what the F do you do if you get sacked and have cars and credit cards
Dec 17th 2008, 1:02 am
#31
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Re: what the F do you do if you get sacked and have cars and credit cards
Mrs H, I hope you are ok, there are so many in the same position as you 
fingers crossed for you and the hubby, fate is a strange thing, I know your Co has just finished a big contract, but fingers crossed for you both. As for the finance speak to IG.
fingers crossed for you and the hubby, fate is a strange thing, I know your Co has just finished a big contract, but fingers crossed for you both. As for the finance speak to IG.
Dec 17th 2008, 1:43 am
#33
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Re: what the F do you do if you get sacked and have cars and credit cards
There is a surprise
Unfortunately a lot of people have no choice when first moving abroad (not just Dubai)....and that comment is not really of much help to their current predicament.
Personally I'd go and talk to the bank to see what they say - there is going to be more and more people in this situation, so I'd try to look at it from that perspective...if the worst does happen you will not be the only one.
Good luck anyway.
Personally I'd go and talk to the bank to see what they say - there is going to be more and more people in this situation, so I'd try to look at it from that perspective...if the worst does happen you will not be the only one.
Good luck anyway.
Dec 17th 2008, 1:52 am
#34
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Re: what the F do you do if you get sacked and have cars and credit cards
The tax departments in other countries may be fairly sensible when they find people left for a long time and were forced back w/o choice.
i know someone who was forced to leave here before the 2 yr time requirement for the home country. Tax dep sent a huge bill, the circumstances were explained the and bill was wiped. Just food for thought
i know someone who was forced to leave here before the 2 yr time requirement for the home country. Tax dep sent a huge bill, the circumstances were explained the and bill was wiped. Just food for thought
Dec 17th 2008, 4:07 am
#35
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Re: what the F do you do if you get sacked and have cars and credit cards
My rent loan was the most debt I've ever been in.
Dec 17th 2008, 4:38 am
#36
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Re: what the F do you do if you get sacked and have cars and credit cards
Sorry but not a lot of sympathy from me. Moving to a new country and getting yourself into a shed load of debt isn't exactly a bright thing to do, although as I posted elsewhere on here earlier, thousands do it in dxb.
Best to sell 1 car right now, even if you take a loss on the finance.
Then if your husband does indeed get laid off, look at getting a loan out of the UK to cover the rest of your debts here, including the loss you will make on the finance of the second car when you get rid of it.
I sense that the next few months will be a good time to buy a nice, cheap, low mileage newish car..
Best to sell 1 car right now, even if you take a loss on the finance.
Then if your husband does indeed get laid off, look at getting a loan out of the UK to cover the rest of your debts here, including the loss you will make on the finance of the second car when you get rid of it.
I sense that the next few months will be a good time to buy a nice, cheap, low mileage newish car..
Thanks for your thoughts - very helpful indeed. Im not a stupid person and i am not in as much debt as you seem to think i am! However after waiting the 3 months - getting the probabtion signed off you really would think yes we are here to stay.....?
The cars are not the top of the range cars but yes we took them over finance and over 3 years in a hope to pay them back quickly. the cost on the credit card was actually furnishing our home again after being signed off the 3 months prob period....
I would like to know from your point of view exactly when is a good time to buy yourself a car etc, esp when the cost of the car is what you will be paying a hire company AND just to confirm also, my hubbies work cover the cost of his car however it is in our name... so again i would say we have been led up shit creek really?
As for getting a loan out in the UK - that aint going to happen my friend, you tried to get anything out of the UK banks recently, oh and apart from that, i would say finding a job maybe a little more testing than previously.
Otherwise, I will be applying to all over the world now and will try to stay out of the UK, if we went back to the UK we would loose everything including my home as it has dropped 20K since this kicked off.
bit of a shitty time for alot of people, all i was asking was does anyone else know of anyone who has been in the same situation.
We are going to find out what happens this week and get in touch with the finance company.
Dec 17th 2008, 4:38 am
#37
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Re: what the F do you do if you get sacked and have cars and credit cards
I thought your hubby works for @@@. They complete projects all the time.
