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Women find bank loans a recipe for disaster

Women find bank loans a recipe for disaster

Old Oct 11th 2004, 8:38 pm
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Exclamation Women find bank loans a recipe for disaster

Article from Gulf News.
http://www.datadubai.com/articles/bankloans.htm


Women find bank loans a recipe for disaster
Sharjah |By Bassma Jandaly | 06-07-2001


Gulf News


Reproduced with permission

Many women who take bank loans end up in deep trouble, some of them suffering broken marriages, others social estrangement and still others jailed for failing to honour their commitments.

A spot survey conducted by Gulf News shows that many women who took out bank loans wish they had never done so. Legal consultants, financial advisors and police officers hold banks responsible for exaggerating the perks they offer in order to lure more borrowers. People are led to believe they need to take a loan without any explanation being given of the risks they incur.

One woman spoke to Gulf News in Sharjah Women's Jail about her "severe experience" with bank loans. The woman, in her 50s, said she wanted her story to be heard by every woman who might be thinking of taking a bank loan.

She came to this country to set up a business. "I had heard one can get good chances to settle here". She admitted starting her business without sufficient investigation and planning. "I found myself trapped in bank loans after things went bad. I lacked the experience to run a business here. I am involved in two separate cases now. I am spending one month in prison for the first case and will be transferred to Al Ain Jail to serve another term."

She said she regretted what had happened to her, although it was "totally unexpected". She warned all women who wish to start a business to first consult a financial expert.

"They help avoid situations like mine and explain what one should do and what not to do according to one's financial capabilities," she said. Lt Col Rashid Alai, Director of Sharjah Punishment and Rehabilitation Centre, told Gulf News that more and more women were taking out loans to set up small businesses without the minimum research.

"Bank loans have become a problem because no real control can be imposed by the authorities, and the public knows little of the risks involved," he said. He asked women to be extremely cautious when starting a new business, as they could end up in serious financial and social trouble.

He said banks should share the responsibility of raising awareness among people, particularly women, and tell them of the risks involved.

Lt Mona Sorour, Director of the Sharjah Women's Jail, said more women are in jail this year for loan-related problems and added that women should think twice before making hasty decisions. She recommended that officials issue rules making it harder for people to obtain bank loans.

Natalia, a Ukrainian woman in her 20s, worked in a Dubai hotel for four years. She was well-established, earned a good salary and led a peaceful life. Then she borrowed money from a bank.

"The bank loan destroyed my life. My troubles started when I tried to open a beauty salon, a business I had no idea about. I quit my job at the hotel, hoping to become a successful businesswoman. But my salon failed simply because I did not have the experience," she said. "I was sent to jail because I could not pay the bank loan instalment, and after this I will be deported."

A woman who took a bank loan because she wanted a new car said she encountered a lot of trouble with her husband after they failed to pay back the loan. Her marriage ended in divorce. "My husband, however, is a simple-hearted man. He forgave me and married me again four months later. He also paid back the entire loan," she said.

Eiad Awni Farsakh, Training Manager at Awni Farsakh for Financial Consultations and Auditing in Dubai, said it should be the responsibility of banks not to let inexperienced people get involved in bank loans.

"Women are not well-experienced in financial affairs, and if they are working women it is hard for them to save because the market is flooded with products that tempt people to spend.

"Most women who get bank loans have no idea about the bank's conditions, nor do they know how to solve their financial problems when they are involved. "I recommend that all banks attach a risk sheet with the loan contract in which they highlight all the risks the client may face. They should make the customer read it before signing."

Farsakh added that banks should discuss the social status of the person seeking a loan. They should make sure he is genuinely able to repay.

Men and women have the right to borrow if they are over 21, and women are considered financially separate from their husbands, fathers, brothers and other relatives. So nobody is obliged to repay their bank loans if they fail to do so.

"Women get similar court verdicts when they are proved guilty of financial crime," Youssif said. Waael Mahammod, Director of Dubai Commercial Bank, Ras Al Khaimah Branch, said some women borrow from banks to cover a genuine need such as helping their husbands in essential matters.

"But most take bank loans to live a luxurious life, buying new cars, new furniture and other accessories. This has become a common practice among women in the UAE," he said.

He said that granting bank loans to women hinged on factors such as nationality, profession, age, salary and health. But the sex of the borrower is never a factor.

