Bank debt restructuring

Millions of people are finding financial problems as a consequence of present economic times and states.

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Millions of people are finding financial problems as a consequence of present economic times and states. Despite the fact that various organizations are handing out assistance and relief, substantial changes in the economy and scenarios are causing ongoing struggles everywhere, with the UAE being no exception.

Personal debt is on the rise, but many individuals are unaware of how it can affect their personal finances if payments are not made. Debt is more than any loan, and it will grow significantly if you only make the minimum payment or don’t make payments at all.

What do you need to do if your credit cards are maxed out? Are you having trouble making your home loan or auto loan payments? If you’re late with your paycheck, who do you call for help? What kind of aid can you expect when you’re struggling to pay your debt? How do you minimize your financial problems and improve your life?

Legal advice and commercial agreements

Getting in touch with your bank

First and foremost, you should set up a communication line with your financial institution. Inquire about working with a member of the executive body, and utilize them to stay updated. In trying times, many UAE banks remain remarkably generous to clients. More important, having them informed shows that you’re willing to accept responsibility for your financial obligations:

Request that your bank change some of your outstanding debt into a financial loan with lower interest and installments that can be arranged over several years.

To request a delay in your credit repayment or to enroll in the TESS Program, you must provide proof of your financial hardship. (UAE Central Bank’s Targeting Economic Support Scheme provides temporary relief for people impacted by the coronavirus pandemic, along with facilitating additional lending capacity through relief of existing capital and liquidity buffers.)

Making contact with other banks

If you can no longer obtain assistance from your existing financial institution, begin searching for alternative UAE-based banks. If you switch your earnings to them, they may be willing to settle all your debts. They may also offer you a lower rate of interest or a longer repayment period.

If it’s a low wage, taking the job can assist you. Alternatively, present proof of your delayed or reduced pay during your communications in order to show that you’re committed. Make it clear that you are attempting to pay off your debts in all of your interactions.

Requesting intervention

If your bank and other banks continue to be unresponsive to your attempts at renegotiation, write to the Consumer Protection Department at the Emirati Ministry of Economy, who will help resolve your matter. Consumer rights are also handled by the Department of Economic Development in each emirate.

claiming unpaid wages

Your debt is your responsibility, and your employer is not responsible for amassing any debt. However, if your salary has not been paid, or if it’s been withheld unreasonably, especially if this is your main source of financial hardship, you may have legal recourse.

Employee salaries are disregarded if an employer fails to pay them on time. Article 56 of the UAE Employment Law additionally stipulates, “People working for a yearly or monthly remuneration shall be furnished with payment at least once a week; all others must be paid twice a month.” Further, Ministerial Decree No. 739 of 2016 specifically states in Article 1(B), “The employer can be subject to fines or any other administrative penalties if he didn’t pay any salary.”

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