The bank’s collection department has been calling him continuously and asking for a single-payment settlement of Dh15,000 or to pay Dh2,000 per month.
Before the collection department started calling my brother, he also received an email from the bank that offered to convert the overdue amount into a 48-month loan. He replied to that email and I have also tried contacting the bank on his behalf to accept the offer, but we have been unable to reach anybody.
Is there any option to convert the amount into equated monthly instalments so I can at least help him settle the debt? Or would it be better to request a payment holiday under the Targeted Economic Support Scheme (Tess) to give us some breathing space and more time sort out this issue?
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It’s all very well to keep your personal finances to yourself when you are single. But what happens if you continue this habit when you are married?
Financial infidelity can have a devastating effect on a marriage and create huge trust issues between couples if one of them is not honest about money.
From hiding purchases to having a secret bank and credit card account or taking out a loan without their spouse knowing about it are just a few examples of financial infidelity.
In 2020, a survey by creditcard.com found that financial infidelity in marriages is on the rise, with 44 per cent of US respondents admitting they kept money secrets from their spouses.
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.
The former resident has been stuck in Pakistan because of the Covid-19 travel restrictions and his banks are now threatening a travel ban and legal action
But reaching that $1 million mark is easier said than done. It takes patience, discipline and a millionaire mindset to reach your financial goals.
It’s also about having a long-term investment strategy, living below your means and sticking to a budget that will allow you to invest your savings regularly and get your money to start reaping the benefits of compounding interest as soon as possible.
But what exactly is a millionaire mindset and how do you manage your money like a millionaire?
Host Felicity Glover is joined by Sam Instone, the co-chief executive of wealth management company AES, who shares his advice on how to change your mindset and reach your financial goals.