"Most women take their loans in June and July for their summer vacation, or in October when they return from a vacation. But around 90 per cent fail to pay them back. Most of these cases end up in court."
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Old Oct 11th 2004, 10:02 pm
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Default Re: Women find bank loans a recipe for disaster

I presume you put this up because you found it amusing?!?!
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Old Oct 11th 2004, 10:10 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by joseph.creative
Article from Gulf News.
http://www.datadubai.com/articles/bankloans.htm


Women find bank loans a recipe for disaster
Sharjah |By Bassma Jandaly | 06-07-2001


Gulf News


Reproduced with permission

Many women who take bank loans end up in deep trouble, some of them suffering broken marriages, others social estrangement and still others jailed for failing to honour their commitments.

A spot survey conducted by Gulf News shows that many women who took out bank loans wish they had never done so. Legal consultants, financial advisors and police officers hold banks responsible for exaggerating the perks they offer in order to lure more borrowers. People are led to believe they need to take a loan without any explanation being given of the risks they incur.

One woman spoke to Gulf News in Sharjah Women's Jail about her "severe experience" with bank loans. The woman, in her 50s, said she wanted her story to be heard by every woman who might be thinking of taking a bank loan.

She came to this country to set up a business. "I had heard one can get good chances to settle here". She admitted starting her business without sufficient investigation and planning. "I found myself trapped in bank loans after things went bad. I lacked the experience to run a business here. I am involved in two separate cases now. I am spending one month in prison for the first case and will be transferred to Al Ain Jail to serve another term."

She said she regretted what had happened to her, although it was "totally unexpected". She warned all women who wish to start a business to first consult a financial expert.

"They help avoid situations like mine and explain what one should do and what not to do according to one's financial capabilities," she said. Lt Col Rashid Alai, Director of Sharjah Punishment and Rehabilitation Centre, told Gulf News that more and more women were taking out loans to set up small businesses without the minimum research.

"Bank loans have become a problem because no real control can be imposed by the authorities, and the public knows little of the risks involved," he said. He asked women to be extremely cautious when starting a new business, as they could end up in serious financial and social trouble.

He said banks should share the responsibility of raising awareness among people, particularly women, and tell them of the risks involved.

Lt Mona Sorour, Director of the Sharjah Women's Jail, said more women are in jail this year for loan-related problems and added that women should think twice before making hasty decisions. She recommended that officials issue rules making it harder for people to obtain bank loans.

Natalia, a Ukrainian woman in her 20s, worked in a Dubai hotel for four years. She was well-established, earned a good salary and led a peaceful life. Then she borrowed money from a bank.

"The bank loan destroyed my life. My troubles started when I tried to open a beauty salon, a business I had no idea about. I quit my job at the hotel, hoping to become a successful businesswoman. But my salon failed simply because I did not have the experience," she said. "I was sent to jail because I could not pay the bank loan instalment, and after this I will be deported."

A woman who took a bank loan because she wanted a new car said she encountered a lot of trouble with her husband after they failed to pay back the loan. Her marriage ended in divorce. "My husband, however, is a simple-hearted man. He forgave me and married me again four months later. He also paid back the entire loan," she said.

Eiad Awni Farsakh, Training Manager at Awni Farsakh for Financial Consultations and Auditing in Dubai, said it should be the responsibility of banks not to let inexperienced people get involved in bank loans.

"Women are not well-experienced in financial affairs, and if they are working women it is hard for them to save because the market is flooded with products that tempt people to spend.

"Most women who get bank loans have no idea about the bank's conditions, nor do they know how to solve their financial problems when they are involved. "I recommend that all banks attach a risk sheet with the loan contract in which they highlight all the risks the client may face. They should make the customer read it before signing."

Farsakh added that banks should discuss the social status of the person seeking a loan. They should make sure he is genuinely able to repay.

Men and women have the right to borrow if they are over 21, and women are considered financially separate from their husbands, fathers, brothers and other relatives. So nobody is obliged to repay their bank loans if they fail to do so.

"Women get similar court verdicts when they are proved guilty of financial crime," Youssif said. Waael Mahammod, Director of Dubai Commercial Bank, Ras Al Khaimah Branch, said some women borrow from banks to cover a genuine need such as helping their husbands in essential matters.

"But most take bank loans to live a luxurious life, buying new cars, new furniture and other accessories. This has become a common practice among women in the UAE," he said.

He said that granting bank loans to women hinged on factors such as nationality, profession, age, salary and health. But the sex of the borrower is never a factor.

