Bob

Not of itself probably, but being there is probably more likely to get you denied on the background check etc.

Redundant

I have a similar problem, made redundant, but since I am single and was unable to find a job I had to leave...

Now here is my question, I know the loans are insured and I know I paid certain amount of insurance.... What will happen if I inform the bank that I have lost my job, send a copy of my termination-redundancy letter?

IndieG, would you have any idea?

IndieG

The insurance covers the bank's o/s only in the event of death of the brrower - as far as I am aware (actually I'm pretty sure about this) there is no insurance that covers debts in the event of a job loss. A job loss is an "event of default" - if you read the fine print in most loan agreements and the loan becomes payable immediately. Once you send the termination letter, the bank will freeze your account, bank the security cheque and file a case to pressurise you to pay up in full.....so beware.

Euc-

So most of the time your company notify's your bank then? Why on earth would you yourself give them your termination letter?

If that is the case, is it better then to open up another account and transfer your pay from one bank to another to avoid an account freeze? Or wouldn't that work?

Moun10gurl

I have just been informed today that my company will be giving notice to my bank soon that I am no longer with them. I have heard that an immediate arrest warrant will go out for me. I am terrified! I never intended not to pay my debt back, I intended to stay here for years and continue doing my job. I dont know what to do. Getting arrested isn't something that I can let happen.

Blue Cat

how much money do you owe? is it a manageable sum? I had heard that the bank were no longer arresting people and for what it's worth we bounced a cheque the other day for 45K and the police aint come a knocking, it is up to whoever tried to cash the cheque to do that.

Moun10gurl

I owe 120k but I could get them 100k hopefully by the end of next week. But as it was a personal loan I have been told that they cash the security cheques I signed and then come after you for fraud??

Blue Cat

well I would say they would be more than happy with a 100k by the end of the week!!! what chances are there of you getting another job?

Moun10gurl

Not looking good, I have sent my resume everywhere. I live in Bahrain, so it's a smaller market than Dubai. I think I can only give myself a couple more days before it gets too much and I will have to try and restructure from the UK. I plan on going to the US in the not too distant future so can't leave debts anyway. I just hope that the 100k is enough for them to let me leave the country...

Blue Cat

I don't know what it is like in Bahrain but this is what I would do, I would ask them if you get 100k to them by the end of this week will they let you leave the Country, if they say no, then get on a plane tomorrow and sort it out from the UK>

Moun10gurl

Thats what someone else has advised also. Just hate to think of it really. But thank you for your advice Blue Cat

Madam Medusa

i don't have any advice, sorry...but just to say i hope you manage to sort this out, what a total mare...

MM, xx

Blue Cat

Like MM I hope you manage to get something sorted out, if it was a choice of doing a runner or jail I know which one I would take. Please let us know how you get on with everything.

Dulge

it is amazing that banks will issue an arrest order for someone who lost his/her job although that person intends to pay debt back to the bank...if that would be the case, half of UK would have been unable to go out ouf country for God's sake...

If I were you, I would pack up and just go over the weekend...and sort out your debt whilst you are in the UK...

AnotherWorld

Just an update on my situation:

I had a personal loan with First Gulf Bank in Abu Dhabi. I haven't paid my monthly repayments for approximately 3 months now. So far I have not had my seucity cheque (85 000 dhs) cashed for my HSBC account.

My HSBC account savings (salary) account is also in a negative balance. Noone has contacted my company nor has either bank tried to contact me. I have emailed 3 different people in FGB, one told me to email someone else, the other 2 never responded.

AFAIK after 3 months I have no arrest warrants or security cheques cashed yet from either FGB or HSBC. My company does not advise the banks of any of its employees redundancies.