Even with the tightening lending conditions, there’s still hope for expatriate loan defaulters who have once fled the country to return to the emirates without getting arrested at the airport.
Runaways can return to the UAE for work without landing behind bars. But first, they need to get in touch with their creditor, and, if an arrest warrant has been released or a case is still pending, they need to wipe their records clean.
Nearly half of residents in the UAE are still in debt, while a significant number are failing to save money, according to figures from Payfort.
The company owned by Amazon revealed in a report published this week that about five in ten people in the UAE (46.7 per cent, or approximately 4.3 million of the population) have fallen into debt, while 12.8 per cent are actively looking for a loan.
When does someone have grounds to take a bank to court over credit card debt?Here at Wire Stork,we explain how someone with grievances against their credit card provider can take their case to court.
Any individual has a right to file a claim against a bank as long he/she has sufficient documents to prove his/her right against the said bank. Documents such as emails from the bank, statement of account, or any such correspondence would suffice.