Surprised they are laying off people, saying that when the belts need tightning the first thing the rig owners cut back on is the maintenance, upkeep and modernisation program.
Heard of a few projects potentially to be cancelled in AD..
Surprised they are laying off people, saying that when the belts need tightning the first thing the rig owners cut back on is the maintenance, upkeep and modernisation program.
Heard of a few projects potentially to be cancelled in AD..
Dec 17th 2008, 4:42 am
#38
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Re: what the F do you do if you get sacked and have cars and credit cards
The company has laid off 7 yest and now we are just waiting to find out who the others are. They are giving people a month to find another job or leave.
Is all really a bit mad to be honest - esp the way they are cutting them, certainly no logic and thats the worrying part.
Keeping everything crossed we can get at least 6 months out of this place and that is enough time to put us right and hopefully move on somewhere else.
Dec 17th 2008, 4:45 am
#39
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Re: what the F do you do if you get sacked and have cars and credit cards
I thought your hubby works for @@@. They complete projects all the time.
Surprised they are laying off people, saying that when the belts need tightning the first thing the rig owners cut back on is the maintenance, upkeep and modernisation program.
Heard of a few projects potentially to be cancelled in AD..
Surprised they are laying off people, saying that when the belts need tightning the first thing the rig owners cut back on is the maintenance, upkeep and modernisation program.
Heard of a few projects potentially to be cancelled in AD..
Yes he does work for them but like everywhere else, they are cost cutting! Not as big as some others but big enough. couple of guys just started have been laid off, one finished a contract with another Dubai Co to go to @@@ and he has been laid off, not sure he can get his job back. Another lad has been there 2 years and it was between three of them - he earnt the most money so he went, surely he would have taken a pay cut to keep his job! More experience etc - mad!
Problem is how many 'yards' there is to work then to workers, seems over staffed right now and something have been put on hold! If you know of anywhere else that might be taken on as you know what he is doing please PM me and let me know!
Hubby was brought in for a specific job which has been put on hold however as of two weeks ago they said it would be going ahead in about 3 months, however since then things seemed to have got worse....! Luckly he has taken on other roles otherwise i would be sure he would be one of those cut, right now its between 3 of them.
All fricken shit really!
Dec 17th 2008, 4:49 am
#40
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Re: what the F do you do if you get sacked and have cars and credit cards
IG has already contacted me! You guys are so lush!
The company has laid off 7 yest and now we are just waiting to find out who the others are. They are giving people a month to find another job or leave.
Is all really a bit mad to be honest - esp the way they are cutting them, certainly no logic and thats the worrying part.
Keeping everything crossed we can get at least 6 months out of this place and that is enough time to put us right and hopefully move on somewhere else.
The company has laid off 7 yest and now we are just waiting to find out who the others are. They are giving people a month to find another job or leave.
Is all really a bit mad to be honest - esp the way they are cutting them, certainly no logic and thats the worrying part.
Keeping everything crossed we can get at least 6 months out of this place and that is enough time to put us right and hopefully move on somewhere else.
If you have your health, then that's something!
Things will hopefully go your way.
Dec 17th 2008, 4:50 am
#41
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Re: what the F do you do if you get sacked and have cars and credit cards
Dec 17th 2008, 4:52 am
#42
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Re: what the F do you do if you get sacked and have cars and credit cards
Thanks for your thoughts - very helpful indeed. Im not a stupid person and i am not in as much debt as you seem to think i am! However after waiting the 3 months - getting the probabtion signed off you really would think yes we are here to stay.....?
All the indicators were that Dubai was heading for a big fall, even before the liquidity crisis, meaning many jobs were already at risk - even those that were just taking up positions
The cars are not the top of the range cars but yes we took them over finance and over 3 years in a hope to pay them back quickly. the cost on the credit card was actually furnishing our home again after being signed off the 3 months prob period....
I would like to know from your point of view exactly when is a good time to buy yourself a car etc, esp when the cost of the car is what you will be paying a hire company AND just to confirm also, my hubbies work cover the cost of his car however it is in our name... so again i would say we have been led up shit creek really?
