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I struggled to secure payments from clients and had to issue cheques worth Dh400,000 to my suppliers and vendors. I also had about Dh50,000 worth of credit card debt in the UAE.
I flew to my home country on a repatriation flight last year. Subsequently, a few of my cheques issued to suppliers bounced. I want to return to the UAE but am afraid I might be detained at the airport by immigration authorities. What can I do to fix the situation?
GK, India
Debt panellist 1: Philip King, head of retail banking at Abu Dhabi Islamic Bank
The Covid-19 pandemic has severely affected many businesses and people in the UAE and globally, leaving them in difficult situations and with unexpected financial repercussions.
The principal amount of my loan is Dh99,600 but with interest, the outstanding balance is Dh103,226 and there is another three years left on the loan.
I am worried about losing my job and defaulting on the loan. If that happens, what will be the consequences? Is there anything that the bank can do to help me lower the monthly payments on the loan? I don’t want to borrow money from people just to survive each month.
RA, Dubai
Debt panellist 1: Philip King, head of retail banking at Abu Dhabi Islamic Bank
Your situation may seem overwhelming, but it is essential to remain optimistic and make all possible efforts to improve your financial circumstances.