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Urgent advice please

Urgent advice please

Old Mar 25th 2009, 3:23 am
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Default Urgent advice please

Hi Guys,

I was made redundant on the 9th March from a recruitment company based here in Dubai. They had provided me with a 12 month housing loan to be repaid in 12 equal installments in Jan 09. They want to be repaid in full which seems ridiculous, as the payments were due to be taken from my salary. But if they arent paying me a salary (their choice not mine) how can I :curse: ? On the other hand they are struggling as a business so I can see why they want their money back. I am wondering whether anyone has come across this before? I am looking to stay in Dubai and dont have too much of a problem paying them back BUT I have heard through 2 sources that a competitor did the same thing to 2 consultants who successfully sued the company and did not have to pay the money back to their company. Anyone clued up on these things?

Secondly, my visa will be cancelled on the 9th April. Does this mean my bank account will be frozen? I have 2 verbal offers which should be formalised within the next 2 - 3 days so I am definitely going to stay here. Is the period between the visa being canclled and the new one issued a period during which my account is frozen? If so how does this affect my car loan which is 36 post dated cheques? Presumably if my account is frozen they will be unable to take the money form me and I will be punished accordingly?

Finally I am looking to go on holiday prior to commencing a new role. Just for the sake of ease I take it I would be best to go prior to the visa cancellation presumably, so as to avoid any awkward questions?

Thanks a lot for your help, sorry for the long post.
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Old Mar 25th 2009, 3:55 am
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Default Re: Urgent advice please

As soon as you get your new job finalised and a specific contract in writing, let your bank know via a salary letter from your new employer. That should ensure that nothing gets frozen.

Maybe the best scenario with your rent loan is to negotiate between your old and new employer - can your new employer pay your old employer off with a new loan?

I would say dialogue is the best scenario, if you are fair with them, hopefully all will be fair with you.
An attempt to fob off your old employers loan would no doubt create trouble. It was a loan, they expect it to be repaid - unless your contract of employment says otherwise.
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Old Mar 25th 2009, 4:26 am
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Default Re: Urgent advice please

Surely it's not a good time to take a holiday.
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Old Mar 25th 2009, 4:42 am
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Default Re: Urgent advice please

Originally Posted by lionheart View Post
Surely it's not a good time to take a holiday.
why? 12 months here no holidays taken. Can't take leave in first few months of a new job,recruitment isn't someting you can do for 15-18 months without a break doing 11 hour days, you get burnt out. Been made redundant had a tough 12 months,what better way to start the next 12 by getting a job lined up,having a week away and coming back refresed ready for a new challenge? Seems logical...
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Old Mar 25th 2009, 4:47 am
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Default Re: Urgent advice please

Thanks a lot,seems like good advice. Unfortunately no chance of the loan being transferred as I am leaving a global player for a smaller start up who won't have the resources for it. However,the salary letter for the bank is definitely something I will look into. Thanks again.
Originally Posted by admon View Post
As soon as you get your new job finalised and a specific contract in writing, let your bank know via a salary letter from your new employer. That should ensure that nothing gets frozen.

Maybe the best scenario with your rent loan is to negotiate between your old and new employer - can your new employer pay your old employer off with a new loan?

I would say dialogue is the best scenario, if you are fair with them, hopefully all will be fair with you.
An attempt to fob off your old employers loan would no doubt create trouble. It was a loan, they expect it to be repaid - unless your contract of employment says otherwise.
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Old Mar 25th 2009, 8:34 am
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Default Re: Urgent advice please

Barclays bank (and presumeable others) do housing loans - you could get a loan from your bank to pay off the other housing loan?
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Old Mar 25th 2009, 8:52 am
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Default Re: Urgent advice please

Presumably you're staying in the accommodation then? What does your contract say about redundancy? Presumably you signed a loan agreement with them? Have you checked the terms on the agreement?
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