My UAE bank legal dept experience
Oct 21st 2009, 12:24 pm
#16
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Joined: Oct 2009
Posts: 12
Re: My UAE bank legal dept experience
Shit did hit the fan for me,... and am workin my ass off to pay back whoever I own money to. The thing is,.. I never borrow more than I can pay back. And I never turn my back and run away.
People just need to plan for the worse, and see ahead,.. and not dig themselves a hole. . because once you borrow money, you've started digging.
But I have a question for you.... is it fair for the banks that people borrow money, and then run away? Despite the circumstances... is it fair on the banks? Does he/she have a duty to pay back the money, yes or no.
Inv.
People just need to plan for the worse, and see ahead,.. and not dig themselves a hole. . because once you borrow money, you've started digging.
But I have a question for you.... is it fair for the banks that people borrow money, and then run away? Despite the circumstances... is it fair on the banks? Does he/she have a duty to pay back the money, yes or no.
Inv.
If they are clever enough they could think of more effective ways. For the bank, it's a business to lend money out. For the business you get risks. You do make profit out of it, and sometimes, you do suffer lose. The bank lent money is not for charity, they should be more careful before they lend.
Of course I'm saying that is not encourage people borrow and run away. I just want to say that sometimes you just don't know what will happen the next. The bank's way of chasing money is not that smart.
Last edited by Everywhere; Oct 21st 2009 at 12:37 pm.
Oct 21st 2009, 12:27 pm
#17
Forum Regular
Joined: Oct 2008
Posts: 122
Re: My UAE bank legal dept experience
You are right about one thing, when you borrow money you need to pay it back, one way or the other. The thing is, I don't see AW mentioning that he isn't planning on paying back, probably just not right now. In a normal country you could go to your bank, explain your situation and set up a new payment scheme, here you go to jail.
Not borrowing more money then you can afford. Who says he couldn't afford the amount he was borrowing? For all we know it was money to pay for his rent up front, which he would get back every month from his employer. If he hadn't lost his job he could've easily afforded it. Its not like anyone had seen this crisis coming, and people on an unlimited contract had no reason to be afraid of losing their job in the future due to economic reasons.
Besides, not borrowing more than you can afford is bs anyway, as if you need to borrow money for something technically you cannot afford it at the time of borrowing.
Not borrowing more money then you can afford. Who says he couldn't afford the amount he was borrowing? For all we know it was money to pay for his rent up front, which he would get back every month from his employer. If he hadn't lost his job he could've easily afforded it. Its not like anyone had seen this crisis coming, and people on an unlimited contract had no reason to be afraid of losing their job in the future due to economic reasons.
Besides, not borrowing more than you can afford is bs anyway, as if you need to borrow money for something technically you cannot afford it at the time of borrowing.
Secondly, I know its difficult to find a job here these days, but going back home will look like a run away from your troubles.... I know for a fact that some brits are here cos they are running away from issues back home.
Anyway, the question is,.. is he intending to pay the money back from wherever he is, which ever country he left to???
I think ignoring all the lines of communication from the bank is not the solution because it will look like you are running away and avoiding your obligations. So keepin those lines open is a wise thing to do.
And yes, nobody asked for this shitty crisis, but we have to be brave and ride it out..... and be responsible. We are all in the shit togather... but the best is those who remain standing.
Inv.
Oct 21st 2009, 12:30 pm
#18
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Joined: Oct 2008
Posts: 122
Re: My UAE bank legal dept experience
Actually nice talking to you. I do agree with you that people should pay back what they owed, but the bank should be more clever. Do you think that would really help any for just making a few phone calls to bother people? That's wast of money (both the international calls and the salary the bank paid to hire this useless person). This will not do any good for either the borrower or the lender.
If they are clever enough they could think of more effective ways. For the bank, it's a business to lend money out. For the business you got risks. You do make profit out of it, and sometimes, you do suffer lose. The bank lent money is not for charity, they should be more careful before they lend.
Of course I'm saying that is not encourage people borrow and run away. I just want to say that sometimes you just don't know what will happen the next. The bank's way of chasing money is not that smart.
If they are clever enough they could think of more effective ways. For the bank, it's a business to lend money out. For the business you got risks. You do make profit out of it, and sometimes, you do suffer lose. The bank lent money is not for charity, they should be more careful before they lend.
Of course I'm saying that is not encourage people borrow and run away. I just want to say that sometimes you just don't know what will happen the next. The bank's way of chasing money is not that smart.
But what is the RIGHT way?? If people keep running away and ignoring the banks attempts to get their money back .. . sooner or later.. something more serious has to happen... whether its using the police or debt collectors or whatever.