Firstly, buy cars for cash. If you can't afford it don't buy it. As for the company covering the cost of car, then yes it's linked to the job, so buying on finance represents a significant risk.
Companies in the UAE are businesses. Many have differing principles to those elsewhere, but they aren't charities and lay off staff when the numbers don't stack up.
As with any move to a foreign country and even more so to the middle east, it is a case of 'buyer beware'.
As for getting a loan out in the UK - that aint going to happen my friend, you tried to get anything out of the UK banks recently, oh and apart from that, i would say finding a job maybe a little more testing than previously.
Your previous good credit history and long relationship with your existing UK bank will go some way to securing funds.
Otherwise, I will be applying to all over the world now and will try to stay out of the UK, if we went back to the UK we would loose everything including my home as it has dropped 20K since this kicked off.
bit of a shitty time for alot of people, all i was asking was does anyone else know of anyone who has been in the same situation.
Yes, it is a shitty time for a lot of people, but all those are adults, that have made their own decisions.
I reiterate that going into debt when moving to a new job is a risk exercise, as you have found out, hence it is always best avoided.
We are going to find out what happens this week and get in touch with the finance company.
All the indicators were that Dubai was heading for a big fall, even before the liquidity crisis, meaning many jobs were already at risk - even those that were just taking up positions
The cars are not the top of the range cars but yes we took them over finance and over 3 years in a hope to pay them back quickly. the cost on the credit card was actually furnishing our home again after being signed off the 3 months prob period....
I would like to know from your point of view exactly when is a good time to buy yourself a car etc, esp when the cost of the car is what you will be paying a hire company AND just to confirm also, my hubbies work cover the cost of his car however it is in our name... so again i would say we have been led up shit creek really?
Firstly, buy cars for cash. If you can't afford it don't buy it. As for the company covering the cost of car, then yes it's linked to the job, so buying on finance represents a significant risk.
Companies in the UAE are businesses. Many have differing principles to those elsewhere, but they aren't charities and lay off staff when the numbers don't stack up.
As with any move to a foreign country and even more so to the middle east, it is a case of 'buyer beware'.
As for getting a loan out in the UK - that aint going to happen my friend, you tried to get anything out of the UK banks recently, oh and apart from that, i would say finding a job maybe a little more testing than previously.
Your previous good credit history and long relationship with your existing UK bank will go some way to securing funds.
Otherwise, I will be applying to all over the world now and will try to stay out of the UK, if we went back to the UK we would loose everything including my home as it has dropped 20K since this kicked off.
bit of a shitty time for alot of people, all i was asking was does anyone else know of anyone who has been in the same situation.
Yes, it is a shitty time for a lot of people, but all those are adults, that have made their own decisions.
I reiterate that going into debt when moving to a new job is a risk exercise, as you have found out, hence it is always best avoided.
We are going to find out what happens this week and get in touch with the finance company.
If you don't want to hear peoples viewpoints that don't sympathise with your situation, then don't put them on a public forum.
Dec 17th 2008, 4:58 am
#43
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Re: what the F do you do if you get sacked and have cars and credit cards
I don't suppose mrshaps you could PM me with his details, and a contact email addy? Plus let me know who were sacked? In case I know them.
Cheers
Cheers
Dec 17th 2008, 5:17 am
#44
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Re: what the F do you do if you get sacked and have cars and credit cards
That's the Northern spirit girl. You are regrouping today yes?.It seems like an insurmountable dilemma but you will get through it.I bet you both have dealt with worse in your lives than financial crises. You are already one step ahead of others facing similar in that you will soon get sound invaluable advice from IndieG.
A similar thing happened to an acquaintence in AD. He got a settlement figure from Bank on car & managed to advertise and identify solid purchaser who then took Bank Loan to square away original finance & make purchase.The only hassle was guy had to agree to not use vehicle interim process.
There is a way.......good luck
xxxx
Dec 17th 2008, 5:29 am
#45
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Re: what the F do you do if you get sacked and have cars and credit cards
I guess im part of the Majority that made the same mistake, if we only all had your life!