"Most women take their loans in June and July for their summer vacation, or in October when they return from a vacation. But around 90 per cent fail to pay them back. Most of these cases end up in court."
Or another dig at Cp... Tut, tut!
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Old Oct 11th 2004, 10:48 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by Heart of gold
Or another dig at Cp... Tut, tut!
Ah I see. I hope not, I won't be impressed!
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Old Oct 11th 2004, 10:57 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by kristy
Ah I see. I hope not, I won't be impressed!
No worries...all is well. I have put him on ignore, so will not see his posts or be affected by his warped sense of humour.
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Old Oct 11th 2004, 11:42 pm
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Default Re: Women find bank loans a recipe for disaster

a frienf of mine saw this and mailed it me scaredabout it all as she is looking at opening a business in Dubai so wanted my views so i put it here so see find out other views....

life is too short to bother having a go at a name on a website. i will leave being juvenile to juvenile people. have not got time to waste.
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Old Oct 11th 2004, 11:56 pm
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Default Re: Women find bank loans a recipe for disaster

It's blatantly one of those sexist articles that appear every now and then. Like the hilarious one in the Tabloid section of the Gulf News a couple of months ago, all about how to be a good wife. Basically have a nice home cooked meal on the table for him when he gets home from work and all that!
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Old Oct 12th 2004, 12:05 am
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by kristy
It's blatantly one of those sexist articles that appear every now and then. Like the hilarious one in the Tabloid section of the Gulf News a couple of months ago, all about how to be a good wife. Basically have a nice home cooked meal on the table for him when he gets home from work and all that!
right.. will mention that then.

yep at work now....
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Old Oct 12th 2004, 9:58 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by kristy
It's blatantly one of those sexist articles that appear every now and then. Like the hilarious one in the Tabloid section of the Gulf News a couple of months ago, all about how to be a good wife. Basically have a nice home cooked meal on the table for him when he gets home from work and all that!
Yep I read that crap all the time. U r so right. lol...........though I have to say, is there anything wrong with a wife that takes care of her man?

I dont mean to raise any flags with that statement and neither am i trying to be sexist. I mean its nice to know that ur wife is waiting at home for u to get home from work. It may be a bit old fashioned, but it sounds very heart warming. Ofcourse in todays world, many house husbands do that aswell......Joe knows this too! hahahaha

The bottom line is, ur better half shud do whatever it takes to keep u happy and to make th relationship a success!

-Face81
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Old Oct 12th 2004, 10:01 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by Face81
Yep I read that crap all the time. U r so right. lol...........though I have to say, is there anything wrong with a wife that takes care of her man?

I dont mean to raise any flags with that statement and neither am i trying to be sexist. I mean its nice to know that ur wife is waiting at home for u to get home from work. It may be a bit old fashioned, but it sounds very heart warming. Ofcourse in todays world, many house husbands do that aswell......Joe knows this too! hahahaha

The bottom line is, ur better half shud do whatever it takes to keep u happy and to make th relationship a success!

-Face81
Kristy... where did i leave that pizza menu?
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Old Oct 12th 2004, 10:04 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by joseph.creative
Kristy... where did i leave that pizza menu?
On the floor I think, where you leave most things.
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Old Oct 12th 2004, 10:05 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by Face81
Yep I read that crap all the time. U r so right. lol...........though I have to say, is there anything wrong with a wife that takes care of her man?

I dont mean to raise any flags with that statement and neither am i trying to be sexist. I mean its nice to know that ur wife is waiting at home for u to get home from work. It may be a bit old fashioned, but it sounds very heart warming. Ofcourse in todays world, many house husbands do that aswell......Joe knows this too! hahahaha

The bottom line is, ur better half shud do whatever it takes to keep u happy and to make th relationship a success!

-Face81
Ahh, sweet!! There were a load of letters about the article, but the best one was a guy (British I think) saying he wants a partner not a housekeeper.
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Old Oct 12th 2004, 10:15 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by kristy
On the floor I think, where you leave most things.
oh. we're going to be like that then are we... little miss dustbuster!!
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Old Oct 12th 2004, 11:04 pm
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Default Re: Women find bank loans a recipe for disaster

Originally Posted by kristy
Ahh, sweet!! There were a load of letters about the article, but the best one was a guy (British I think) saying he wants a partner not a housekeeper.
lol....thanks i guess. we all want though, dont we? housekeepers can be hired, better halves cant! someday we will all find wot we r looking 4. I hope and pray!
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