So it is wiser to face the bank instead of letting things get out of hand and you will be facing the law/police/debt collectors. The hole keeps gettin deeper and deeper if one does not face their issues responsibility.
And yes the banks sometimes lend money to just anyone, so they increase their risks so they are part of the problem too.
Inv.
Oct 21st 2009, 12:50 pm
#19
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Joined: Oct 2009
Posts: 12
Re: My UAE bank legal dept experience
Thank you Everywhere.... I agree with you that the way the bank is going about chasing their money is wrong. Fair enough!...
But what is the RIGHT way?? If people keep running away and ignoring the banks attempts to get their money back .. . sooner or later.. something more serious has to happen... whether its using the police or debt collectors or whatever.
So it is wiser to face the bank instead of letting things get out of hand and you will be facing the law/police/debt collectors. The hole keeps gettin deeper and deeper if one does not face their issues responsibility.
And yes the banks sometimes lend money to just anyone, so they increase their risks so they are part of the problem too.
Inv.
But what is the RIGHT way?? If people keep running away and ignoring the banks attempts to get their money back .. . sooner or later.. something more serious has to happen... whether its using the police or debt collectors or whatever.
So it is wiser to face the bank instead of letting things get out of hand and you will be facing the law/police/debt collectors. The hole keeps gettin deeper and deeper if one does not face their issues responsibility.
And yes the banks sometimes lend money to just anyone, so they increase their risks so they are part of the problem too.
Inv.
The bank SHOULD know more about the right way than we do. Anyway, I agree with you. And... I just wondering are you working for a bank?
Oct 21st 2009, 2:04 pm
#20
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Re: My UAE bank legal dept experience
Well, pay your effing loans off so that you wouldnt have bankers chasing you. You borrowed money, you pay it back, thats how it works. You dont just borrow money and walk away as if its a charity handout.
Its people like you who caused this whole effing economy to go pear-shaped. If you knew you wouldnt be able to pay back the amount, why did you borrow money in the first place?
Its people like you who caused this whole effing economy to go pear-shaped. If you knew you wouldnt be able to pay back the amount, why did you borrow money in the first place?
Almost everyone here has to borrow money to pay 12 months rent up front. You either borrow it from your employer, if you are lucky, or from a bank.
That was just a idiotic thing to say. What were AW's choices? Gaol or leave and attempt to pay back his loan, from the safety of a place that understands the difference between a loan default and a murderer.
Wanker.
Oct 22nd 2009, 12:47 am
#21
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Joined: Nov 2008
Posts: 20
Re: My UAE bank legal dept experience
Isn't this just common sense?
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
Oct 22nd 2009, 1:24 am
#22
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Joined: Oct 2009
Posts: 12
Re: My UAE bank legal dept experience
We are here not talking about should we pay back what we borrowed or not, it's an obvious answer here.
Just feel that the keep calling/disturbing people who is outside of the country is silly. To me that means the bank is putting more money into the debts (salary, time etc). If the borrower really don't want to pay back, he can simply change a phone number.
If the bank is clever enough, think an more effective way (if they can), or just forget about it, stop throwing more money into the ocean by now.
Sometimes when we can not do ANYTHING with it, we should learn to let go. Don't always think of how much I spent on something and now to spend more to get it back with something is already out of your control. As I said before, for the bank, to lend money out is a business, and sorry mate, in this business you made a loss, Just face it!
DO IT BEFORE IT'S OUT OF YOUR CONTROL, OR JUST LET GO.
Just feel that the keep calling/disturbing people who is outside of the country is silly. To me that means the bank is putting more money into the debts (salary, time etc). If the borrower really don't want to pay back, he can simply change a phone number.
If the bank is clever enough, think an more effective way (if they can), or just forget about it, stop throwing more money into the ocean by now.
Sometimes when we can not do ANYTHING with it, we should learn to let go. Don't always think of how much I spent on something and now to spend more to get it back with something is already out of your control. As I said before, for the bank, to lend money out is a business, and sorry mate, in this business you made a loss, Just face it!
DO IT BEFORE IT'S OUT OF YOUR CONTROL, OR JUST LET GO.
Oct 22nd 2009, 1:57 am
#23
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Re: My UAE bank legal dept experience
Hey investoman, get of your high horse and think before the nerve endings in your fingers fire off those shallow words of yours: 1) you assume too much. 2) I never said anything about not repaying money. 3) Your opinions are worth jack to me and probably the rest of the world for that matter. 4) You aren't the moral police. 5) you're still a dick for the mere fact that you can't see how much of a dick you are.
Oct 22nd 2009, 4:02 am
#24
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Joined: Nov 2008
Location: in front of my computer - in sunny Sussex!
