- November 16, 2021
- Posted by: Sarbavoum Bidhar
- Categories: Debt settlement programs, Financial Services
The Challenge Facing Borrowers who Have Left the UAE
Expats who had steady income pre-COVID-19 suddenly found themselves in an unpleasant
situation due to the pandemic. They had either lost their jobs or had to take pay cuts. Many
were forced to leave the UAE as they couldn’t manage their living expenses. Many had to leave
the UAE with unpaid debt, and are now facing police cases.
However, there are people who want to settle their debt and get the police cases withdrawn.
They also want to get a clearance letter from the bank, before they can return to the UAE.
Steps to Follow to Settle Debt from Outside the UAE
Here are the things borrowers can do to settle their debt from outside of the UAE:
Approach the Bank
The first step would be to approach the bank and inform them of the intention to repay. The
bank is likely to respond favorably as they want their money back. Explain your situation to them
and discuss the amount you can afford to pay.
Understand the Extra Fees and Interest Involved
Clearly, the amount payable will be higher than what it was when you had left the UAE. You
should talk to them and understand the total amount payable including accumulated interest and
penalties. This extra amount is where you have most of your negotiating room.
Discuss Settlement Options
You can offer to pay a lump sum and settle the debt. If you have any job offers and are assured
of a stable income, you can request a partial settlement and ask for a longer tenure for the
remaining loan. In either case, your goal is to request a clearance letter, which you can show
the police. If needed, you can also take the bank’s help in withdrawing the cases against you.
Once the police case is taken back, you can safely travel to the UAE without worrying about any
criminal action.
Get Professional Help
It can be overwhelming to discuss a loan restructuring program with a bank even within the
UAE. The situation is even more challenging for those located outside the country. You can
consider taking the help of professional debt negotiators for debt restructuring services. They
can guide you on the right set of actions, and help you get a favourable settlement.
FREED Can Assist!
FREED has an experienced team of debt management experts with 40+ years of collective
experience. FREED has helped hundreds of borrowers, including those located outside of the
UAE, settle their debt in the country.
