caerlaverock

Hi,

Bit of a repeat of previous posts but was looking for more up to date information than I can see in any thread.

I have lived in Dubai for 5 years and have an outstanding Credit Card & Loan with Emirates NBD. I have, however, received a really lucrative offer with an international company outside of the GCC.

I have read about travel bans being instituted by banks as they call in loans the moment they realise that a final settlement has been deposited. Should they call in my loan, I will find myself c. 150K AED overdrawn. Will they immediately place a travel ban on me as, in effect, I will have bounced a cheque.

I should say that I have every intention of meeting my obligations and monthly payments as I will undoubtedly need to return regularly to the UAE.

Is it worth informing the bank and trying to reach agreement? Could I serve my notice period and then just leave without cancelling visa and forgo my EOS until I can prove to the bank that I have intentions of continuing to pay? I have no problem sending my passport back to UAE for cancellation - they are very reputable. The visa cancellation process in our company does not start until the last day has been worked.

I have no issue with doing without my EOS for as long as is needed as I am getting a good relocation package from my company.

I guess my question really is - how can I leave before the bank know I have left but still do the right thing and work my notice period?

Also, do ENBD allow a guarantor to stand for the outstanding dues? I could probably arrange that?

What a crappy situation.

Caerlaverock

Patsy Stoned

Can you talk to your company and get them to either pay your last salary in cash or as a cash cheque. Or you set up another bank account and get them to send it there.
The minute the bank knows it is a final cheque they will block all funds and slap on a travel ban.
It happened to a friend of mine, even though he had told them that he was about to sign a new contract in Dubai with another company. He is still trying to sort it out and because he can't get access to his money he is now late with credit card payments and morgage. You can see how easy it is to get in trouble here because of stupid rules!!

lionheart

If you owed the bank circa AED150K, why did you leave the UAE without resolving the matter beforehand? Just curious.

Ronnie Biggs

Yes, a travel ban, bank account freeze and/or prison sentence would have definitely helped his situation.

The Dean

I'm more interested in how he ran up such a debt in the first place.

Remember the Golden Rule - wherever you are in the world, whatever your job or salary, you must be able to answer 'yes' to this question:

"If I lose my income tomorrow, will I be OK?"

Millhouse

I had my EoS paid as a cheque. I didn't cash it in until I had changed jobs, had a salary deposited and had the letter from my new company in had. All was ok.

That said, I did withdraw a load of money from my bank account just before I cashed the cheque - just in case they froze it.