Posts: 2,162
Re: My UAE bank legal dept experience
the fact is that the banks call in ALL the debt as soon as you lose your job, so who, amongst all of us could afford to pay all the debt off immediately at any point during the loan period? No, didn't think so.
If we were to follow the advice of never borrowing more than you could afford to pay back, well, I guess it would be limited to about half your month's salary, which, as another poster pointed out, wouldn't need a loan in the first place.
The majority of people who borrow money do so through necessity and are honest, law-abiding people who want to pay it back. No one wants to lose their job unexpectedly, few want to default on loans...
... and banks using underhand threats to third parties in order to try and "get to" the borrower is simply, well, are they banks or some 3rd rate loan shark?
If we were to follow the advice of never borrowing more than you could afford to pay back, well, I guess it would be limited to about half your month's salary, which, as another poster pointed out, wouldn't need a loan in the first place.
The majority of people who borrow money do so through necessity and are honest, law-abiding people who want to pay it back. No one wants to lose their job unexpectedly, few want to default on loans...
... and banks using underhand threats to third parties in order to try and "get to" the borrower is simply, well, are they banks or some 3rd rate loan shark?
Oct 22nd 2009, 5:06 am
#25
Go on.. Pull my finger..
Joined: Jul 2008
Location: Dubai
Posts: 5,726
Re: My UAE bank legal dept experience
the fact is that the banks call in ALL the debt as soon as you lose your job, so who, amongst all of us could afford to pay all the debt off immediately at any point during the loan period? No, didn't think so.
If we were to follow the advice of never borrowing more than you could afford to pay back, well, I guess it would be limited to about half your month's salary, which, as another poster pointed out, wouldn't need a loan in the first place.
The majority of people who borrow money do so through necessity and are honest, law-abiding people who want to pay it back. No one wants to lose their job unexpectedly, few want to default on loans...
... and banks using underhand threats to third parties in order to try and "get to" the borrower is simply, well, are they banks or some 3rd rate loan shark?
If we were to follow the advice of never borrowing more than you could afford to pay back, well, I guess it would be limited to about half your month's salary, which, as another poster pointed out, wouldn't need a loan in the first place.
The majority of people who borrow money do so through necessity and are honest, law-abiding people who want to pay it back. No one wants to lose their job unexpectedly, few want to default on loans...
... and banks using underhand threats to third parties in order to try and "get to" the borrower is simply, well, are they banks or some 3rd rate loan shark?
Oct 22nd 2009, 5:26 am
#26
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Joined: Nov 2008
Location: in front of my computer - in sunny Sussex!
Posts: 2,162
Oct 22nd 2009, 7:06 am
#28
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Joined: Jul 2007
Posts: 7,028
Re: My UAE bank legal dept experience
Isn't this just common sense?
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
Oct 22nd 2009, 8:07 am
#29
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Joined: Dec 2007
Location: Doha
Posts: 535
Re: My UAE bank legal dept experience
Isn't this just common sense?
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
If you decide to become resident in a foreign country you do your research and assess the risks before you leap. If you then decide to borrow money in that country, I would hope you would assess the downside to that before you took the money - otherwise you could only be described as stupid.
The downturn here has caught many people out - lost jobs were not part of the package - but, surely you must plan, before taking such a step, for the worst? Especially here in UAE!
If you borrow money you must expect to pay it back and you must expect your creditors to persue you, using any means, to get it back - you would if you lent money to someone.
If I lent money to someone and they defaulted I would use whatever means to recover. So, stop whinging and pay the money back or take the consequencies.
Therefore, you must have a strategy to avoid, namely:
1: Get a full 'feather bed package' avoiding the need to borrow; if not:
2: Have savings before you come for what is required to live here; if not:
3: Consider not coming; if not:
4. You will need a loan for accommodation and transport, so keep it modest, because you can be out of work at the drop of a hat (or head cloth), and will be faced with the choice of running or possible imprisonment if you can't pay back in the limited time your visa has left to run.
Oct 22nd 2009, 8:41 am
#30
Forum Regular
Joined: Oct 2008
Posts: 122
Re: My UAE bank legal dept experience
Hey investoman, get of your high horse and think before the nerve endings in your fingers fire off those shallow words of yours: 1) you assume too much. 2) I never said anything about not repaying money. 3) Your opinions are worth jack to me and probably the rest of the world for that matter. 4) You aren't the moral police. 5) you're still a dick for the mere fact that you can't see how much of a dick you are.
Yes I did make assumptions and based on those assumptions I gave my opinions. You did not clarify in the OP whether you were repaying the loan or not from your current destrination. If you are doing that, then I apologise. Maybe this is the time to clarify. The bank would not be chasing you if you were repaying though.
Now cut the personal attacks and address the points I raise,.. not me, the topic.
Inv.