financial issue, the bank refuses, pay or go to jail .... what would you do, stay and hope you can miss the jail or travel ban or go home and wait for them to knock....

Its not right but sometimes you just dont have a choice.

Handsome

Its hard to get a complete picture on this issue. I have been reading many threds here and there are several opinions. Some people have heard few things; others have seen it; and many others are just following whate everyone else is saying.

MrsHaps

Well when they come knocking on my door you kids will be the first to know the outcome!

Handsome

Thanks. How long have you been holding a debt?