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I was working for seven years but lost my job in December 2019. I took out a personal loan of Dh128,000 while I still had a job and paid Dh2,671 in monthly instalments. When I was made redundant, my gratuity of Dh30,000 was used to pay down my loan.
I explained my employment situation to the bank and asked if it was possible to reschedule my loan and pay between Dh800 and Dh1,000 a month. However, they said they could only lower the instalments to Dh1,626 a month, which I cannot afford to pay as I am still looking for a job.
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It’s been more than a year since our 2020 travel plans were disrupted because of the Covid-19 pandemic – and many of us are keen to get back in the air, visit family or take a well-deserved holiday.
With vaccination programmes now in place in many countries around the world and travel corridors opening up, it s time to start planning our summer vacations.
There are a number of financial factors to consider before taking the leap, including the cost of flights, health insurance and whether or not airlines will continue offering flexible tickets in case our travel plans have to be cancelled at the last minute.
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.