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One of the biggest personal finance concerns many people have faced over the years is dishonest advisers selling complex, high-commission financial products to unsuspecting investors that can lock them in for years.
Amber Waheed is one of them. The Dubai-based business strategist and author of the recently released
The Great Fraud Fightback lost $80,000 after being duped by her adviser into signing up for long-term investments she believed were low risk.
It is a familiar, heart-breaking tale for many. But Ms Waheed decided to fight back and took her case to the UAE regulators. This was the first step in what turned out to be a landmark legal case in the UAE when her adviser was convicted of offering financial advice without a licence.
Buying property is also one of the best investments we can make – even if it doesn t appreciate in value, it still means that we are paying ourselves rather than a landlord.
But one of the biggest concerns for homeowners is the interest they pay on their mortgages, whether it is variable or fixed. While today s record low interest rate environment might be bad news for savers, it spells great news for homeowners looking to refinance their mortgages and reduce their monthly instalments.
Unsurprisingly, there has been a jump in the number of people seeking to refinance their home loans, according to Mortgage Finder, the Dubai-based independent home loan specialist.
After arriving home in India, I was able to lodge this request over the phone. Despite multiple follow-up attempts with customer care, I never received a call back on my number in India to confirm the cancellation of the card. Now, the bank has charged me late fees and interest against the card’s annual renewal fee. This amounts to Dh1,663.40.
I am not in Dubai, do not use this card, cannot make this payment for card renewal and need the card cancelled immediately. I don t understand why it is so difficult to cancel a card even after numerous expensive overseas calls. During my last communication with the bank, they threatened to lodge a police case and travel ban against me, among other punitive actions.